The upcoming cohort of Elev X! will be unveiled by January 19, 2024. Elev X! operates as a venture studio program within NEC X, dedicated to expediting the realization of innovative ideas with heightened efficiency and quality. The program offers financial support, mentorship from industry leaders, and access to globally competitive technology and a team of researchers fueled by entrepreneurial spirit.
NEC X:
NEC X operates as a division within NEC, a longstanding multinational technology corporation with a 125-year history, committing over $1 billion annually to research and development endeavors. NEC’s dedicated research teams have earned numerous world No.1 titles, with notable achievements in AI, machine learning, video and image processing and analysis, biometrics, cybersecurity, and network communications. Within this robust ecosystem, NEC X has played a pivotal role in supporting over 50 projects to date, resulting in the successful launch of 14 startups and new businesses.
Established by NEC Corp. in 2018, NEC X accelerates the development of selected technologies and business concepts originating both internally and externally to NEC. Strategically located in Silicon Valley, NEC X capitalizes on NEC’s talent and technology ecosystem to drive commercialization through open innovation. Moreover, NEC X extends opportunities for entrepreneurs, startups, and existing companies in the Americas to leverage NEC’s products and emerging technologies.
Empowering Tomorrow: Elev X! Driven by Entrepreneurial Spirit
In facilitating the growth of selected startups, Elev X! extends its support through two development tracks, tailored to the specific phase of each entrepreneurial endeavor.
Elev X! provides pivotal support to entrepreneurs and founders during the ideation or prototyping phase through Elev X! Ignite. In this phase, participants engage in a 6-9 month intensive program focused on Customer Discovery and Validation. Elev X! becomes not only a co-founder but also the primary investor, guiding the transformation of innovative ideas into a scalable product, ultimately preparing startups for the seed stage.
Furthermore, Elev X! extends its assistance to pre-seed and seed startups through Elev X! Boost, targeting those seeking to scale their products. This custom 3-6 month program is specifically designed to validate a robust product-market fit. Elev X! plays a crucial role in supporting both product development and business scale, leveraging the expertise of top technology researchers.
Elev X!: Where World-Class Technology Meets Holistic Startup Support
In each track, Elev X! offers founders access to a diverse array of NEC technologies, encompassing AI, machine learning, robotics, computer vision, image analytics, and the newly unveiled large language model (LLM). Alongside this technological arsenal, founders benefit from a dedicated and seasoned team. The organization collaborates closely with NEC researchers, providing essential resources for product development and engineering. Their investment model allows for funding up to $400k in exchange for up to 25% equity, subject to individual deal terms. Moreover, in alignment with the entrepreneurial spirit of Elev X!, the program extends tailored in-kind investments designed to fuel business and product development.
Charting a Future of Success: The Entrepreneurial Spirit of Elev X!
Elev X! establishes connections with a wide-ranging network of ecosystem partners, facilitating relationships with distinguished entities such as Alchemist Accelerator, SVG Ventures | THRIVE, and NEC group companies. The co-working environment fosters collaboration with experienced innovators, and startups benefit from mentorship by industry experts and world-class coaches throughout their entrepreneurial journey. Participating startups gain access to a structured online sprint led by domain experts and technical researchers, ensuring a thorough and immersive learning experience. Elev X! stands as an all-encompassing platform, fostering not just financial backing but also a holistic support system that embodies the entrepreneurial spirit of Elev X!. This comprehensive approach empowers entrepreneurs to navigate the ever-evolving landscape of innovation with confidence and resilience.
