To facilitate startups in converting their innovative ideas into viable businesses, IIT Mandi conducted a startup exploration program
IIT Mandi Catalyst, the first Technology Business incubator in Himachal Pradesh, conducted Startup Exploration Program. The first phase of the program initiated in July 2018 with a two-week boot camp included intensive workshops on goal setting and visualization, design thinking, minimum viable business, legal aspects of business and marketing strategy at the co-work space of Catalyst.
Sectors included and funding
Participating startups during this three-month program will get up to 1.5 lakhs in funding, apart from mentoring, networking and training to build a working prototype testing it for market potential.
Agrotech, ad-tech, Blockchain, healthcare, food and beverage and online services are some of the sectors to which the six startups belong that were admitted in this program. These startups will undergo two more intensive boot camps in next two months that will have 10-12 sessions.
After successful conclusion of the program, startups will be bestowed with a one-year incubation program wherein Catalyst will reward them with up to Rs 15 lakhs to further enhance their product & commercialize. The startups will be funded by HP state government also with sustenance allowance of Rs 25000 per month and Rs 10 lakhs for marketing and commercialization.
Vital factors for business ideas
Most startups are consumed with their product and largely engrossed in the 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.
During the two-week boot camp forge accelerator hosted a two-day hands-on workshop on minimum viable business, lodaya consulting conducted a workshop on design thinking and another catalyst conducted a visioning cum goal setting exercise for startups. Sameer Gupta, an investor and Anuj Kapoor, a successful entrepreneur of local origin, also shared insights into their respective specialized areas.