In a bid to encourage new start-ups in the internet and mobile application space, Tata Communications Ltd has extended a helping hand to Centre for Innovation, Incubation and Entrepreneurship (CIIE)'s flagship programme, iAccelerate, at the IIM-A campus in Ahmedabad.
CIIE was set up at IIMA with support from Gujarat government and the department of science and technology, Government of India, to promote innovation and entrepreneurship. The Tata group arm, Tata Communications, on Thursday announced its association with the programme on Wednesday by assuring its support to the start-ups for access of company's cloud services, high bandwidth internet along with mentorship from company's senior executives to convert ideas into a viable business.
Since its inception in 2009, the programme has helped 17 start-ups in the field of information communication and technology (ICT), of which 15 have become successfully business models having operations in different parts of the country. Earlier, global IT giant Microsoft Corporation and Japanese communications major, Nokia have delivered their mentorship to the programme. "For the first time since its inception, an Indian company will be supporting the programme this year," said a programme associate at CIIE.
The company will support 11 start-ups under iAccelerate programme this year. The three-month programme provides entrepreneurs in ICT segment access to mentorship, infrastructure and investment support to kick start businesses. "We received about 300 applications for the programme this year, of which we have selected 11 participants. There is a stringent selection process, after which every participant is selected," said Pranay Gupta, joint CEO, CIIE. While intellectual property of the products and services designed by the participants will remain with them, there are possibilities of mergers & acquisitions if a business model seemed potential.
"We may look for mergers or acquisitions of these units, if they have proven potential in their respective operations. Also, we can think of having them as a link to cater to our existing clients' requirements, which we might not be offering under our operations," said Srinivasa Addepalli, senior vice president, corporate strategy, Tata Communications. The participants at end of the programme in January next year shall showcase their final prototype business models before the investors. Few start-ups incubated through the iAccelerator programme in the past are Innoz, Beevolve, Hashchube, iBloom, Audech and Rendanyway.
CIIE is set up at IIM-A with support from Gujarat government and department of science and technology, government of India to promote innovation and entrepreneurship in the country.