Technology giant Oracle has announced the expansion of its global start-up programme in an effort to increase support for the start-up community. The firm, which competes with Amazon, Microsoft and Google in the cloud computing services space, said it was aiming to reach more entrepreneurs worldwide and drive cloud adoption and innovation.
It is designed for young firms and venture capital and private equity portfolio companies to enable hypergrowth and scale.
“It enables us to reach more innovators and entrepreneurs, regardless of location, including later-stage scaleup companies,” said Reggie Bradford, Oracle senior vice-president, Startup Ecosystem and Accelerator, in a statement.
The programme offers mentoring, marketing and research and development support. Besides cloud credits, it also provides access to the customers and product ecosystems of Oracle. “Oracle’s scaleup programme is aptly timed,” said Sunil Rao, partner, business services, Lightspeed India Partners, a venture capital firm.
Oracle also unveiled a new ‘Oracle Startup Cloud Accelerator’ centre in Austin, United States. The addition of Austin brings the residential program to North America and expands the accelerator’s reach to nine total global locations.
“Some of these startups have generated hundreds of thousands of dollars of revenue within a short period of time as a result of the (customer) connections that we have made for them,” said Sanket Atal, group vice-president of Development, Oracle, in a phone interview.
The Redwood Shores, California-based firm with an annual revenue of more than $37 billion, had introduced the accelerator as a pilot programme in 2016 in Bengaluru. After being successful, it opened up new centres across the globe in Bristol, Delhi–NCR, Mumbai, Paris, Sao Paulo, Singapore and Tel Aviv.
“Working with Oracle has helped us fast-track growth with business development and technology enhancements,” said Rich Joffe, CEO, Stella.ai, an artificial intelligence-based recruiting marketplace platform.