Volume 10      Issue 10     10 Oct 2011
CIIE Launched “The Indian Fund for Sustainable Energy” (INFUSE)

INFUSE was launched on 25th August, 2011 at, IIM Ahmedabad by Dr. Farooq Abdullah (Honorable Minister, New and Renewable Energy, Government of India) and Shri Narendra Modi (Honorable Chief Minister, Gujarat State). Other luminaries present at the event shall include Shri Deepak Gupta (Secretary, MNRE), Shri Justin Adams (Head, BP Ventures), Shri HK Mittal (Secretary, Technology Development Board), Prof Samir K Barua (Director, IIM Ahmedabad) and Prof Rakesh Basant (Chairperson, IIM Ahmedabad).

The Indian Fund for Sustainable Energy (INFUSE) is a first-of-its-kind public-private-academia partnership to bridge the energy demand-supply gap in India through sustainable entrepreneurial solution. This unique endeavor brings together policy makers, academicians, corporations and developmental organizations to collaboratively incubate, build and fund new enterprises in the sustainable energy sector.
INFUSE shall:

  • support existing innovators and entrepreneurs to pilot and scale-up their solutions through equity investment and mentoring from INFUSE; investments up to INR 6 crores (~ $ 1.5 million) per venture shall be made by INFUSE

  • develop entrepreneurial teams around innovative ideas and business models and seed / incubate them with incubation funds of up to INR 1 crore per venture

Seminar by Shri Deepak Gupta (MNRE)

Seminar on Renewable Energy and the Opportunity in India by Shri Deepak Gupta, Secretary, Ministry of New and Renewable Energy (MNRE), Govt of India, was organized in association with PGPX on 23rd August 2011 at IIMA.

The growing fossil fuel prices, climate change concerns and increasing energy demand-supply gap in the country has brought renewable energy sources into the limelight for India’s sustainable growth. Government of India’s declaration of The National Solar Mission, with a goal to install 20 GW of solar installation by 2020 across India, intends to catalyze the renewable energy sector’s growth in India. Through this seminar Shri Gupta briefed IIM Ahmedabad community - faculty, students (future entrepreneurs and decision makers in the corporate world) and researchers - to explore the immense potential of the renewable energy sector, be it as an entrepreneur, a manager or a policy maker.

Unreasonable Institute is looking for Most Unreasonable Entrepreneurs

CIIE has partnered with Unreasonable Institute, USA to help them identify good impact entrepreneurs from India.

“So, if you are convinced that you have the entrepreneurial mettle to improve the lives of millions of people around the world? Accelerate your venture with mentorship from 50 seasoned entrepreneurs and practitioners, ranging from a Time Magazine Hero of the Planet, to the CTO of HP, to an entrepreneur who’s lifted over 19 million farmers out of poverty. In the process, form relationships with 20 impact funds, like Acumen Fund, Good Capital, and First Light Ventures and pitch to hundreds of prospective partners and funders. Do it all while living under the same roof in Boulder, Colorado for 6 weeks with 25 entrepreneurs dedicated to defining progress in our time! Apply by November 10, 2011 to attend the 2012 Unreasonable Institute!”

For more detail please check out our website at www.unreasonableinstitute.org

MentorEdge

Case Study

“…Most importantly I look at him as signal Guy, a third person looking at you from outside, who can exactly give you the directions.”

The Venture

Schoolapps is a bunch of web applications hosted in the cloud purely for schools. Schools can directly connect over the WEB and use applications that suit their needs. It could be online Admissions, an Information Database, Exam Assessments Reporting, a Parent interface for communications, manage their fees etc., a lot of apps. The SAAS model keeps schools away from all the IT hazels, maintenance upgrades and IT investments. 

It was the evolution of what the Schoolapps team experimented in the initial years of its development, and some of their consulting work.

The People

Nihar Kalghati, the founder of Schoolapps, learnt some technology with a degree in computer engineering from the University of Pune in 2004. He then joined a start-up, an IT services company, only later to understand that IT outsourcing is a done job for start-ups with the industry being 30 years old. In 2005 Nihar had an option to join CDAC as a research engineer or join another startup. He later chose to join Idea Wings with the core team to build Multiplayer Mobile games. He cheekily exclaims that he would probably be the first in the world to do so. Nihar then got a chance to fool around with all mobile technologies and that’s where he learned the trick to start up.“There was no decision to do so”, he says, and thinks it was embedded. Finally, he answered the call in 2006 deciding it was the right time to manifest.

