The Enterprise Incubation Centre at IIM Lucknow has invited applications from potential start-up projects with excellent business ideas for a contest. The start-ups that will win the competition will be provided financial support, marketing guidance and infrastructure by IIM Lucknow.
The ‘entrepreneurial launch pad’ of the institute is looking for 10 startup projects that are currently at the stage of product/service commercializing. The shortlisted startups will be supported by IIM-L incubation centre popularly known as L-Incubator. The centre based in Noida will provide an exclusive network in the NCR market in addition to funding.
How to Apply?
- The application process has begun for the third edition of start-up hunt and registration can be done online.
- Last date to register for the contest is February 28, 2017.
The institute is in talks to extend the registration deadline but no official notification has been sent out for the same.
What is IIM Lucknow looking in start-ups?
- IIM Lucknow seeks startups that have moved beyond ideation and are evaluating the prospects of their idea in the market.
- The start-ups should be recognized by Start-up India and registered as companies. However, others with non-registered ventures with excellent ideas can also apply.
- Start-ups working in the field of IoT, Artificial Intelligence (AI), Blockchain, Analytics, 3D printing and Virtual and augmented reality are preferable but the criteria is not restricted to the above fields.
How will these start-ups be selected for funding?
- The jury appointed by IIM Lucknow and an in-house panel will evaluate all the registered start-ups within the duration of three to four weeks.
- The institute will start offering guidance and facilities to the start-ups from April 1, 2018.
- Each start-up model will undergo a sample pitch deck procedure where the idea, product or service proposed by the start-up will be evaluated by the technical product team comprising experts from IIT Delhi, IIM Lucknow and a finance team of experts who will design the prospective model.
- According to the members of L-incubator, it usually takes 18 months to 2 years to design a start-up model that is ready to be launched in the market.
Things that IIM Lucknow will offer to these start-ups:
- The amount of funding that the start-up needs is defined by IIM-Lucknow.
- The first 100% funding is provided by IIM Lucknow and it can vary between Rs. 5 to Rs. 25 lakh.
- Start-ups are also given vibrant workspace to begin their operations.
- Faculty of IIM Lucknow and market experts also mentors the start-ups to expand their business.
- Access to big companies such as ONGC, HPCL, GAIL and others is also provided through MoUs of the institute.
So far, the L-Incubator has received 20 to 25 applications from start-ups across India and more are awaited. IIM Lucknow also informed that their incubation centre is currently nurturing at least 10 start-up models that will be participating in the ongoing UP Investors’ Summit in Lucknow.