Monday, May 23 2022 | Time 01:04 Hrs(IST)
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Business Economy


IIT Mandi hosts startup exploration program

IIT Mandi hosts startup exploration program

Mandi, July 23 (UNI) IIT Mandi Catalyst, the first Technology Business Incubator in Himachal Pradesh, hosted ‘Startup Exploration Program’ to help startups convert their ideas into viable businesses.

Participants, during this program, work with mentors, and utilise the physical/financial support of Catalyst with an objective of building a working prototype and testing it for market potential.

"Startup Exploration Program, the first phase of incubation program commenced on 2nd July 2018 at the co-work space of Catalyst in hill valley of Mandi in Himachal Pradesh. During this three-month program, startups will get upto Rs. 1.5 lakh in funding support, in addition to mentoring, networking and training," said Dr. Puran Singh, Faculty In-charge of IIT Mandi Catalyst.

"The program was kickstarted with a two-week boot camp that included intensive workshops on goal setting and visualization, design thinking, minimum viable business, legal aspects of business and marketing strategy. Most startups are consumed with their product and largely engrossed in technology behind it. They miss out on a variety of other unobvious but important aspects of building a scalable business. This boot camp is a conditioning exercise for budding entrepreneurs to steer their minds towards all vital factors that are important to their business ideas," he said.

Six startups from different sectors including Agro tech, Ad tech, Block Chain, Healthcare, Food and Beverage, and online services, were admitted to this program. These startups have set their business goals for next three months and will make a focused attempt at achieving them.

These six teams will undergo two more intensive boot camps in next two months that will have 10-12 sessions. The startup teams relocate and work from co-working space in Mandi town.

Successful completion of this program opens the door for a one-year Incubation Program in which Catalyst provides upto Rs 15 Lakhs seed fund using which startups are expected to further improve their product and commercialize. Catalyst supported startups also provided financial support by HP State Government. The support includes Rs 25000 per month sustenance allowance and Rs 10 lakhs for marketing and commercialisation.

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