The Young IIMAvericks programme launched in January jointly by the alumni association of Indian Institute of Management,Ahmedabad,(IIM-A) and its incubation centre Centre
for Innovation,Incubation and Entrepreneurship (CIIE) for the first time selected eight Post Graduate Programme in Management students from the outgoing batch to provide grant of Rs 30,000 per month each for two years. It is free of interest and for helping young entrepreneurs to focus on their business and sustain themselves during the two-year period.
The idea of the fund was to support students who want to try something new,take up an unconventional career by opting out of the the corporate route through the campus placements. While,some may want to dabble in entrepreneurship,we have opened up the
ambit of the funds to those who wish to pursue unconventional careers like becoming a singer,a theatre personality or even a politician. As of now,13 alumni have agree and based on their funding we have selected eight students,but there is scope for more. Another five applications are in the pipeline. We have also opened the applications to students from Post Graduate Programmes in Executive Education (PGPX) and Agribusiness Management, said Rakesh Besant,senior faculty at IIM-A and chairperson of the CIIE.
One of the eight PGP graduates,who has been awarded the fund,is playing an advisory role to a leading politician. We have just held a review meeting two days ago where we reviewed the process and are deciding on offering more such
fellowships and plan to reach out to more alumni, Besant added.
It is a good idea. I feel one of the biggest hindrance for students,who choose to pursue entrepreneurship after an MBA,is that they sometimes lack sufficient funds that can take care of their basic needs. This fund can encourage budding entrepreneurs to take a shot at launching their business ventures while having the security of a constant sum every month, said Deep Kalra,Founder & CEO of leading travel portal makemytrip.com.