Aiming to support and nurture the startup ecosystem in the city, the Smart Seed INNOCITY was officially launched in Indore, on Thursday. Reportedly, the incubation centre has been established in an alliance with CIIE.CO, the technology business incubator of the Indian Institute of Management (IIM), Indore. As per reports, the launch event of this centre was organised by the Indore Smart City Development Limited at the AICTSL office.
Centre to assist in a streamlined growth of startups
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This centre was inaugurated by the Chief Minister of Madhya Pradesh earlier in August. However, the official launch event of this centre was organised on September 16. Going by the claims of the CEO of the Smart City, this establishment will transform into Indore’s business hub, attracting the startups of the adjoining cities like Ujjain, as well. Reportedly, the centre will aid startups and help them grow smoothly.
Notably, a plethora of other requisite amenities will also be provided at this incubation centre like high-speed internet connection, air conditioned workspace, pantry area, recreational rooms and clean washrooms, among others.
Comprehensive programs to support startups through all stages
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With an objective to support startups from a primitive stage to the revenue growth stage, multiple programs including fundraising schemes have been included by the Smart Seed at this centre. Designed to aid startups, the project, called Innocity Connect starts with an informal meeting of startup innovators, mentors, angel investors and renowned industrialists. This will provide a unified podium for various stakeholders, consequently improving the cooperation compatibility in this ecosystem.
Another program by the company termed as Innocity Learn is aimed at explaining various concepts of Business Modelling to students and budding entrepreneurs. Under the ambit of this program, various hands-on workshops will be conducted on topics like market-fit product, financial model, cash flow and pitch design, among others.
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In the Innocity Startup School, an 8-week program will be organised, covering the basics of establishing a startup. This will include one-on-one mentoring, investment pitch review and peer learning sessions with fellow startup owners. Apart from this, the Incubation and Acceleration Program, a 4-7-month-long session will provide deep mentoring to early-stage startups. Besides, hand-holding support will be provided to those startups that are in minimum viable product-stage.
The final stage will be the fundraiser called Innocity Pitch. To ensure faster growth of startups and their evolution to the next level, the CIIE.CO seed investment team, along with external investors, will provide relevant feedback. Additionally, the team will also help the suitable startups with possible funding options.
Workspace to cost around ₹2000 to ₹3500 per month
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As per reports, a workspace at this incubation centre will cost somewhere between ₹2,000 to ₹3,500 per month. This monthly charge is inclusive of an additional meeting room and other office spaces as well. Under the various schemes of the central government, the company will also arrange for funds for the startup starting from around ₹3 lakhs to ₹1 crore, reportedly. As per the reports, large amount of funds may be acquired on an equity basis or through an MSME loan.
Initiative in line with the Smart City Mission
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In a bid to strengthen the economy and bridge the gap between start-ups and their stakeholders, multiple Smart City Incubation Centres have been established across India. These initiatives fall in line with the national Smart Cities Mission which was launched on 25 June 2015. Before the launch of this new establishment in Indore, Madhya Pradesh had already launched a total of five incubation centres at Jabalpur, Bhopal, Gwalior, Sagar and Satna.
– With inputs from The Free Press Journal
