IIM Calcutta Collaborates with NEC to Launch Entrepreneurship Development Program

New Delhi: India's B-School Incubator IIM Calcutta Innovation Park has joined hands with the North Eastern Council (NEC) to offer the first of its kind North East Entrepreneurship Development Program (NEEDP) to groom promising entrepreneurs from North East India.

As per IIM Calcutta, the collaboration with North Eastern Council will aim to empower 270 promising entrepreneurs from the North East region through its well-laid incubation and pre-incubation programs. The program will be functioning at NEC Secretariat, Nongrim Hills.

Informing about the initiative, the IIM Calcutta officials stated that the program will offer support to a total of 150 idea/prototype stage startups and help them in building an initial business plan. Through the plan, they will be able to create a viable and sustainable business venture.

Under the IIM Calcutta Program, each participating entrepreneur will be awarded with a prototype grant of INR 1 lakh. In addition to this, the top 25 performers will be awarded with an additional amount of INR 4 lakh at the end of the program commencement.

The incubation program will be open for those entrepreneurs who have a "Proof of Concept" for their business model or early revenue. It will run in parallel for 120 startups and offer a reward of INR 3 lakh to each participant as a commercialization grant.

The program will provide mentorship to participants and help them in turning the startups’ knowledge of the business participants into commercialized and profiting ventures. At the end of the program, the top 20 performers will be awarded an additional amount of INR 7 lakh.

NEC Secretary K Moses Chalai said, “The region has a lot of untapped young talent and their brilliance always enthuses. Providing them the right platform and opportunities will not only brighten their career but, boost the economy of the NE region".

He added that the first phase of this initiative, NE Entrepreneurship Challenge (Hunt) will be launched during the inauguration ceremony. The hunt will include a combination of initiatives aimed at boosting and empowering the top 270 startup ideas from the North East region.

Also Read: