IIM Calcutta has plans for 100 start-ups by 2020
IIM Calcutta
IIM Calcutta has announced that it plans to incubate 100 start-ups by 2020.
IIM Calcutta director Saibal Chatterjee said that the IIM Calcutta Innovation Park (IIMCIP) is ready to go for a second series of funding, after it provided seed capital to six start-ups in last two years. The Innovation Park was started two years ago.
"The park is presently incubating 14 start-ups and IIMC has also got the mandate to mentor 40 start-ups in the social enterprise sector under the INVENT scheme for a period of three years", he told reporters in Kolkata on Wednesday.
The INVENT programme is funded jointly by the DST and the Department for International Development (DFID) which is aimed at promoting social enterprise in the low-income states. The verticals in the social enterprise domain are healthcare, education for masses, technological innovation, agriculture, water and sanitation.
“Our objective is multi-pronged. We will identify, mentor and promote about 100 startups by 2020, and ensure that each of them get funding. To make that a success, we need to increase our visibility as well, which is why we are organising the challenge,” said Professor Ashok Banerjee, IIM Calcutta faculty, during a press conference on Wednesday.
The start-ups would get access to the IIM alumni network for mentoring purposes, adding that they would be reaching out to the districts for hunting talent, Ashok Banerjee added.
Dr Subhrangshu Sanyal, CEO, IIMCIP said, “The startups will leverage technology towards finding solutions to these social problems. We will provide a seed fund to help them, provide them with mentorship to help them with the business world and make use of our network.”
There is a fund of Rs 12.5 crore available for 40 startups, which would incubate over the next three years. “IIMCIP would be providing free mentorship, funding and incubation period for a maximum of 24 months, and in return would be charging equity up to 3 per cent,” Sanyal added.
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