IIM-C rolls out a new start-up incubator, IIMCalcutta Innovation Park

IIM-C has rolled out a new startup incubator IIMCalcutta Innovation Park (IIP) to tap the India's growing start-up eco-system, reports ET.

IIP plans to host about 40 startups over five years. It will focus on five key sectors-healthcare, education, clean technology, lifestyle and analytics.

IIP will provide seed funding of 5- 50 lakh for an undisclosed stake in the ventures. The incubator will receive about Rs 7 crore in funding from the Department of Science and Technology, which will be allocated over the same period.

'The incubator will focus on entrepreneurial venture developing product as well as delivery of services', Ashok Banerjee, Dean (new initiatives and external relations), IIM Calcutta, quoted in the report.

IIP also plans to raise up to 20 crore from its alumni. The management institute counts notable entrepreneurs such as TutorVista founder Krishnan Ganesh, Rediff's Ajit Balakrishnan and Rocket Internet-backed Jabong's Praveen Sinha among its alumni, said the ET report.

IIP will also look to develop start-up enterprises from the eastern part of the country, a region not traditionally known for emerging enterprises.

"The east is still a virgin territory in terms of entrepreneur development, and where we hope to foster change,” mentioned Banerjee.

"The big issue has been the overall infrastructure. Unlike in the US, our really great academic institutions are standalone ones. There is no central ecosystem yet", said Ajit Rangnekar, dean of Indian School of Business, in the report.

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