In the ongoing process of institutes or the universities funding the India’s burgeoning start-up eco-system, the Indian Institute of Management (IIM) Calcutta has launched a new startup incubator. The incubator, Indian Institute of Management Calcutta Innovation Park (IIMCIP), which has been registered as a Section 8 company under the new Companies Act, plans to host about 40 startups over five years. It will focus on five key sectors-healthcare, education, clean technology, lifestyle and analytics.
IIMCIP promotes entrepreneurship and innovation in research and business through industry-academia partnership. Under its ‘INVENT’ initiative, it plans to support more than 40 start-ups with funding of up to Rs 25 lakh. The programme is in collaboration between the company, DFID UK and Technology Development Board, India, to aid for-profit social enterprises, in eastern India.
For the country which has 800 million talented youth (less than 35 yrs) and tremendous opportunities, nothing is impossible. In a country like India, there is no shortage of Jugaad, people run pumps with their motorcycles in areas without electricity.
The organisation also hopes to incubate 100-plus start-ups by the year 2020 and has recently invested in six start-ups from various sectors. They are: Energy solutions venture ONergy, Doctors For You and primary education-focused company Edwell will be among the first batch of incubated start-ups, while two more ventures are expected to join over the next two months. Currently, the organisation has 14 incubatees. Additionally, it is in the process of on boarding another eight incubates of which six are from Kolkata. The current incubates have already raised investments amounting to Rs 6 crore. In the current financial year, incubates have already generated revenue of Rs 7.5 crore. During the coming financial year, incubates are projecting revenue of Rs 18 crore.
The management institute counts notable entrepreneurs such as TutorVista founder Krishnan Ganesh, Rediff’s Ajit Balakrishnan and Rocket Internet-backed Jabong’s Praveen Sinha among its alumni. The development comes at a time when private sector incubators and accelerators have taken the lead in building the country’s still-nascent startup eco-system.
As the nation in the year 2015 celebrated its 69th Independence Day, hon’ble Prime Minister from the ramparts of the Red Fort announced the action plan of “Start-up India and Stand-up India”. On January 16, the much-awaited action plan of Startup India programme was launched in Vigyan Bhawan, New Delhi. After one year down the lane, that vision has traveled a long distance in terms of policies and has offered tremendous support to entrepreneurs throughout the country.
Keeping in mind the ‘Make in India’ initiative of the Indian Government the need of the hour was to create an ecosystem which acts as a major boost up for next-generation research and high-value manufacturing so as to increase economic growth in the country the ambitious project is being launched.