IIM Calcutta sets up IIMCalcutta Innovation Park

Aims to incubate, accelerate growth of start-ups

The Indian Institute of Management Calcutta (IIM-C) today announced the formation of IIMCalcutta Innovation Park (IIP), a Section 8 company in Eastern India (under the aegis of the Centre for Entrepreneurship and Innovation or CEI at IIM Calcutta) to incubate and accelerate the growth of start-ups in India.

The company will create an ecosystem of 'learn, grow and share' to promote and nurture innovative enterprises. The first directors of IIMCalcutta Innovation Park consist of Professor Saibal Chattopadhyay, Director IIM Calcutta; Professor Ashok Banerjee, Dean (New Initiatives and External Relations) and Professor Anindya Sen, Dean (Academic).

"Through this innovation park we have created an eco-system with all required support to translate an innovative idea to a self sustaining and financially independent business," said Professor Ashok Banerjee, Dean, New Initiatives and External Relations, IIM Calcutta.

IIMCalcutta Innovation Park is aiming to incubate 40 start-ups in the next five years. The company will look at selecting incubatees from sectors like healthcare, clear energy, analytics, education and lifestyle.

Currently IIP has signed on three start-ups- ONergy, Doctors For You and Edwell. Another two companies Bodhi Healthcare and Sambad Setu will be joining within the next two months. IIP will acquire an equity stake of 2-5 per cent in the incubating companies.

The equity will be in the form of an upfront transfer to IIP or liquidation of the stake at the time of exit from the park. The company will operate out of an existing building at IIM-C called the New Teaching Block. The added focus by IIP would be on Social Enterprise and East/North-East based businesses.

The Innovation Park has already been recognized as a Technical Business Incubator by the Department of Science and Technology (DST), the Ministry of Science and Technology. DST has approved a funding of Rs 7 crore, to be allocated over the next 5 years, for the capital and operational expenditure of IIP.

IIM Calcutta will also raise funds to the tune of Rs 10-20 crore over the next 6 months for which it will soon begin road shows. The institute is also in advanced stages of discussion with few of its alumni based out of India.