THE “GILDED” AGE: India is welcoming a new accelerator for education technology startups in the vibrant metropolis of Pune. Launched by the MIT Group (short for the Maharashtra Institute of Technology—not the one in Massachusetts), EDUGILD will accept two classes of entrepreneurs each year for a 16-week program that includes mentorship, beta testing opportunities and access to Indian investors. Accepted entrepreneurs must relocate to Pune, and will get 1.5 million rupees (approximately US $22,800) in exchange for an equity stake not to exceed 10 percent.
The program has not shared any preferences for specific markets or product types it wants entrepreneurs to address. Applicants are expected to have a working prototype and a few early customers. “We are particularly keen on people and teams,” says the website. “If the team is awesome, the products will surely be commendable.”