After Ahmedabad, the Centre for Innovation Incubation and Entrepreneurship, the incubator at the Indian Institute of Management, Ahmedabad, is all set to expand its national footprint with forays in cities like Jaipur, Bengaluru and more recently Pune.
After inking a five-year agreement with the Rajasthan State Industrial Development and Investment Corporation in 2013, CIIE flagged off an incubator called ‘Startup Oasis’ in Jaipur.
In Jaipur, CIIE is closely working with institutes like the Laxmi Niwas Mittal Institute Of Information Technology (LNMIIT) and the NIT.
“There was a high need for an ecosystem for a city like Jaipur and while the MoU was signed in June 2013, the centre was started in November and till now we have supported 31 early stage start-ups. We also have virtual incubation model and while we don’t give any seed funding to the start ups yet, we get them “funding ready”. Four firms or business ideas so far have got funded and another 12 are in next line this year to get funding. The Rajasthan government has announced in December 2014, that around 10 percent of the total funds from Rajasthan Venture Capital Fund (RVCF) which would be close to Rs 250-300 crore, will be deployed for ‘Startup Oasis’ and CIIE incubatees for early stage seed funding. This also means that the funds would not only be for companies incubated here but also outside state,” said Chintan Bakshi, COO, ‘StartUp Oasis’-CIIE, Jaipur. Cities like Bengaluru and Pune have slightly more evolved entrepreneurial eco-systems, CIIE is looking to support new start-ups in newer areas.
“We are typically looking at cities and regions where gaps exist and ones which do not have many incubators. We have had 25-odd start-ups in the last year across sectors in Jaipur and are also looking at areas like water, agriculture and livelihoods, which are typically relevant to that region.Through presence in Jaipur, Ahmedabad and now Pune we are looking at a large part of western India and gradually grow. We are looking at Pune as an IT-entrepreneurship hub and will be looking to start our programmes and a full-fledged accelerator soon,” said Kunal Upadhyay, CEO of CIIE at IIMA campus.