Master of Business Administration
After massive power outages, IIM-A to come up with clean -tech start-ups
After 2 massive power cuts in 21 states affecting 70 crore people across India, IIM-A (Indian Institute of Management – Ahmedabad) on August 2, 2012 announced its plan to develop first of its kind of accelerator program in order to build clean-tech start ups.
As per a Planning Commission report, India being the fifth largest energy consumer in world, its energy demand will increase 41% by 2017. The clean technology sector can fulfill and manage this high demand.
To achieve this, Indian Fund for Sustainable Energy (INFUSE) Ventures has built the IVA (Infuse Venture Accelerator), a move aimed at accelerating the development of early stage clean-tech start-ups via access to initial capital and a facilitating clean-tech ecosystem. The duration of IVA is 6 month during which the IIM-A team along with ecosystem will help the early stage clean-tech start-ups to identify and meet the gaps, design roadmaps, create strong teams and accelerate their entry into the market.
IVA would select clean-tech start-ups through an assessment process and help them to become independent. The applicants can access seed capital investment of upto Rs 25 lakh (USD 50,000) and ensue a fund of upto Rs 10 crore ($2 million) from INFUSE, besides getting access to other prospective investors. The process is expected to get completed by March 2013.
INFUSE is India’s early stage venture fund and ecosystem developed as a result of public-private-academia collaboration. It is managed by the Center for Innovation Incubation and Entrepreneurship (CIIE) of IIM-A and its partners include Government of India’s Ministry of New and Renewable Energy and Technology Development Board.
Source: The Hindu
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