IIT Mandi began its annual flagship startup incubation event, Himalayan Startup Trek, on Saturday, December 12, with Chief Minister of Himachal Pradesh, Jai Ram Thakur, inaugurating the event.
Virtually addressing the audience, the CM appreciated IIT Mandi in motivating budding entrepreneurs and creating the right kind of startup ecosystem across the state. He said, “In the fast-growing world, I urge entrepreneurs of young startups to take the lead in utilising technology to find solutions for the community at large.”
IIT Mandi’s startup incubator Catalyst has been Himachal Pradesh’s first startup accelerator. It has been supporting tech-based startups which focus on creating economical and social impact. Till now, it has received 38 awards for generating employment for more than 250 individuals.
Read: IIT Mandi Admission 2021
This year, Himalayan Startup Trek received as many as 70 applications from startup enthusiasts for incubation by IIT Mandi Catalyst. In this event, about 40 mentors and investors will meet the startup representatives.
After the discussion, startups will be selected for incubation through a competitive pitching stage. Finally shortlisted startups will receive seed support of a maximum INR 50 lakhs each. Meanwhile, during the event, Industries minister of the state, Bikram Singh declared that a total INR 10 Crore seed funding will be provided to startups as a part of the Him Startup Yojana.
Read: IIT Mandi Placement 2020: 50% Increase in Average CTC & 142 Job Offers
Meanwhile, Director of IIT Mandi, Prof Ajit K Chaturvedi said, The IIT-Mandi Catalyst is continuously helping young minds in materialising their innovative ideas to create solutions for society at large. The fund under the Him Startup Yojana provided by the state government will prove to be a boon to the new ventures in the state.”
The Him Startup Yojana will bankroll projects of regional startups which are in the later stages of product development and require financial support to commercialise their products. IIT Mandi Catalyst will extend business and technical mentoring to such startups.
IIT Mandi will begin the next batch of startup incubation program from January 2021 and they will receive ample opportunities to raise funds through several funding schemes and channels.
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- IIT Mandi Catalyst Proceeds with ‘Start-up Exploration Programme 2020’
- IGNOU Awarded 5-star Rating by MoE for Innovations and Startups
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