What and How
Indian Institute of Management – Calcutta is one of the premier management institutes in the country. The institute started an innovation park – IIM Calcutta Innovation Park (IIMCIP) two years ago with the aim of supporting startups. They support startups from various industries like healthcare, technology, education among others. IIMCIP has supported over 6 startups in the last year by providing seed capital of over Rs. 1 Crore.
The current plan is to provide expertise and aid to over the next four years. The institute will hold a competition in which 5,000 ideas will be considered and close to 100 will be selected. At present, IIMCIP includes 14 incubation centers. They are planning to add 8 more by November this year. At present, the startups in the incubation centers have generated a revenue of over Rs.7.5 Crores. They are expected to generate 18 Crores in the next financial year. The startups have raised investments worth Rs. 6 Crores.
The individuals involved in the startup will obtain mentorship from the professors at IIM-C. They will also gain access to the advanced technology of the institute and their prestigious alumni network. The main highlight of this agenda is that the institute will have a maximum stake of 3% in the startups that they supervise. If they really like the idea, they will also invest in the startup.
The innovation park has helped startups like Appeti, Magasool, Organic thali, Edwell Solutions, MyPrivate Tutor, and Bodhi Health Education. IIM-C provided these companies with the seed capital.
The institute also announced a plan to launch INVENT, which is a three-year program which will effectively support the social entrepreneurs in the Eastern part of the country. INVENT is a joint initiative started by IIMCIP and will be supported by Technology Development Board (TDB), Government of India, and DFID UK.
Under INVENT, over 40 startups could receive a funding of up to Rs. 25 lakhs. Other than the monetary benefits, the individuals associated with the startup would also receive the expert mentoring, access to support services, capacity building programs and relevant sources to help them succeed in their venture from the organizations involved. In order to qualify for the program, the startup needs to have innovative ideas, ability to expand in the future, and the capacity to create an impact in society.
Dr. Subhrangshu Sanyal, CEO, IIMCIP said that INVENT was created in order to support innovative ideas that can provide efficient solutions to our current social problems. Hence, INVENT would support only for-profit social startups. He also said that the motive behind this initiative was to create an expandable enterprise that could sustain on its own and can raise investments in the future.