Incubator - iCreate
232 innovation supported (from 51 cities/ 18 states), 28Cr Revenue generated by startups, 30+ Strategic Alliances, 590 employment generated.
Founded in 2011, the International Centre of Entrepreneurship and Technology (icreate) is a section 8 incubator whose mission is to facilitate innovative and imaginative minds with an ecosystem that comforts as well as challenges their intrinsic abilities so that eventually they claim to be able to establish ventures that have the potential to scale rapidly, compete globally, generate wealth ethically, and create enriching and fulfilling employment.
Structured as a 50:50 Joint venture between the Gujarat Mineral Development Corporation Ltd (GMDC) and Gujarat Entrepreneurship and Venture Promotion Foundation (GEVPF),
- They are a technology business Incubator under Department of Science and Technology, and Ministry of Electronics and Information Technology, Government of India. Current focus: Electric Vehicles, Water-tech, Energy storage technologies, Agri-tech, AI.
- They will be interested in supporting more projects which make innovative use of technology for waste management.
- So far: 236 startups incubated, equity investment in 37, 82 of them received grant from the government. Survival rate after 5 years TBC. Successful exit TBC.
- They run programs for startups that are at different development level: i.e: Idea accelerator programs, etc. Example with Tata group.
- They work with partner agencies for other states.
- The criteria for selection of start-ups is defined in consultation with the Sponsor, and the CSR funds could be directed towards product development Grant or Seed Capital for the selected Start-up.
- There are operating procedures in place for tracking the utilization of funds which are consistent with the guidelines of Government schemes. Towards the end of financial year, an audited certificate for utilization of funds is provided to the sponsoring Ministry/organization. icreate is open to external audits for compliance. Also, the sponsor organization is acknowledged as CSR sponsor and provided visibility on icreate website, media and collaterals.
- There are typically 03-04 intakes during the year. For each intake, about 06-08 start-ups are selected for funding Support. The projects are supported for a period of 1 - 1.5 years for development of their PoC and Prototype. Further to this the startups are supported for market entry/scale-up for 1-2 years.
- They provide technical and Business Mentoring with technical specialists.
As an incubator, they normally do not take board positions in a startup they incubate. This is mainly due to fiduciary liabilities connected as per the Companies Act. However, they nominate an observer on the board. For a corporation, this is possible, but subject to the mutual agreement between the start-up and Sponsor organization.
They can help the social enterprises abroad looking for Indian partners scout like-minded enterprises within India. To benefit from CSR fund, the India startup should be majority share holder.
In general, here are the solutions they provide to the entrepreneurs:
- Grooming: Programs to groom potential candidates. Also generate and convert business ideas to develop viable business/incubation plans to create new technology ventures.
- Incubation: Facilitate the incubation of the business idea and convert the idea into a feasible concept to develop it and acquire initial customers. This will involve funding also.
- Mentoring: Guide and share the efforts of creating new ventures with the potential entrepreneurs.
- Networking: For adding value to each phase of the venture creation process right from idea generation to venture creation
- Angel Funding: Provide early stage and seed funding to gain better valuation for the start-ups before a venture capitalist enters.
Bhadresh Das - EA to CEO icreate - firstname.lastname@example.org - LinkedIn
Siddharth Pareek - Program Manager - email@example.com - LinkedIn
Unmesh Partiwala - firstname.lastname@example.org -
Company Website: https://icreate.org.in/
HQ: Devdholera, Gujarat - Regional offices: NA