The 16-week accelerator programme called 'Edugild' will conduct two batches every year. The programme will be based in Pune and will start from January 2016. Selected entrepreneurs would be provided with Rs 15 lakh initial seed funding in return for a minority stake (sub-10%).
The institute will also provide mentorship and guidance regarding instituting a startup, business models, pitching to VCs, business management and customer acquisition, marketing and provide help in scaling up business.
Rishi Kapal, CEO, Edugild said, "This program will ensure that we create exceptional entrepreneurs in the education and knowledge management sector. India’s education technology space has the potential to create multiple unicorn companies and Edugild will lead the way."
The technology-based education market is expected to reach up to $40 billion by 2017 from the present $20 bilion. The target audience for these services is around 1.2 billion people.
Sunil Karad, executive director, MIT Group of Institutions said, "The purpose of starting this programme is not only to provide conducive environment to EdTech start ups , but to move a step ahead and enrich them with necessary business , funding and regulatory advice "
India has one of the largest education systems in the world with a network of more than 1 million schools and 18,000 higher education institutions. Europe and US are the market leaders in this segment.