IIM Calcutta innovation Park (IIMCIP) is a nonprofit company set up under the aegis of IIM Calcutta to promote entrepreneurship and innovation and established itself as a premier hub of entrepreneurship development in East and Northeast India.

IIMCIP has a strong focus on social entrepreneurship and supports technology-enabled innovation with social impact. In the last 8+ years, IIMCIP has reached out to 1 million youth pan India, catalyzed 35,000+ innovative ideas, mentored 5,500+ entrepreneurs, and supported 100+ startups, thereby positioning itself as one of the fastest-growing incubators in the country and a thought leader in social entrepreneurship space. IIMCIP has till date provided seed funding support amounting to Rs.26 crores to various startups and has facilitated follow-on funding amounting to Rs.1,946 crores for the incubated startups.

• The program is for early stage revenue startups/enterprises.
• Startup must be in the space of Circular Economy, Local and Environment Friendly Products using Local Eco Friendly Production Processes, Glass and Plastic Circularity, Sustainable & Smart Farming Solutions.
• Startups should have a market ready product (MVP).
• The applicant should be a citizen of India.

Incubation is a process whereby an entrepreneur/organization get help for their new and startup business to develop by providing services such as management training, capital or office space. The incubation provides the eco-system for harnessing new business idea/concept and develop it into a commercial venture.

Acceleration provides a quick boost to a startup growth by providing education, resources, and mentorship. Accelerators are typically shorter in duration, ranging from a few months to about a year. They work with companies that already have a minimum viable product (MVP)

An entity shall be considered as a Startup:
i. Upto a period of seven years from the date of incorporation/registration, if it is incorporated as a private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008) in India. In the case of Startups in the biotechnology sector, the period shall be upto ten years from the date of its incorporation/ registration
ii. Turnover of the entity for any of the financial years since incorporation/ registration has not exceeded Rs. 25 crore
iii. Entity is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.

Mentoring involves advising or training an individual or a group of individuals and guiding them pertaining to their respective activity or domain. This involves counseling, training and guidance by experts. A mentor can be anyone who helps a new individual learn and understand the nuances of a particular activity/work/business/art/trade. Mentor usually have long years of hands on expertise in their area of work and have demonstrated success in their field.

In most simple form ‘Equity’ is the promoter money invested in the business. There are more sophisticated forms of equity capital when more investors invest in the business. It is the risk capital the investors bring to the business. The equity capital helps raising debt capital from banks and financial institutions.

It is the borrowed money as loan from institutions like banks, non-banking finance companies (NBFCs) and financial institutions. The loan amount is for a definite tenure and carries an interest on the amount borrowed.

It is a process to identify the various sources of revenue generation of the business. It helps capture the value proposition and revenue sources for the goods and services of any business. A clear revenue model is important for sustainability of the business.

The requirement of any goods and services by the users and customers is defined as market demand. In traditional economics the supply and demand generate the businesses and defines the price of the goods and services. In a globalized world in current times, the market definitions can extend from local to global and the demand can be accordingly assessed. At times the ease of use of an existing service and breaking traditional service methods creates market demand. These are services of “mobile”, platforms like “ola/uber” which has created new demand.

The product/services which are traditionally in the market may be improved upon in a multiple manner so as to differentiate them. The product/service differentiator usually comes with improvement of quality, service and overall standardization. For example, the intervention of technology helped in railway ticket/bus ticket and hotel booking. Similarly, packaging of milk helped it improve ease of handling and sale anytime during the day.

The process of improvement in the existing product/services in its manufacturing/delivery/use and applicability by way of technology and enhances efficiency adding to its value proposition/benefits is termed as innovation.

An Enterprise is a legal entity usually small that helps conduct business in a private and profitable manner to any individual or group of individuals. The definition for micro and small enterprises is defined depending on the investment that is made in the core plant and machinery/turnover recorded at the end of fiscal year.

Incubator is a brick-and-mortar structure which houses the desired support services in terms of management, technology, experts, common services and associated services that is required for helping new business.

Defining the challenges in a business and in production of products or delivery of services in clear terms is a problem statement. Writing a problem statement helps in analysis and arriving at solutions to the challenges.

The business that focuses and registers enough profits so as to serve its own cost of existence and grow on a year-on-year basis is a sustainable business. The products and services of the business remains relevant in its value proposition and benefits to its customers to be in demand sustains itself.