…On Mentoring and MentorEdge

Nihar got associated with the MentorEdge program sometime last year (2010). However, he had been closely watching CIIE’s initiative since 2004. 

This is what he has to say about their mentor Mr. KC Bhushan, whom he met in Pune at a MentorEdge event in June last year - “He has been tremendously critical in all decision making processes, which has definitely changed the way we are projecting our track. He has been there and done that; so it’s helpful in the abstract areas of the start-up. Most importantly I look at him as signal Guy, a third person looking at you from outside, who can exactly give you the directions.”

The Schoolapps team has been more concerned on the Product development and the sales strategy. However, they think that there are a lot of small aspects when it comes to selling and, it is where entrepreneurs mostly lack.

The Road Ahead

The Schoolapps team would like to take their venture across India. Mr. KC Bhushan has been helping them with strategies and his network. The team is also looking forward to formalize the relationship with Mr. Bhusan by getting into an equity mode once the company grows and spreads across the country.

They claim that the motivation, feedback, support from him has been tremendous and with his help they are sure to reach greater heights in the years to come.

The Learning

When asked about the major takeaways from the MentorEdge initiative, Niharremarks, I love the way it’s informal. No eligibility. And yes, you meet people in the industry who are willing to mentor you, and you also get to make the choice. It’s like you have to find the right match.” 

He further adds,“Mentor is all you need to start up. It’s now that we are terming the person as a Mentor; earlier it usually was some close friend or an associate who could give you valuable suggestions. Be it any field, you do need a mentor. And it’s also important that the mentor is equally excited and willing to except you.” 

Nihar believes that one need not be successful to mentor somebody.  If one has enough work done on the field, he thinks one can make a good mentor. It all depends where one wants to take the start up.

One major learning, Nihar hereby wishes to share with all entrepreneurs is to go to the market as quickly as possible with the mantra “First Sell, then build”.

Incubatees

Innoz

'Joy of Giving' :Innoz Celebrates 3rd Birthday with little gems.

Innoz Technologies, a software product based company rooted at Technopark Trivandrum celebrated their 3rd anniversary on Sep 15, 2011.

They celebrated it with the students of Govt. High School in Sreekariyam Trivandrum, where 80% of the students come from very poor background. They sponsored a great sadhya (Kerala lunch with lots of dishes), sweets for the school kids. 'The food, sweets did cost us a little, but spending time with those kids and seeing them smile and have a great time was priceless’ says Deepak Ravindran, Co-founder and CEO. Abhinav, Ashwin, Hisham are the other Founder directors of Innoz.

Innoz has been co-incubated at Centre for Innovation, Incubation and Entrepreneurship Development (CIIE), Ahmedabad. Innoz is rated among the Global 100 technology companies by prestigious RED Herring Magazine for 2010.Innoz also won the Nasscom Award for Top Emerging companies in India. For SMSGYAN Deepak Ravindran, CEO-Innoz has also been selected as one of the top innovators in India under 35 by Technology Review, a publication of MIT.

VMukti

vMukti was requested to help with remote surveillance of sensitive locations through its state of the art High Quality Video @ Low Bandwidth Technology of mobile interactive surveillance at 134th Rathyatra in Ahmedabad. A video surveillance vehicle of Ahmedabad police captured the 360 degree scene of the Rathyatra for surveillance, data, record and evidence purposes. The vehicle had been placed right before the Chariots. VMukti’s technical experts had been carrying out operations sitting at different locations which had been telecasted to the Control Center Video Walls.

MrYogeshPatil, promoter, Biosense Technologies invited in FICCI-HEAL 2011 conference, held on 8-9 September, 2011 to showcase innovation.

Incubatee News
INNOZ
'Joy of Giving' :Innoz Celebrates 3rd Birthday with little gems
vMukti
vMukti was requested to help with remote surveillance of sensitive locations at 134th Rathyatra in Ahmedabad
In the Spotlight
CIIE Launched “The Indian Fund for Sustainable Energy” (INFUSE)
Seminar by Shri Deepak Gupta (MNRE) on 23rd August 2011 at IIMA

 
CIIE   India

Contact us at:

Centre for Innovation Incubation and Entrepreneurship
Indian Institute of Management (IIM), Vastrapur, Ahmedabad - 380015 Gujarat, INDIA
E-mail: ciie@iimahd.ernet.in  Phone: 079 6632 4203  Fax: 079 6632 4207
Web: http://www.ciieindia.org/


Having trouble reading this email? View it in your browser.
##UNSUBSCRIBE##