Outgoing Chairman of the Tata group Ratan Tata, who recently interacted with students of Kashmir University in October last, said the group would like to follow the 'American Venture Capitalist model' and help the local entrepreneurs in setting up their own business.
"We will do two things that we have promised. We will interview students on campus through the university and the second is that we will provide internship to students in our companies," Tata, who retires as the group Chairman on December 28 when he turns 75, told PTI in an interview.
The campus interview will be done as and when the graduation ceremony takes place, he said, adding "I promised them (students) that there will not be any bias against students from the University there."
Tata recalled that during the interaction some students had asked him whether Tata group would be setting any business in Kashmir.
"I expressed another view. I said we know what we should be trying to do with you is have you build your business and support you who have entrepreneurial spirit.
"We should create something that's like the American venture capitalist model and then we can support that financially and help you get started and then bring our marketing experience or financial experience to help you," Tata said.
Also Read
"So I have advocated that if there are six or seven bright young people, who have an idea to start something, we should fund them, buy shares in that company and help them everywhere we can," he said but added that the process is yet to start.
Under the American venture capitalist model, financial capital is provided to early-stage, high-potential, high risk, growth startup companies.
The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as biotechnology, IT and software.
Tata, along with some other industrialists, had addressed the students of the Kashmir University after which he had said that India Inc needs to do something special for the people of Kashmir rather than following normal business practice as the Valley had a great wealth of human capital.