In a bid to bring on board the best in the field of entrepreneurship, Bangalore-based JGI Ventures, part of Jain Group of Industries, has signed a memorandum of understanding (MoU) with the Entrepreneurship Development Institute of India (EDI).
With JGI Ventures launching Incubating and Developing Entrepreneurial Ability (iDEA) program at its Bangalore campus to incubate young student entrepreneurs, the firm will seek the expertise of EDI as part of its knowledge collaboration with the Ahmedabad-based institute.
"The program is aimed at assisting and guiding young aspiring entrepreneurs in their business ideas by imparting training as well as funding their ventures. However, we also wanted the participants to receive the best training under the program. Hence, we have signed an MoU with EDI wherein the institute will take up certain modules in entrepreneurship with the participants and impart training," said Shyam Sundar, vice president - marketing, JGI iDEA.
Apart from EDI, the program will also witness support from the likes of Cipher, Bee Hive, Credilla, Karur Vysya Bank, Syndicate Bank and other national banks.
The program will also be assisted by organisations like The Indus Entrepreneurs (TiE) and the Confederation of Indian Industry (CII). While JGI Ventures has already incubated 46 start-ups with a combined turnover of around Rs 147 crore, the company plans to incubate 350 companies by 2015 with a combined turnover of Rs 3,500 crore.
Moreover, the JGI iDEA program, which will commence its sessions from the academic year beginning from June 2011, is aiming at catering to around 120 participants. For this, JGI Ventures has also announced a fund base of Rs 500 crore.
According to Sundar, the program is spread in three phases of 10 months, eight months and 12 months.
"In the first phase, the student will be trained on the 'how and why' of business ventures at our Bangalore campus. In the second phase, the program will facilitate exposure and study of developing and developed international markets like China, Hong Kong, Germany, Philippines, and England in addition to absorbing the Indian market conditions," Sundar added.