IIM Calcutta Plans to Incubate 100 Startups by 2020

IIM Calcutta Innovation Park has outlined a plan to support around 100 plus startups by 2020. It has already started this process by backing at least six startups in the last one year across sectors including technology, education, healthcare and others by pushing in a capital of INR 1 crore. The Department of Science and Technology (DST) and Department for International Development (DFID) will fund 40 out of the shortlisted startups.
Taking the vision forward, IIM Calcutta has announced the launch of three year programme called INVENT for supporting 40 social entrepreneurs in Eastern India. The Innovative Park is currently incubating 14 startups under this scheme. The scheme is backing up sectors like education for masses, technological innovation, water and sanitation, agriculture, lifestyle, analytics and healthcare. The startups under the INVENT programme will receive initial seed funding from DST and DFID.

The programme is designed to support social enterprises that are offering technological solutions to the social challenges faced by the country. IIM Calcutta aims to provide a platform to back more than 40 startups with funding up to INR 25 lakhs, followed by intense monitoring, imparting knowledge and access to capacity building programmes, support services and other relevant networks.

These startups are selected on the basis of the following criteria-

1. Innovation
2. Impact creation capacities
3. Scalability

The growth of a startup depends upon the seed capital and funding it receives. The development comes at a time when private sector incubators and accelerators take the lead in building country’s nascent startup ecosystem. IIM Calcutta is ensuring this support system is strong enough to hold as many startups and see development happening at the grassroot level.