IIM Calcutta Innovation Park (IIMCIP), in association with Department of Science and technology (DST) and Department for International development (DFID) plans to extend its support to 100 plus startups by 2020. Out of the 100 startups, 40 would be funded by DST and DFID

Saibal Chatterjee, Director of Indian Institute of Management, Calcutta, said “The innovation park, which started two years ago, has provided seed capital to six startups and is ready to go for the the second series of funding”

Adding to the proposition, Ashok Banerjee of IIM Calcutta said “The startups would get direct access to the alumni of IIM alumni network for mentoring purposes. Subsequently, reaching out to hunt the local talent.”

IIMCIP has been at the forefront of promoting entrepreneurship and incubating startups since its inception. It has emerged as a leading player in the startup ecosystem in India.

Recently, the organisation has introduced the program INVENT, a joint initiative by IIMCIP in association with DFID UK and Technology Development Board (TDB), Govt. of India.

The INVENT program is funded jointly by DST and DFID which aims to promote social enterprise and entrepreneurial talent in the low income states. The objective of the platform is to create scalable enterprises that are sustainable and can drive in further investments while addressing the social problems prevalent in the economically backward parts of the society.

The verticals available in social enterprise domain are healthcare, education for masses, technological innovation, agriculture, water, and sanitation.

Dr. Subhrangshu Sanyal, CEO, IIMCIP said, “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.”

The startups under the INVENT programme would be revenue driven enterprises,and will get initial Seed funding from DST and DFID.

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