The CIIE will support IIMA alumni who are looking to start up. Centre for Innovation, Incubation and Entrepreneurship is setup at the Indian Institute of Management Ahmedabad (IIMA) with support from Gujarat Government and Department of Science and Technology (Government of India) to promote innovation and entrepreneurship in India.
IIM Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE) helps entrepreneurs turn ideas into viable businesses.New program will be called CIIE IIMAvericks Entrepreneur-in-Residence (EIR) Program.
The program will provide mentoring & financial support to recent alumni to take the road less traveled and start-up. The grant will help the entrepreneur sustain herself / himself during this crucial period, and help them focus more on the business. The most critical period for any entrepreneur is the first two years of business. It is during this time that most businesses fail due to operational and budgetary constraints.
The program will be offered to IIMA alumni who have started / are starting up anywhere in India. CIIE follows a virtual incubation model & it is not necessary for the start-up to be stationed in Ahmedabad.
CIIE ( Centre for Innovation, Incubation and Entrepreneurship) shall offer –
- CIIE shall pay the entrepreneur a monthly stipend of INR 30,000 for a period of a year.
- CIIE shall assist in raising seed funding for the start-up as and when the need arises.
- CIIE shall help to appoint an industry expert/ IIMA faculty as an advisor to the start-up as and when required.
- The selected start-up shall have access to all CIIE resources, including but not limited to incubation space in Ahmedabad, complimentary/preferential access to major tech ecosystems like Amazon Web Services, Google Cloud services etc. and a network of experts.
Pre- requirement to get support under Entrepreneur-in-Residence (EIR) Program
- At least one full time co-founder needs to be an IIMA alumni.
- The fellowship is not suitable for start-ups that have already raised seed/ Series A Funding.
CIIE Evaluation criteria
- Strength of the product idea in terms of its technology content, innovation, timeliness and market potential.
- IP/ market traction already generated and the potential of the idea for IP creation/ disrupting the market.
- Strength of the core team.
- Funds requirement and viability of raising finance.
- Break-even period
