Bengaluru, NFAPost: Catalyst will start the batch online and bring startups to campus in a phased manner. After this programme, the startups will have an opportunity to raise funds through various funding schemes hosted by Catalyst.
This includes up to Rs. 10 lakh from Nidhi-Prayas scheme and Rs. 50 lakh seed support funding under the NIDHI Seed Support System programme of the Department of Science and Technology MANDI, 21st August 2020: Indian Institute of Technology Mandi Catalyst has launched its second batch of Start Exploration Programme of the year 2020 from 21st August 2020.
Overall, this is the 7th batch of startups that Catalyst will host. With this startup batch, Catalyst has now supported over 100 startups since its inception. Launched in 2016, the first technology business incubator of Himachal Pradesh, helps the startups to convert their ideas into viable businesses through this programme.
This programme will run for a period of 3 months during which the startups will be provided with a funding support of Rs. 1.5 lakhs. Apart from the funding support, the Catalyst team will also mentor the startups and provide them with training and network to grow their innovative ideas.
Speaking about the second batch of Startup Exploration Programme 2020, IIT Mandi Catalyst Faculty-in-charge Dr. Puran Singh said during these uncertain times that are especially difficult for entrepreneurs, the institute decided to start the batch online.
“This is a critical time to support aspiring entrepreneurs and innovators as innovation is the need of the day. Gradually, the startups will be brought to the campus,” IIT Mandi Catalyst Faculty-in-charge Dr. Puran Singh.
In this batch of the Startup Exploration Programme, a total of thirty-two startups from different sectors including Waste Management, Agrotech, Healthtech, Biotech, Edutech, Tourism & Hospitality, Manufacturing, Enterprise Management, and Cleantech have been shortlisted. It is notable that out of these, twelve startups are from the Himalayan region.
On completion of this exploration programme, Catalyst will provide the startups funding options from multiple sources. It is notable that Catalyst is currently hosting six funding schemes that provide funding for every stage of startup – idea validation, prototyping, and commercialization.
These funding under these schemes ranges between Rs 1.5 Lakhs – Rs 50 Lakhs, and are sponsored by the Department of Science and Technology, Government of India, Ministry of Electronics and Information Technology, Government of India, Department of Industries (Himachal Pradesh State Government), and IIT Mandi.
IIT Mandi Catalyst, first Technology Business Incubator in Himachal Pradesh, has helped over 75 startups since 2017 and is changing both the industry profile and entrepreneurial mindset in the state. So far, Catalyst has secured external funding of Rs. 24 crore from various funding agencies.
Enabling Women of Kamand Valley (EWOK) is another innovative programme run by IIT Mandi, which focuses on imparting skills training to rural women to enable them to start village-scale businesses.
IIT Mandi has been ranked no. 31 in the Engineering Institutions Category in the India Rankings 2020 released by National Institutional Ranking Framework, Ministry of Human Resources Development, Govt. of India.