IIMB to incubate 26 startups in next 9 months

Mumbai: MARUTI Suzuki India Limited in partnership with Nadathur S Raghavan Centre for Entrepreneurial Learning (NSRCEL), the startup hub at the Indian Institute of Management Bangalore (IIMB), has announced the list of 26 shortlisted mobility startups for a 9-month extensive incubation program.

The selected startups will undergo a 3-month pre-incubation journey during which they will be engaged in various sessions, workshops, peer-to-peer learning activities while they receive regular one-on-one mentoring and advisory sessions.

Networking events, mock-pitches and interaction with investors will be major highlights of the initiative. Post this, the ventures will be allowed to pitch for incubation and funding and the selected ventures will be taken forward for a further six-months incubation journey.

Talking to Bizz Buzz, Prof Venkatesh Panchapagesan, Chairperson, Nadathur S Raghavan Centre for Entrepreneurial Learning (NSRCEL), said, "The 26 startups have been shortlisted amongst over 400 applications received across the country. The selection panel comprising experts from Maruti Suzuki and NSRCEL evaluated the applicants and interviewed over 120 entrepreneurs."

IIMB through NSRCEL runs domain specific programs in addition to several sector agnostic programs to foster innovation.

"We incubated India's first cohort of non-profit social enterprises. We also run theme-based programs centered on women and student founded ventures. More than two-thirds of our incubated ventures have at least one woman co-founder," he said, adding that our current domain-specific programmes include Fintech, Mobility and now Healthcare. We have plans to start programmes designed for agri and education in the coming year, he added.

The Centre's Fintech project with ICICI Securities, which is in its last phase, has seen 10 out of 16 ventures receive funds for scaling up and accelerating growth. A few examples include Gimbooks, Zimyo and Phicommerce.

Asked why most of the start-ups are unable to complete their successful growth path, he replied that every startup has a different definition of growth - successful growth is therefore specific to their individual journey. While one might focus on sustaining their position in certain markets, another might want to focus on expansion.

IIMB conducted such projects in the past too. In fact, through NSRCEL, it runs domain-specific programmes in addition to several sector agnostic programmes to foster innovation.

According to Panchapagesan, "We incubated India's first cohort of non-profit social enterprises. We also run theme-based programs centered on women and student founded ventures. More than two-thirds of our incubated ventures have at least one woman co-founder."

We have seen startups, he said, across verticals that have successfully scaled up and attracted a lot of Indian as well as foreign investment into India.

Startups will also aid in advancing the overall technological capabilities within industry verticals, fostering competition and bring innovation to them.

Every entrepreneur is not a job seeker but a job creator in the economy. Given our abundant human talent, we need millions of small and large enterprises to use them productively, he said.

Over the last 20 years, NSRCEL's focus has always been on the entrepreneur and doing whatever it takes to make them successful, he added.