IIT Mandi Launches Business Incubator
Rugved Thakur, Deputy Commissioner of Mandi, inaugurated the program. IIT Mandi Catalyst will provide training, financial support, guidance and will also mentor the startup teams over the period of the next three months.
Indian Institute of Technology Mandi inaugurated the Startup Exploration Program 2019 at the campus itself on 11th February 2019. The Startup Exploration Program was inaugurated by the Deputy Commissioner of IIT Mandi, Mr. Rugved Thakur.
The inaugural address was given by Prof.Timothy A. Gonsalves, Director, IIT Mandi who welcomed all the 10 startup teams and asked them to make the best use of the technology and research labs available in the campus. He further said IIT Mandi Catalyst is one of the great things that has happened to IIT Mandi and will also be beneficial for entrepreneurs. Through this, entrepreneurs will get access to the faculty, technology and labs of the institute.
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Deputy Commissioner of Mandi, Mr. Rugved Thakur welcomed all the startup teams and congratulated them on their decision to start a venture. He said this initiative by IIT Mandi Catalyst will benefit the budding entrepreneurs.
IIT Mandi Catalyst will provide training, financial support, guidance and will also mentor the startup teams over the next three months. During this time, all the startup teams will convert their ideas into products. Out of the 10 startups, three are working in agro-tech, three are working towards clean energy and others are working towards waster management and IoT.
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A Startups Showcase was held after the inaugural session. During the showcase, dignitaries visited the presentation booths of the teams and discussed their ideas and future plans.
The shortlisted sectors will actively participate in the programme. According to a statement issued by the officials, five out of the ten are from Himachal Pradesh. All the participating teams will be relocated and will be asked to work from the Catalyst’s co-working space located in Mandav Complex in Mandi town. The participating startups will also be provided with the facility of hostels along with the office space for the next three consecutive months.
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Once the programme ends, the Catalyst will give the startups a one year programme of incubation which will include a basic and venture funding of about Rs. 15 lakhs. With this funding amount, start-ups will improve their products. This batch will be the first out of the three batches that have been intended for the 2019 session. With an intention to successfully run the batches, there is a 100% probability for an increase in counting numbers of the teams shortlisted paving more ways to budding startups of the nation.