Kerala rolls out crowd funding, incubation

The major thrust areas include agriculture and food processing, fisheries, fashion technology, ayurveda, biotechnology and waste management

The Kerala Industrial Technical Consultancy Organisation (Kitco) has launched a new initiative called 'myenterprise'.

Addressing a press conference here recently, Kitco managing director Cyriac Davies said the focus of myenterprise will be incubation, mentoring and handholding of IT and non-IT entrepreneurs, right from an idea to a sustainable business venture.

The major thrust areas include agriculture and food processing, fisheries, fashion technology, ayurveda, biotechnology, waste management and information and communication technology.

Myenterprise programme also provides members with legal and intellectual property services and access to high-profile investors.

Kitco is also setting up an Innovation Fund (KIF), a crowd funding initiative, in order to support emerging start-ups. KIF will be a registered body, formed with the support of successful Kerala-based businessmen, high networth individuals, institutions and leading organisations interested in innovation and entrepreneurship development in the state.

Myenterprise is open to anyone interested in pursuing their dream of a successful business. Kitco would provide space, business infrastructure, shared resources, training market access among others. It plans to incubate 10 start-ups annually through Myenterprise.

The organisation has also signed MoUs with Technopark ICT Academy, Coconut Development Board, Startup Village, Care Keralam, Integrated Rural Technology Centre etc and all universities in the state Kerala to help potential innovators with the much-needed research, training and lab support.

"We have a special focus on encouraging women entrepreneurs," he said.

KC Chandrashekharan Nair, who headed the state's first incubator, Technopark TBI, will spearhead Myenterprise for Kitco.

Kitco also intends to form a CSR initiative, Innovation & Entrepreneurship Development Foundation, to support R&D, skill development and women empowerment activities associated with the entrepreneurship development.

It aims to approach private and public limited companies and banks to pool in CSR funds of firms. The initiative would be launched in a phased manner. The first phase will have a two-stage selection process for the selection of ideas.

These ideas would be screened and shortlisted for their potential. The shortlisted candidates would be invited to present their business ideas/concept before the expert panel comprising of eminent personnel from industry and financial institutions, he said.