Led by Infosys Ltd. chairman emeritus NR Narayana Murthy and endorsed by Gujarat Chief Minister Narendra Modi, the International Centre for Entrepreneurship and Technology (iCreate) is set to launch a seed fund for entrepreneurial ideas.
Titled at 'Spark-Up Idea Fund Participation', the fund will carry an initial corpus of Rs 25 lakhs.
Floated by Gujarat Foundation for Entrepreneurship Excellence, a joint venture between state PSU GMDC and Gujarat Entrepreneurship and Venture Promotion Foundation, the incubation and innovation centre will promote innovative ideas among entrepreneurs, students and micro, small and medium enterprises (MSME).
"Through Spark-Up Fund we plan to approach, seek and amplify potential entrepreneurs, students and MSMEs. We are going to various colleges, talking about entrepreneurship and trying to create a favourable mindset," said Madhu Mehta, chief mentor of iCreate.
Participants will be required to submit their innovative ideas that they would be willing to work upon in near future. "We are identifying upto 50 projects and giving them Rs 50,000 each to work upon their ideas and do something concrete in next three months. Hence, we are not looking at just best ideas because they are generally academic. Instead, we want to bet on these people who are willing to work upon their ideas," said Mehta.
Apart from entrepreneurs and students, iCreate is also looking to tap the MSMEs in the region.
"We are reaching to MSMEs to identify fast growth companies. We will showcase 25 such fast growth stories from among MSMEs through iCreate," Mehta added.
Meanwhile, an official advisory board of iCreate has been formed with Murthy heading it as its chairman, along with seven other members including Mehta.
Moreover, spread across over 30 acres on the outskirts of Ahmedabad, the centre's campus will soon be inaugurated by Modi, along with Murthy as a chief guest.
