Targeting at least 5,000 start-ups across India, IIM Calcutta Innovation Park (IIMCIP), a section 8 company formed under the aegis of IIM Calcutta, will launch a talent hunt in the form of an event for a couple of months.
“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.
Present at the occasion, Dr Subhrangshu Sanyal, CEO, IIMCIP said that recently, a programme named INVENT had been initiated, which is a joint initiative of IIMCIP in association with DFID UK and Technology Development Board (TDB), India.
The programme has been designed to create a platform to support for-profit social enterprises which would work towards solving social problems such as quality access and affordability of healthcare, education among the masses, tech intervention in food and agriculture and clean energy.
“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,” Sanyal said.
There is a fund of Rs 12.5 crore available for 40 startups, which would incubate over the next three years. The website of IIM Calcutta Innovation Park is open to applications from budding entrepreneurs. There is an internal screening committee, and an investment committee which would go through those.
“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 said.