Mudra Institute of Technology (MICA), under its incubator program Comcubator, is planning to open an INR 50 lakh corpus fund, raised from corporates as a part of their Corporate Social Responsibility (CSR) activity, reports Indian Express.
As proposed, the amount to be raised for the fund will mark roughly 2% of corporate CSR activities fund.
Comcubator, launched in 2010 with a view to encourage entrepreneurship in the communications sector, is the India’s first ever Communications Technology Based Business Incubator. All ‘comcubatees’ are provided with technical, financial, infrastructural, physical and intellectual support to convert their ideas into technologies-based products and services businesses. The areas of communications supported at the program include Advertising, PR, Internet, Film and entertainment content, etc.
It currently operates through the fund of Rs 8.75 crore, set up under the Department of Science and Technology (DST), Government of India and has till date received Rs 1.2 crore in the first phase.
The centre had targeted to incubate and churn out at least 28 successful entrepreneurs every five years and to select young entrepreneurs based on individual presentations without any bias or reservation for Mica students only. Along with the 6 startups added last year, the program currently supports a total of 8 startups, working at various stages of development.
As per U T Rao, Assistant Professor of Entrepreneurship at MICA and in-charge of the Comcubator, four new start-ups will be added by this year’s end and the institute will be launching the corporate fund by March 2014.
In a recent event, demos of startups under the Comcubator banner were also showcased which included portals like Shradhanjali.com, Hash Media, Indian Pride, Binary Thinkers, Start51.com, Classmint.com and Mech Mocha Game Studios.
In the past few years, the premiere education institutes in India have taken many initiatives to support the early stage startups in different fields. Some such programs include IIM Ahmedabad’s iAccelerator for mobile and internet startups and the mentoring program for entrepreneurs by IIM Calcutta. TATA First Dot is an another such effort by Tata group of companies to support student startups in support with National Entrepreneurship Network (NEN).