JGI Ventures India Pvt Ltd, an early-stage venture capital firm, has launched IDEA (Incubating & Developing Entrepreneurial Ability), an innovative programme to help young entrepreneurs with a fund base of Rs 500 crore. IDEA is a post-graduate programme to encourage entrepreneurial abilities with guaranteed investment into a student’s business concept. The programme will be split into three phases, over a span of two-and-a-half years. – spanning over 10 months, 8 months and 12 months.
Promoted by Dr R Chenraj Jain who is also the founder and chairman of the Jain Group of Institutions, JGI Ventures has invested in many small-to-mid-sized start-ups. The company has already incubated 46 start-ups from diverse sectors like education, IT, infrastructure, financial services, technology and hospitality, with a combined turnover of around Rs 147 crore. It has further plans to incubate 350 businesses by 2015, with a combined turnover of Rs 3500 crore.
According to the IDEA programme schedule announced in Bangalore on Wednesday, students will get an insight into the ‘how and why’ of business ventures during the first phase spanning 10 months. During phase two that will last eight months, future entrepreneurs will closely study diverse global markets including those of China, Hong Kong, Germany, the Philippines and the UK. In addition, students will be initiated to developing economy and initiated to the nitty-gritty of the Indian market conditions. JGI Ventures feels that an international business exposure for the student entrepreneur is mandatory, as early global outlook often ensures long-term business gains. In fact, the actual business plan will be developed during this phase.
During the third and final phase, the company will incubate the Student Entrepreneur Venture. Experienced and accomplished professionals will help provide infrastructural support, offer expert advice and coach on all key entrepreneurial aspects. JGI Ventures is also planning to assist its students with networking, funding and customer acquisition.
When asked about the rationale behind this initiative, Dr Jain said, “We strongly believe in the youth and would like to contribute to their growth which, in turn, would help power the nation’s development.”