IIM Calcutta to incubate 100 start-ups by 2020

Kolkata: IIM Calcutta Innovation Park has chalked out plans to incubate 100 start-ups by 2020, of which 40 would be funded by the Department of Science and Technology (DST) and DFID.  IIM-C director Saibal Chatterjee said that the Innovation Park, which started two years ago, has provided seed capital to six start-ups and is ready to go for a second series of funding. “The park is presently incubating 14 start-ups and IIM-C has also got the mandate to mentor 40 start-ups in the social enterprise sector under the INVENT scheme for a period of three years”, he told reporters here today. The INVENT programme is funded jointly by the DST and the Department for International Development (DFID) which is aimed at promoting social enterprise in the low-income states. The verticals in the social enterprise domain are healthcare, education for masses, technological innovation, agriculture, water and sanitation. These start-ups under the INVENT programme would be for-profit enterprises which would receive initial seed funding from DST and DFID. Ashok Banerjee of IIM-C said that the start-ups would get access to the IIM alumni network for mentoring purposes, adding that they would be reaching out to the districts for hunting talent.