IIM Calcutta starts talent hunt to find, support start-ups

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Present at the occasion, Dr Subhrangshu Sanyal, CEO, IIMCIP said that recently, a programme named INVENT had been initiated, which is a joint initiative of IIMCIP in association with DFID UK and Technology Development Board (TDB), India.

The programme has been designed to create a platform to support for-profit social enterprises which would work towards solving social problems such as quality access and affordability of healthcare, education among the masses, tech intervention in food and agriculture and clean energy.

“The startups will leverage technology towards finding solutions to these social problems. We will provide a seed fund to help them, provide them with mentorship to help them with the business world and make use of our network,” Sanyal said.

There is a fund of Rs 12.5 crore available for 40 startups, which would incubate over the next three years. The website of IIM Calcutta Innovation Park is open to applications from budding entrepreneurs. There is an internal screening committee, and an investment committee which would go through those.

“IIMCIP would be providing free mentorship, funding and incubation period for a maximum of 24 months, and in return would be charging equity up to 3 per cent,” Sanyal said.