World’s first digital incubator for Engineering students launched in KERALA!
It is indeed the best time for the Indian youth to plunge into the startup ecosystem. After the success of ‘Make in India’ and ‘Stand Up India, Start Up India’, the youth has been blessed with a novel concept of a digital incubator for the intellectual minds to get into entrepreneurship.
Kerala Chief Minister Pinarayi Vijayan, Infosys co-founder Kris Gopalakrishnan, who is also the chief mentor of Kochi Startup Village, and others launched the world’s first digital incubator for student startups, in Thiruvananthapuram on July 13.
The process to avail the opportunity is simple and user- friendly.
Engineering students can form teams and apply for admission to the digital incubator. Once selected, they will be guided right from selecting an idea to building a prototype and its launch to early customers within six months. Based on whether customers like the product, teams can then graduate to incubators, accelerators, raise Angel Funding, and even get acqui-hired as a team or hired to other startups or go for higher studies.
A threefold selection process is being applied to screen candidates, who once selected will gain guidance from the best industry mentors on board. The aim is to propel start-up growth culture in Kerala, in line with the Prime Minister’s vision of ‘Start-Up India’.
It is a smart move and will work for a market like India since Gopalakrishnan said that students, especially from tier 2 and tier 3 cities, are deprived of access to the best faculty and mentors from startup nerve centres like Bengaluru or Silicon Valley and this venture “would address the problem to a large extent”.
Later, ‘The Start-up Village’ Phase 2 will be tuned with the Prime Minister Narendra Modi’s Start-up India programme and will be focussed on creating an entrepreneurial culture amongst the country’s five million engineering students by providing them a completely digital incubation framework.
Phase 1’s original mandate was to incubate 48 start-ups during the period 2012-15, but it went on to receive an overwhelming 6,000 plus applications. Also, 3,000 new jobs were created by the young start-ups, which raised more than Rs. 45 crore in funding.
The success of this scheme seems to be inevitable. We hope to see brilliant success stories to be a part of it’s portfolio.