If you own a Start-up or even an idea, here is a great opportunity for you to get funded for it.
IIM-A runs a program for entrepreneurs in internet and mobile technology called iAccelerator, which is in its 3rd edition this year.
The objective of the program is to identify start-ups/ideas and provide them program support as well as seed funding to ensure marketability of those ideas.
IIM-Ahmedabad, in conjunction with the Government of Gujarat, has set-up CIIE to identify and provide funding for start-ups in Mobile and internet technology. Apart from seed funding, CIIE also connects the entrepreneurs with advisors, mentors and investors who can make sure that teams develop into world-class technology companies.
CIIE will typically invest 3 – 5 Lakh in companies working with us in exchange for between 6% – 10% of equity in the venture depending on the completeness of the team, the founders experience and a variety of other factors.
Entrepreneurs will need to log on to iAccelerator website, fill in the registration form and the short listed entrepreneurs will be hosted for two weeks at the IIM-A campus from 1 June, 2010 through 10 June, 2010 where they will be given the foundation to build their ideas into successes. Later, Entrepreneurs will be given their funding and assistance for 4 months for their ventures. The iAccelerator program makes sure that the start-ups are covered for their initial costs as well as armed to take their business to the next level. Other features of iAcclerator Program –
Administrative support
CIIE helps the teams coming into the program through the process of company formation. When the company is formalized and the bank account is set up, CIIE funds it with what money has been committed and works with teams to establish a frugal budget.
Business Support
Connecting teams with advisors, mentors and investors who can ensure that teams develop into world class technology companies is another core part of this process. In addition to supporting internal development these stakeholders can play key roles helping teams achieve their sales and fund raising goals.
Development support
During the program the majority of participant time will be spent developing products and working on the businesses.
CIIE will also arrange regular workshops where participants grow their personal skill sets and work on different aspects of their businesses. As part of this CIIE will have regular get-togethers where participants make presentations on what they’ve been working on or different technologies they have been using.
Sessions will also be given by Industry veterans who can share some of their experiences in business or specific knowledge around some process or technology of general interest.
Here is the snapshot of list of Start-ups from previous iAccelerator editions –
So, if you think, you have a great idea or you own a start-up which can later be shaped up into a successful business, go ahead and try your luck.
As per the officials there are bright chances of extending the last date for applications, I will try to update it here if something of this sort takes place, or you can just visit the iAccelerator homepage and check out yourself.
Visit iAccelerator
Related : Where to look for funds for a startup in India (Entrepreneurship)