How IIM Lucknow’s Enterprise Incubation Center nurtures entrepreneurial talent to support the startup ecosystem in India
IIML EIC began its journey as a technology business incubator to support tech startups working in the area of industry 4.0, with its state-of-the-art infrastructure and an array of programs and initiatives, right from the stage of ideation to growth.
With a credible track record of successfully mentoring startup companies and individual entrepreneurs, IIML EIC offers a range of Business and Technical Services, Seed Fund Support, State of Art Technology Lab facilities, Expert Advisory, Network Support and Industry Linkages.
Contributing further towards strengthening the startup ecosystem in India, IIM Lucknow set up the IIM Lucknow Enterprise Incubation Center (IIML EIC) at its Noida campus in 2016.
Initiation of the program
“The Centre is focused to provide speed and faster growth to new ventures for successful commercialization of technology/product through a combination of accelerator programs, seed capital, corporate venture capital fund, smart co-working space, corporate market access, mentoring, and training programs. Within a short span of its existence, the Centre has successfully promoted 32 technology startups, where three of the startups have already graduated,” says Prof. Anadi Saran Pande, Professor of Strategic Management, IIM Lucknow, and faculty in-charge of IIML EIC.
Mr. Yamini Bhushan Pandey, Managing Director, IIML EIC says, “Despite being one of the flagship programs in the country, IIML EIC faced a major challenge of the unavailability of an active entrepreneurial ecosystem in the regional vicinity, right after its inception.” Thus, in 2016, shifting the Center at IIM Lucknow, Noida Campus, was a conscious decision keeping in mind the developing ecosystem around Delhi-NCR.
In 2018-19, the IIML EIC was recognized by the National Science and Technology Entrepreneurship Development Board (NSTEDB), Department of Science and Technology (DST) and Government of Uttar Pradesh, thereby providing financial grants which played a vital role in the growth of the institution.
“IIML EIC has successfully created a robust infrastructure by developing its in-house technological capabilities required to support startups and offering facilities like In-house Supercomputer, Artificial Intelligence Lab, IoT and Fab Lab, and 3D printing. Besides, it has also established a unique startup help desk to aid the incubation of startups within the IIML EIC aegis,” adds Mr Pandey.
Incubation & Acceleration Programs @ IIML EIC
The flagship Startup Incubation Program at IIML EIC spans between two to three years. After the startup/technology has fulfilled the criteria, they get introduced to a host of facilities provided by the Center, including smart office space, artificial intelligence, and IoT labs infrastructure equipped with NVidia DGX-1 (Super-Computer), go-to-market,commercialisation support, corporate connect and market access, corporate venture capital facilitation, along with the opportunity to raise funds.
Apart from the Incubation Program, IIML EIC also has its soon-to-be-launched set of Sector focussed Accelerator Programs, focusing on areas like Deeptech, Fintech, Agritech, Edutech, Clean Energy and Sustainability. The programs will focus on sector specific early to growth stage startups for providing market access and funding support as key outcomes.
Training Programs @ IIML EIC: IIML EIC’s “Startup School” is the training and educational vehicle of IIML EIC. Through IIML-School, EIC organizes many world-class training programs and workshops for startups, investors, and corporate VCs. They have designed both short and long-term programs, catering to the needs of competence development for entrepreneurs at different stages of the enterprise life cycle such as CEO programs for growth ventures, sales acceleration, corporate venturing and CVC Unlocked, etc.
Consultation and Advisory: The Advisory arm of IIML EIC provides consulting services to Government Bodies, PSUs, Corporates, MSMEs, and Startups. IIML EIC has pioneered in the field of corporate venture, while assisting many Maharatna and Navratna PSUs in devising policy and process for setting up and managing the corporate venture capital fund for startups.
Future Roadmap at IIML EIC
IIML EIC believes in providing the best industry resources for building entrepreneurial ecosystems through most innovative programs across a range of disciplines. The future roadmap of IIML EIC aims to promote:
● Startup Acceleration Program: A focused program aiming to accelerate the growth of the startups in terms of market share, customer base, funding, new product launch, etc., catering to both early-stage and growth-stage ventures.
● IIML EIC Seed Fund Program: IIML EIC has planned to formally announce its own seed fund corpus to support its portfolio companies. This fund will primarily focus on ventures that exhibit potential for scalability and growth.
● Expansion to the global network: With the changing times ahead, borders are diminishing and the startup ecosystem is becoming more global than local. IIML EIC focuses on creating a nexus of global investors and global corporate conglomerates while providing the incubated startups with a platform to grow in the market.
In the years to follow, IIML EIC envisions building a nexus of best practices and programs in the industry with beneficial partnerships with the premier organizations of the startup ecosystem. IIML EIC is targeting to expand its network and collaborate with both the government and private players in more than 10 countries. The principal goal of IIML EIC is to be a ‘market-maker’ for startups, who will, in turn, contribute vastly in the process of nation building.