The Indian Institute of Management Kozhikode (IIMK), which launched business incubator IIMK LIVE in early 2016, has admitted 12 startups into its first-ever incubation programme, a press statement said.
The institute introduced the programme with support from the Department of Science and Technology (DST), which sanctioned a grant of Rs 3 crore, the press note added.
“LIVE would gain immensely from the faculty members, knowledge base, students, alumni, international linkages and other institutional networks of IIM Kozhikode and is in turn expected to contribute to the institute’s various programmes and activities,” said Professor Kulbhooshan Balooni, director in-charge of IIMK.
The 12 startups were selected from a pool of 100 applications. Five among the shortlisted startups have been founded by IIM Kozhikode alumni.
“While we have some thrust areas to focus in mind, in the beginning, we are sector-agnostic. Also, while we want more and more of our own students taking to entrepreneurship, we do not limit supporting only them,” Keyoor Purani, executive director of IIMK LIVE and professor of marketing, said in the statement.
Apart from mentorship, training, professional services and a collaborative workspace, LIVE will offer incubatee companies seed funds.
A study done earlier this month by IT industry body National Association of Software and Services Companies (NASSCOM) and Zinnov Consulting found that India has the third-highest number of startup incubators and accelerators in the world after China and the US. The report also showed that majority of incubators in India are operated by academic institutions (nearly 51%) while the rest are corporate (9%), independent (32%) or government-supported (8%).
In January this year, the Nudge Foundation, which is backed by Infosys co-founder Nandan Nilekani, Tata Trusts and other industry heavyweights, launched N/Core, an incubator for non-profit startups working towards poverty alleviation.
Chipmaker Intel India, IIT-Bombay’s Society for Innovation and Entrepreneurship and the central government’s Department of Science and Technology launched a hardware incubator programme, Plugin, in August last year.