The India Innovation Challenge Design Contest (IICDC) has started the incubation process for the winners of the 2016 edition. A team comprising of leading entrepreneurs and academicians will now be mentoring the ten teams.
IICDC provides a platform to launch student-led tech startups by recognizing and mentoring entrepreneurial ideas and transforming them into successful ventures. An initiative of Texas Instruments (India), IICDC has partnered with institutions like IIM-Bangalore, DST (Department of Science and Technology), DIPP and MyGov to support innovative tech-based ideas, conceptualized by students, aimed at solving complex challenges.
IICDC is an ongoing initiative by Texas Instruments to drive the next generation of entrepreneurial talent in the country through experiential learning.
The mentoring process will include interactions with experts from DST and IIM-B and opportunities for participants to attend seminars and workshops on how to sharpen their business acumen and build necessary skills to launch sustainable startups. During the incubation process, the students will have full access to the N S Raghavan Centre for Entrepreneurial Learning (NSRCEL) facilities, faculty members and mentors. They will be in for a review every quarter where they will be guided and their progress will be analyzed. The students will get the necessary time to develop their current prototypes into full-fledged products. The mentors will also help the students in connecting with potential clients and preparing for pitches.
NSRCEL is the hub of entrepreneurial activity at IIM-B that brings incubated start-ups, co-working ventures, industry mentors, eminent academicians and researchers together.
The teams selected this year range from a number of varied industries, including medical innovations, agriculture, aquaculture, automotive & analytics.
Addressing the incubates, IIM-B’s Prof. Suresh Bhagavatula, Chairperson, Entrepreneurial Ecosystem Development, NSRCEL said, “We congratulate you on starting your own venture. When you talk to people, the collective learning is accelerated. Hence, ensure to spend time with others. Reach out to your peers and while helping others you will still be adding value to yourself. This is not the time to think about monetary benefit, but to strive for excellence. Take small steps and seek feedback from your peers, mentors and potential customers.”
Prof. Nagaprakasham, Mentor-in-Residence, NSRCEL, advised the winners to challenge the status quo in order to be good entrepreneurs. “You need to remain a team till the end. This is going to be an interesting journey as you already have funding in your hand. Utilize it wisely. As an entrepreneur, never take no as an answer from any customer” he further added.
The incubation process has already started creating an entrepreneurial mindset among the students with the selected groups starting to set up goals and divide responsibilities among themselves.
With the assurance of funding from DST, the teams now start the final phase of their year long journey of incubation. We wish them all the best for their future.