Start-ups may get up to Rs10 lakh fund at iAccelerator
Start-ups can attract investment of up to Rs 10 lakh at the product development programme, iAccelerator, at Indian Institute of Management, Ahmedabad, organisers said today.
"The iAccelerator programme has five angel investment partners ... The start-ups are expected to showcase their final prototype or product to the angel investors on Demo Day. They can expect an investment of up to Rs 10 lakh for their project," a statement by organisers -- IIM Ahmedabad, CIIE and sponsor Tata Communications -- said.
This time Demo Day this year will be scheduled during last week of January 2013.
"We're very keen to help transform great ideas into great businesses and often in such an endeavour, mentorship is the key element," Tata Communications' Chief Strategy Officer Srinivasa Addepalli said.
Every year, a group of tech start-ups is selected through an application process and put through a three-month residential programme and the finalist start-ups each receive seed capital, mentoring from a team of industry experts and opportunity to showcase their prototype or product in front of early stage investors.
"This is not just about the investment but also the ability to collaborate with one of the technology leaders in the industry," CIIE Joint CEO Pranay Gupta said.
The flagship programme of the Centre for Innovation, Incubation and Entrepreneurship (CIIE) at the IIM-A since its inception in 2009 has supported 27 start-ups in the Internet and mobile space, it added.
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