NEC X, the Silicon Valley venture studio backed by NEC’s portfolio of advanced technologies and global businesses, is now accepting applications for Elev X! Ignite, its venture studio program that transforms early-stage founders into seed-ready startups with unmatched support, resources and up to $200K of equity funding.
Startups have until December 20, 2024, to apply for the upcoming cohort, Batch 13, which will commence in early 2025, following a multi-phase selection process.
“Elev X! empowers ambitious founders with bold ideas to create a lasting impact,” said Shintaro Matsumoto, President and CEO of NEC X. “Each new cohort brings a fresh wave of innovation to solve pressing real-world challenges. These startups are pushing the frontiers of technology, creating solutions that address critical market needs and contribute to a better society. Batch 13 represents an opportunity to take these transformative ideas and provide the support they need to thrive in an increasingly complex and competitive landscape.”
NEC X has continued to experience rapid growth, both in the number of Elev X! applicants, as well as its robust network of tech experts and entrepreneurs. Today, the NEC X network encompasses more than 6,000 entrepreneurs worldwide. NEC X has also expanded with new corporate partnerships, providing additional resources and invaluable startup support, including Sumitomo Life, SOMPO Digital Lab and Yazaki Innovations.
Applications for Elev X! Ignite increased by 23% from Batch 11 and more than doubled year over year since 2023, underscoring the value of NEC X’s unique blend of support, funding and market access. In addition, SPIN, NEC X’s monthly startup-investor pitch and networking event series, has drawn more than 500 participants since launching in June, offering another gateway for startups to connect with investors.
Why Join Elev X! Ignite
Elev X! Ignite is unlike any traditional venture studio, offering a unique blend of strategic collaboration, engineering expertise, extensive R&D resources, comprehensive support services and funding to accelerate transformative startups. This customized program is ideal for entrepreneurs and founding teams in the ideation or prototyping phase. It is designed to fast-track innovations that synergize with NEC’s technologies and businesses, have a clear vision and the potential for substantial market impact.
While entrepreneurs from all industries are eligible, NEC X has a particular strength and focus on B2B software and SaaS startups innovating in the fields of AI, climate and agriculture, marketing, public safety, and healthcare.
During the six- to nine-month program, startups work closely with NEC X’s innovation team, researchers, industry experts, coaches, mentors and advisors to refine their product and market fit. This collaborative journey includes conducting customer discovery and validation, developing compelling Minimum Viable Products (MVPs), verifying Proof-of-Concept (POC), and engaging paying customers and investors.
Since its founding in 2018, NEC X has helped launch and grow more than 130 startups.
How to Apply
Qualified candidates are those working on new business ideas, developing problem-solution hypotheses, or prototyping MVPs. It is not required to have launched a product or generated revenue. Submissions will be evaluated on innovation, market potential and scalability.
Approximately 30 applicants will advance to its first phase called “Business Design,” a fee-free and equity-free pre-program of workshops and mentorship, followed by a selection of six to nine startups to join Elev X! Ignite.
