Run by Amity University, Noida-based Amity Innovation Incubator is a not-for-profit initiative aimed at fuelling the growth of startups. It hopes to mentor budding entrepreneurs across the country with its virtual incubation programme across 17 cities.
2008 was the year when the global entrepreneurial revolution started making its way to India and the nation witnessed the birth of unicorns like Ola, Zomato and Quikr, marking the emergence of the startup era. Nearly 10 years ago, when incubators, accelerators and co-working spaces were relatively new terms in the startup ecosystem, Amity Group backed by Department of Science and Technology, GOI, launched Amity Innovation Incubator (AII) to mentor budding entrepreneurs and transform innovative business ideas into reality.
With an advisory body consisting of industrialists, venture capitalists, technical specialists and managers, AII helps entrepreneurs realise their dreams through a range of infrastructure, business advisory, mentoring and financial services. AII incubates companies in the areas of e-learning, bi-fuels, software testing, mobile testing, clinical data management, media and e- commerce. Besides mentoring, the programme also provides virtual incubation to companies and training programmes in venture capital, certified business planner course, along with Intellectual training programme, software training programme, skill development programme and technology enterprise development programme, among others.
So far, AII has incubated more than 100 companies and claims to have generated employment for around 3,500 people. Eleven incubated companies have raised funding under ‘Support of Entrepreneurial and Managerial Development of SMEs through Incubators’ and four companies raised risk capital under SIDBI-SAS Scheme. Since inception, over $40 million has been invested in incubatee companies through mergers and acquisition, and angel investments. The centre also has strategic collaboration with incubators in Europe, Asia, and the US.
In its endeavour to support startups and entrepreneurs financially, Amity Innovation Incubator has strategically tied up with Amity Capital Ventures for financial advisory and investment support. Amity Capital Ventures as an entity raises and invests funds into startups.
Incubated startups at AII
Understanding AII service model
Amity Innovation Incubator currently uses a balancing model to accommodate startup incubation requests. The model consists of the three aspects — rent, equity, and royalty.
A balancing model is a hybrid form of a dedicated equity or rental model that uses a blend of equity percentage and rent on a per month per seat basis. The value percentage of equity would vary between 5-15 percent of the total equity with rent varying between Rs 5,000 to 12,000 on per month per seat basis. The equity percentage and the rentals depend on a number of factors including growth potential, stage of the startup and risk involved, among others.