Business Daily from THE HINDU group of publications
Sunday, Jan 27, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Sunday, Jan 27, 2008 ePaper | Mobile/PDA Version |
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Industry & Economy
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Venture Capital IIM-A eyes venture capital to fund its incubators Bindu D. Menon New Delhi, Jan. 26 Buoyed by the growing tribe of students wanting to go solo with their own entrepreneurial venture, the Indian Institute of Management, Ahmedabad (IIM-A) is looking to attract venture capital funds to the campus. The premier management institute is also in talks with several corporates to provide seed capital to budding entrepreneurs from its incubation lab. “The number of students starting up their own venture is increasing in every batch. In a batch of 250 students, at least 10-15 are starting their own ventures. As a premier institute we want to ignite start-up companies at the campus itself,” Mr Samir K. Barua, Director, IIM-A told Business Line here. The institute has recently roped in the Piramal Foundation to fund some of its incubators. “We are on a look out for similar arrangements with other corporates, besides attracting serious venture capital funds,” he said. Start-up fundsCurrently, IIM-A provides its incubators with a seed capital of $5,000 (Rs 2,00,000) from its own corpus. The institute has three incubator labs. This amount is a fraction of what management institutions abroad provide to start-ups. Even the French management institute ESSEC Business School, with which IIM-A has a collaborative arrangement for student and faculty exchange, has earmarked a corpus of €500,000 for start-ups from its incubator cell. “As of now the faculty just acts as a sounding board for students with an entrepreneurial drive. The aim is to create at least a dozen odd successful ventures by first-time entrepreneurs over the next two to three years,” Mr Barua added. More Stories on : Venture Capital | Education | Management
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