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In order to energise the northern region's entrepreneurial ecosystem, which is not as vibrant as in Bangalore, Pune and Hyderabad, companies in the region have started initiatives that bring together entrepreneurs and youngsters who are planning to start their own ventures.
Chandigarh-based Fostinno (whose name is a combination of the words 'fostering' and 'innovation'), a start-up accelerator that focuses on the knowledge industry, has started an event called 'Chandigarh Start-Up Circle'. Click Labs, another such firm, holds a bi-monthly event called 'Start-Up Saturday'. Likewise, The Indus Entrepreneurs (TiE) Chandigarh, the Chandigarh chapter of TiE Global - described as the the world's largest not-for-profit organisation dedicated to entrepreneurship - also organises workshops for start-ups.
Fostinno founder Mahesh Yadav said, "The start-up ecosystem in India is still at a nascent stage. In the northern region it is not as vibrant as in Bangalore, Pune and Hyderabad. Besides, in the absence of big IT companies in this region, talent is migrating to Bangalore, Pune, Hyderabad and Gurgaon. To reverse this trend and boost the region's entrepreneurial ecosystem, we have started an initiative called 'Chandigarh Start-Up Circle', in which founders and wannabe founders share their experiences, help each other and collaborate if the idea is feasible. We organise these events on a regular basis to add value to the ecosystem."
He added, "Recently, we organised a free workshop on 'Arduino' (an open-source electronics prototyping platform) in Chandigarh. The attendees were tech enthusiasts, start-ups and curious school and college students."
Fostinno has two businesses - Fostinno Venture Partners (FVP), which is involved in funding, mentoring and co-building early-stage start-ups, and Fostinno Labs, which works on its own ideas and converts them into tech products and services.
"We spend 10 hours per week for four months, to get the start-up into the best shape and help it in the next stage of funding. We facilitate association among co-founders of different start-ups in the 'Fostinno Family' and connections with successful entrepreneurs as mentors in the relevant field," said Yadav. A startup that receives such help has to share 5-10 per cent of its equity with the company.
Another Chandigarh-based company, Click Labs (P) Ltd, which has expertise in enterprise mobility, has commenced a series of events called 'Start-Up Saturday', focusing on startup experiences and the sharing of ideas with like-minded entrepreneurs. The bi-monthly event targets people who are interested in starting their own businesses.
"The event creates opportunities to connect with potential advisors, co-founders and investors. Besides, it throws up actionable ideas and best practices for developing a product or market. In addition, it fosters an environment where people can share their plans and receive constructive and honest feedback," says Samar Singla, CEO, Click Labs. The company has started its own incubator and, in exchange for equity, provides professional development and design resources to incubatees.
Taking a step further, the Punjab and Chandigarh chapter of TiE has lined up a series of workshops and interactions with several successful young entrepreneurs in the year ahead to boost start-up creation in the tri-city area. Recently, it organised a workshop on 'Developing Business Plans and Securing Funding' for its members.
"Writing a business plan is a big task, and should be an ongoing process for all businesses. It serves as a guide for companies and is essential when looking at funding, expansion or numerous other opportunities," said Digbijoy Shukla, director, Ennovent Circle, a new business accelerator that aims to accelerate sustainable innovations for low-income markets, and which conducted the workshop for TiE members.
Further, to foster entrepreneurship globally through mentoring, networking, and education, Punjab Technical University (PTU) recently signed an agreement with TiE. Through this tie-up PTU intends to promote entrepreneurship in the region.
TiE will assist PTU in upgrading its syllabus to match industry's needs and enable students to become more employable. It will also help set up five nodal centres for entrepreneurial development in PTU campuses in Bathinda, Mohali, Gurdaspur, Ludhiana and Kapurthala.
