DeVX targets to open AI & IoT lab

Umesh Uttamchandani, Co-Founder & Chief Growth Officer, DeVX CoWorking Spaces & Accelerator

The Idea: It all began with an entrepreneurial dream; a dream that was seen by three friends: known in the ecosystem as the Ruppya Trio: Umesh Uttamchandani, Parth Shah and Rushit Shah joined by the team of Dev Information Technology, on mentoring and supporting the budding start-ups to give impetus to the entrepreneurial ecosystem to benefit the budding startupreneurs.  DevX came into being when the trio along with a two-decade successful IT organization, decided to set up their venture - but came across the fact that their home state Gujarat lagged in terms of offering a lucrative start-up ecosystem as a launchpad for growth. Besides the core issue of basic support that every start-up business needs, they were quick to realize that it was even more difficult for Tier 2 & Tier 3 cities in acquiring a proper platform that could bring the investors and innovators together and work for mutual benefit. Moreover, going with the paradigm that Gujarat being one of the most developed states, a strong push from established entrepreneurs’ end to create a concrete and collaborative ecosystem was the need of the hour. That is when the idea of DevX was born.

Innovations & Services: To pump up the growth, this year DevX aims to open AI & IoT lab starting with its HQ in Ahmedabad and replicating the same across multiple DevX centers to boost its AI-IoT Accelerator program. To top up, it will also run an accelerator program into Direct-to-Consumer space and Fintech.

This will largely be in line with the organization's vision to boost innovation and at the same time making an aggressive yet sensible investment in startups growing their tally from 6 to 15 within this calendar year. DevX achieved positive traction in all the verticals/business units and are operationally profitable from December 2018.

GTM: DevX- seems to be a typical co-working space:  but the reality is that it offers managed/serviced office space solution (typically 100 to 1000 seats) and which is where the majority of the revenues come from; while the typical co-working business contributes around 20-25% to the topline, it rather helps more in meeting its input for the startup accelerator program and DevX Venture Fund acting as a point of contact with innovators. DevX had also explored an open book policy wherein selling price is determined by adding total cost incurred and a flat margin of 15%.

Apart from the core offerings, DevX agile office solution supports the entrepreneurs and gets them on board right away. With a well-designed office space that offers the best-of-breed facilities like spacious and open workstations, well crafted -furniture, private cabins, meeting and conference room, lounges and breakout zones, we also intend to provide the co-workers with a feasible technology solution through our integrated mobile applications.

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