The Indian Institute of Management - Calcutta (IIM-C) on Wednesday launched an innovation hunt project to identify and fund 50 cutting-edge start-up projects that will target the socio-economic transformation of the country.
Conceptualised in association with the Department of Science and Technology (DST), the 'Smart Fifty -- 50 Solutions to Transform India' will accept entries nationally and internationally for the next six months. It will filter them at every step with a simultaneous increase in the funding corpus as it narrows entries.
The IIM-C Innovation Project (IIMCIP) will help the selected few in real life know-how of sustaining their ventures and fundraising, while the DST will provide access to the start-up ecosystem and seed fund for prototyping.
"We encourage sustainable, motivating, affordable, responsible, transformative or smart ideas and provide them necessary support so that they may create a positive impact in the country. We will provide mentorship, visibility and access to funds to the participants that will help them to take their venture to the next level," IIMCIP Director Ashok Banerjee said at the launch here.
The top 50 business ideas will get a seed grant of Rs 4 lakh each, and the top 10 will use a total grant of Rs 10 crore among themselves.
Ten of such ideas will be selected from Singapore and North America.