The academic incubator’s 20-year celebration of nurturing entrepreneurs across industries was launched with ‘The Dialogue’, which was a panel discussion on the topic, ‘Bootstrapped vs Funding: what’s best for your startup?’ in Mumbai on January 11.
The Indian Institute of Management (IIM) Bangalore’s NSRCEL, the innovation and entrepreneurial centre is all set to enhance its footprint in Mumbai and Delhi. The academic incubator’s 20-year celebration of nurturing entrepreneurs across industries was launched with ‘The Dialogue’, which was a panel discussion on the topic, ‘Bootstrapped vs Funding: what’s best for your startup?’ in Mumbai on January 11.
According to the institute’s professors, going forward NSRCEL is also looking to enhance its focus on social ventures, women entrepreneurs, start-ups in rural areas and student-run ventures across India. Suresh Bhagavatula, Chair, Entrepreneurship area at IIM-B and Program Director for school’s several entrepreneurship programs said that NSRCEL’s founder-patron, Mr NS Raghavan always wanted to grow the incubator’s presence outside Bangalore and with the help of partners and alumni, it's taking its first step towards growth in Mumbai.
Talking about the early days of the incubator, Venkatesh Panchapagesan, Chair, NSRCEL at IIM-B, said that 20 years ago when IIM-B set up NSRCEL, it was the only game in the town. However, now the competitors have increased but NSRCEL still stands apart because it builds a body of research, a community that supports entrepreneurs and mentors sticky stakeholders. He further added that the idea behind this step is to bring together bright minds to share idea-focused and relevant experiences, to provoke conversations that count, and foster learning.
Many great minds gathered and shared their experiences about going ahead with their start-up, the challenges they faced and what made them remain focused towards their goal. To motivate upcoming entrepreneurs, industry’s giants pointed out the keynotes that help start-ups gather investments and attain success.
According to Karthik Reddy, co-founder and managing partner at Blume Ventures, one of India’s early-stage Venture funds, the upcoming entrepreneurs must be aware and confident about the route they are taking. They must ask themselves about the opportunity they are chasing and must know the market size. He even urged entrepreneurs to evaluate their ability to scale before taking institutional capital.
Talking about the role of an academic incubator, Poyni Bhatt of IIT Bombay’s SINE explained that in order to remain relevant, it must play to its strength, extend its networks, and strengthen its offerings by way of its infrastructure and funding.
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