IIM-Lucknow invites startup models to assist with finance, infrastructure and market
This is the third edition of the startup hunt. The entry process for the contest has begun and the last date for registration is February 28.noida Updated: Feb 21, 2018 22:54 IST
Indian Institute of Management-Lucknow (IIM-L) Enterprise Incubation Centre has called for applications from prospective startups to apply for a contest to win a chance to be nurtured by the centre in its Noida campus.
The institute’s ‘entrepreneurial launch pad’ is seeking 10 startup projects that are at the stage of commercialising their product or service.
The IIM-L incubation centre known as L-Incubator is based in Noida Sector 62, founded with the aim to seek and assist entrepreneurial talent in Delhi-NCR.
Members of L-Incubator said once the projects are chosen, the centre will provide financial and infrastructural assistance along with exclusive network in the NCR market.
“We are looking for startup models that have moved beyond the ideation process and are currently exploring their business prospects. We prefer startup models that are registered as companies and recognised by startup India but it’s not a hard and fast rule. We are all ears to ideas regardless of sectors but we prefer the use of technologies such as IoT, Blockchain, Artificial Intelligence (AI), Analytics, Virtual and augmented reality, and 3D printing in the model,” said Namrata Choudhary, spokesperson, L-Incubators.
This is the third edition of the startup hunt. The entry process for the contest has begun and the last date for registration is February 28. However, there have been unofficial talks on extending the deadline for registration.
The institute claims at least 10 start up models that are being nurtured under them at present are attending the ongoing UP Investors’ Summit in Lucknow.
Choudhary added, “After the registration process, we begin evaluating the startup models with the help of our jury and in-house experts and the process takes three to four weeks. We aim to start nurturing the startup models by April 1.”
The L-Incubator till now has received 20-25 applications and are waiting for more.
“Each model will have to go through a ‘sample pitch deck’ process where their product will be evaluated by a technical product team of experts from IIM-L, IIT Delhi and other institutes and a finance team of business experts who will prepare the prospective model. Then a jury will evaluate and decide the top ten startup models,” said Choudhary.
Members of the centre said that it usually takes 18 months to two years to prepare a startup model to be launched in the market.
“When it comes to financial assistance, we decide how much funding a startup requires and the first 100% funding comes from the institute which may vary between Rs 5-25 lakh. startup models are given a coworking and vibrant office space, and mentorship by our faculty and market experts.Through our network of IIM-L alumni, we also provide exclusive access to big companies and we have signed a memorandum with ONGC, HPCL and GAIL to elevate talents in the corporate world,” added Choudhary.
L-Incubator was set up in 2013 in Lucknow and transferred to Noida in 2016. It began pooling talent last year and members claim of incubating 10 startup models at present and one of them is Constems-AI, an artificial intelligence model set for industry labour assistance.
Amit Singh, CEO of Constems-AI explains his business model and its usage in industry labour.
“Our model is about use of artificial intelligence to assist industry labour by processing information based on vision. The machines with AI will screen the visuals of experts and humans and record it in order to perform the same task using memory. For example, if there are experts evaluating the taste of wine in a wine factory, the machines will capture the visual to understand the human expressions and use AI to tally wine with their vision record. This way we can achieve perfection and lessen human labour,” said Singh.