By Team Marcomm |Sep 06, 2021
[September 6, 2021]: ISB's DLabs Incubator has been awarded INR 5 crores under the 'Startup India Seed Fund Scheme' by the Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, Government of India.
'Startup India Seed Fund Scheme' would enable startups to graduate to a level where they will be able to raise investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions. Under this Scheme, ISB's Dlabs Incubator Association will facilitate the allotment of Seed Funds to eligible early-stage startups. The funds will be used for financial assistance to startups for proof of concept, prototype development, product trials, market-entry, and commercialization.
The Indian startup ecosystem suffers from capital inadequacy in the seed and 'Proof of Concept' development stage. The capital required at this stage often presents a make-or-break situation for startups with good business ideas. Many innovative business ideas fail to take off due to the absence of this critical capital required at an early stage for proof of concept, prototype development, product trials, market-entry, and commercialization. Seed Fund offered to such promising cases can have a multiplier effect in validating business ideas of many startups, leading to employment generation.
Talking about this funding, Professor Bhagwan Chowdhry, Faculty Director, ISB DLabs, said, "Many good ideas don't see the light of the day because they could not get early-stage funding. This grant will help us fix it". Commenting on this association DPIIT said it looks forward to working with Dlabs Incubator Association at ISB, on the Startup India Seed Fund Scheme for financial assistance to early-stage startups.
ISB has been at the forefront in working with the government and industry on various research-driven initiatives and incubating startups, supporting them to flourish and raise funds. Many of the startups founded by ISB alums have achieved unicorn status. This funding is another achievement that will help in ISB's vision and mission to support the young startups and ideas with a platform to flourish their dreams.
Supported by the Department of Science and Technology, Government of India, DLabs at ISB hosts a state-of-the-art space for entrepreneurs to interact, engage and collaborate with mentors, investors, and academia. With the primary objective of strengthening entrepreneurship and fostering innovation among the young in India, including its student and alumni community, DLabs encourages creativity and innovation in a shared work environment amidst a healthy startup community.
The Indian School of Business (ISB) is a global business school offering world class management education to professionals at its two LEED rated green building campuses – Hyderabad and Mohali. A rich and vibrant pool of research-oriented resident faculty, robust academic partnerships, thriving alumni network, and backing of an influential board and guidance of industry’s thought leadership has enabled ISB to fast emerge and consolidate itself as a premier global business school in the emerging markets. The school is also one of the largest providers of executive education in Asia and the most research-productive Indian management institution.
The school, over the last twenty years has grown at a rapid pace and has earned several prestigious accolades. ISB is the youngest business school to consistently rank among the top global MBA programmes. In December 2019 Poets & Quants gave ISB an integrated ranking of #16 worldwide across FT, Forbes and Bloomberg Businessweek. The resident faculty is ranked in the top 25 globally in terms of per capita research productivity in the leading global management journals. ISB had the honour of receiving accreditations from the Association of MBAs (AMBA), EFMD Quality Improvement System (EQUIS) and the Association to Advance Collegiate Schools of Business (AACSB). ISB gains the unique distinction of becoming the 100th business school in the world to achieve the coveted ‘Triple Crown’ accreditations- AMBA, EQUIS and AACSB. ISB envisions to become an internationally top-ranked, research-driven, and independent management institute that grooms future leaders for India and the world. To know more about ISB, please visit: www.isb.edu.