IIT Mandi Catalyst, the first technology business incubator of Himachal Pradesh, at Indian Institute of Technology (IIT) Mandi, is all set to launch its first startup batch of the year 2019 from February 7, 2019. The program will help the startups to convert their ideas into viable businesses, said a statement from the Institute.
The first phase of the Incubation program will run for three months during which startups will get funding support of upto Rs 1.5 Lakh, in addition to mentoring, networking and training.
A total of twelve startups from different sectors such as Augmented Reality, Artificial Intelligence, Internet of Things (IoT), Waste Management, Agrotech, Renewable Energy and Online services have been shortlisted for the programme and according to the statement five out of these 12 teams are from Himachal Pradesh.
The teams will relocate and work from co-working space of Catalyst in Mandav Complex in Mandi town where they will be provided hostel facility and office space for next three months.
Speaking about this year's participation in the programme, Dr. Puran Singh, Faculty-in-charge, IIT Mandi Catalyst, said, ''This is the first of the three batches of startups that we intend to run during 2019. This batch has 100% increase in the number of shortlisted teams compared to the previous two batches."
On completion of the programme, Catalyst will provide one-year Incubation programme which includes upto Rs 15 Lakh seed funding.
Startups are expected to utilise the money to further improve their product. From the last 'Exploration Program', held in July 2018, one out of the six teams called Arnetta Technologies has made its way to the one-year Incubation programme and raised seed fund of Rs 15 Lakh from Catalyst.
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