In an exclusive interview with Ajay Jain, Chairman of IIM Calcutta Innovation Park (IIMCIP), Business World explores how a mission that began in 2014 to unlock the entrepreneurial potential of the East and North-East has evolved into a national movement for inclusive, deep-tech, and impact-driven entrepreneurship. Conceived as a Section 8 not-for-profit under the aegis of IIM Calcutta, IIMCIP was envisioned as a bridge between academic excellence and real-world innovation, especially in regions that had remained on the periphery of India’s early startup boom.
From its formative years, the Park was built on partnerships that shaped its distinctive identity. Early collaborations with Tata Sons for the Tata Social Enterprise Challenge, Villgro Innovations Foundation for the INVENT Programme, and state-supported contests such as Egiye Bangla and Smart Fifty introduced IIMCIP to the national stage and helped uncover a new generation of problem-solvers. “We began as an incubator,” says Jain, “but quickly realised that real impact demands an ecosystem, one that connects government, academia, industry, investors, and communities.”
That ecosystem philosophy now anchors IIMCIP’s work across India. Its guiding framework, the “quadruple bottom line” of People, Planet, Profit, and Purpose, ensures that success is measured not only in valuation but in value creation. This approach is visible in a portfolio that spans transformative ventures: DeHaat, which uses technology to strengthen agricultural supply chains and farmer incomes; 5C Network, an AI-enabled diagnostics platform improving access to radiology; FarmDidi, empowering rural women to build farm-gate food brands; and Strawcture Eco, which turns agri-residue into sustainable building materials. “We are not chasing valuations for their own sake,” notes Jain. “We’re building enterprises defined by value to people, to the planet, and to India’s long-term competitiveness.”
The model’s reach extends well beyond metros. To date, IIMCIP has supported over 2,000 startups across 21 states, including nearly 1,000 ventures in the North-East, through programmes co-created with state governments, the North Eastern Council, and partners such as the Japan International Cooperation Agency and Pernod Ricard India. This regional depth has helped translate grassroots innovation into scalable enterprises. Among them is Meghalaya’s Eriweave, the first startup from the state to secure a deal on Shark Tank India, a milestone that symbolises how entrepreneurial talent from smaller towns is now claiming the national spotlight.
Impact, for IIMCIP, is measured in outcomes that extend beyond profit. Since its inception, it has funded over 130 startups, enabled more than ₹2,000 crore in follow-on investments, and built a portfolio valued close to ₹8,000 crore. Collectively, these enterprises have created over 35,000 jobs and impacted 9.5 million lives. The organisation has also scaled 450 women-led enterprises, nurturing 60 “Crorepati Didis” who have become symbols of economic empowerment in their communities. One such entrepreneur, Tajkira Begum from Birbhum, West Bengal, transformed her skills as a Kantha artisan into a thriving business. With IIMCIP’s guidance, she founded the Tajkira Kantha Stitch Centre and trained over 400 women, earning recognition as a state Master Trainer.
This emphasis on empowerment is echoed in the testimonials of founders across sectors. Shashank Kumar, Co-Founder of DeHaat, notes: “During the early stages when securing investment was difficult, IIM Calcutta Innovation Park believed in the potential of DeHaat and provided the initial seed capital.” Similarly, Pritam Dhalla and Abhilash Chakraverty, founders of Larkai Healthcare, add: “IIMCIP has been a true partner, mentor, and guide in our journey. Their support has been instrumental in helping us secure investments, access follow-on funding and build critical market linkages, which have enabled us to establish sales and distribution in East India. Today, as our AI-powered medical devices make healthcare more accessible across the country, we enter our next phase of global growth with the assurance of IIMCIP by our side.”
From the maker space, Biswajit Dey, founder of RC Hobbytech Solutions, shares: “Our most significant learning from IIM Calcutta Innovation Park, apart from the co-working space it has provided, includes the guidance on forming a robust and confident team. The mentorship provided by IIMCIP in developing our marketing strategies and optimising our financial planning has been crucial to our growth.” These experiences underline how credibility, mentorship, and emotional support, often underestimated in the startup journey, can become decisive growth factors.
IIMCIP’s partnership network amplifies that impact. Collaborations with 20+ corporates, 50+ investor partners, and 150+ mentors enable founders to access markets, funding, and domain expertise that fast-track their progress. CoRover (BharatGPT) secured HDFC Bank’s first investment in Generative AI, while Royal Bengal Greentech, founded by Pallavi Luharuka, developed Bhavishya Plast, a bioplastic made from agricultural waste, and raised ₹2 crore from GAIL (India) Ltd., followed by investment from Anupam Mittal after its Shark Tank debut. Larkai Healthcare attracted an angel round from Deepak Daftari, an IIMCIP mentor, after pitching at the Park’s Demo Day. Each case reinforces how strong institutional linkages and cross-sector partnerships can accelerate innovation with purpose.
Looking ahead, IIMCIP is deepening its focus on sustainability through the ₹50-crore Cleantech and Sustainability Fund, aimed at nurturing ventures in clean energy, waste-to-value, sustainable agriculture, and climate resilience. Jain sees it as an extension of IIMCIP’s flagship Mission 2047 – A Social Unicorn, which aspires to impact one billion lives by 2047. “This fund is not just a financial instrument,” he explains. “It’s a mission-led initiative to back entrepreneurs who can shape India’s green economy and deliver measurable environmental outcomes.”
The Park’s success also draws strength from the IIM Calcutta network, its faculty providing research-based rigour and its 45,000-member alumni community offering mentorship, capital, and access. Platforms such as the Joka Fund Fest have connected IIMCIP startups with alumni investors, generating follow-up discussions and new rounds of funding. This fusion of academic insight, entrepreneurial experience, and on-ground mentorship gives IIMCIP its distinctive edge in an increasingly competitive incubation landscape.
Jain’s perspective encapsulates the philosophy that has guided IIM Calcutta Innovation Park since its inception, one that places purpose at the heart of progress. “Our aim is to catalyse innovation, scale impactful enterprises, and help shape an India that is inclusive, sustainable, and globally competitive,” he affirms.
That ethos has positioned IIMCIP as more than an incubator; it has become a catalyst for national transformation. Whether it is enabling women entrepreneurs in rural Bengal to become job creators, helping deep-tech founders from the North-East bring frontier technologies to market, or mobilising partnerships that link academia, government, and industry, IIMCIP represents a model of entrepreneurship that blends intellect with impact.
Its story reflects a larger truth about India’s innovation landscape, that the next generation of category leaders will not emerge solely from Bengaluru or Mumbai, but equally from Guwahati, Ranchi, Jorhat, and Bhubaneswar. By building ecosystems rooted in inclusion, purpose, and measurable outcomes, IIMCIP is ensuring that the idea of “Viksit Bharat” is not merely a slogan but a lived, entrepreneurial reality.
Article was published in Business World, Nov 4, 2025- https://www.businessworld.in/article/ajay-jain-iimcip-s-billion-life-vision-redefining-entrepreneurship-beyond-valuations-578175