 "New incubator Stun to work with governance, financial services startups")
Stun, a new kind of incubator, will be launched on 21 August in New Delhi. It is focused on developing the capabilities of entrepreneurs as well as achieving market fit for their innovations. It will charge no fees or equity for the first 90 days of a start-up going through their incubation period. It plans a maximum funding of Rs 15 lakhs for early seed companies.
Dr. Aditya Dev Sood , Founder of Stun spoke with Firstbiz:
FB:Where is STUN located? Sood:
Startup Tunnel (STUN) is located on Chhattarpur 100 feet Road. It forms part of the Vihara Innovation Campus. To become a mature innovation economy, we will need at least 200 to 250 incubators across India. This is not counting government incubators, from which perhaps people are not expecting much. We don’t even have a fifth of that number yet.
FB:What are the strengths of STUN as compared to others in the incubation space? Sood:
Startup Tunnel has several unique propositions. First, it is co-located with several sister organizations which are a source for ideas, feedback, expertise and networks. This includes the Adianta School for Leadership and Innovation, the Bihar Innovation Lab, the Reading Lab, the Civic Innovation Lab and the Center for Knowledge Societies.
Second, it has a core set of mentors with expertise in social networks, digital product architecture, product design and development, startup operations and systems thinking. These are the challenges new growth companies have, and which we address through training programs and one-on-one mentoring.
Third, we have existing private sector networks in diverse industries thanks to our consulting business experience, which can allow early deployments, which leads to early accounts and early revenues.
FB: Tell us something about the team… Sood:
I have been an early investor in startups since 2005 with a background in design and product development. Jatin Modi is a serial entrepreneur who is now working on his fourth company. Christian Leborg is a design and brand expert from Norway who has built his own digital branding service. Nasr Ul Hadi is a social media expert who advises leading organizations in India on digital strategy.
FB: What is the kind of model you are following? Who are the mentors? Sood:
Startup Tunnel is affiliated with the Adianta School, with which it is co-located in the Vihara Innovation Campus. The Adianta School has a faculty network of more than 60 mentors and advisors, whom incubatees can gain access to by arrangement or through frequent workshops and courses.
FB: What kind of funds have you put into it? Sood:
Startup Tunnel is a half a million dollar project so far. It will raise more funds as needed in future.
FB: How long is the incubation period? Sood:
Our incubation program runs January through March of 2015.
FB: What kind of startups can utilise the incubator? Sood:
Mobile tech, health services, education tech, medical technologies, financial services, governance apps, and similarly oriented entrepreneurs are welcome to apply.
FB: Will you also pick up equity in these startups? Sood:
In the future, yes. For the moment, however, we have a special inaugural offer of no equity no fees for the incubation program.
FB: Which incubators in India, according to you, are giving a good heads-up to entrepeneurs? Why? Sood:
The Microsoft Accelerator in Bangalore has done a great job. So also the Startup Warehouse by NASSCOM 10,000 Startups
FB: Which country leads with regard to incubators for industry? Which industry is doing well globally due to incubation? Sood:
Obviously Silicon Valley is ground zero for the Startup World. That said, Tel Aviv has come a long way very quickly, thanks to public-private partnerships. London is happening. Silicon Alley in New York has become a real thing. As Marc Andreesen recently tweeted, one must assume that tech innovation is going to grow a thousand-fold over the coming decade - and globalise as well.
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