In a first, the IIM Calcutta Innovation Park (IIMCIP), the 2-year old initiative of Indian Institute of Management Kolkata has drafted a plan to organize a talent hunt - INVENT, targeting about 5000 start-ups in India under an initiative called the INVENT program by IIMCIP in association with DFID UK and Technology Development Board (TDB), India.
Also Read: India is the Youngest Startup Nation
IIMCIP has already provided seed capital to 6 start-ups till date and is all set to go for a second series of funding. In addition to this, it is already incubating 14 start-ups currently.
INVENT will shortlist 100 start-ups to identify, mentor, promote their business and even arrange for funding for them. The purpose of establishing the INVENT program was to support for-profit social enterprises which will work towards solving social problems like:
- Education for the masses
- Technical intervention in food and agriculture
- Quality access and affordable health care facilities
- Clean energy
Dr. Shubhrangshu Sanyal, CEO – IIMCIP said at a press conference that INVENT will provide seed-funding to the selected start-ups, mentor them and let them use INVENT/ IIM-C’s network to help leverage the businesses. Needless to say, technology will play a very important role for the growth of these businesses. INVENT already has a fund of 12.5 crore for 40 start-ups which will incubate over the next 3 years.
How Can Start-Ups Apply to INVENT by IIMCIP?
- Interested start-ups can apply online at the official website of IIM Calcutta Innovation Park (IIMCIP)
- The internal screening committee & the investment committee set up for this will go through all the applications
What’s in it for IIM Calcutta Innovation Park (IIMCIP)?
IIMCIP will provide free mentorship from IIM alumni, funding & incubation for a maximum of 24 months and will charge equity upto 3% from these start-ups.
Also Read: Five Movies Every MBA Student Must Watch