IvyCamp, a platform created by IvyCap Ventures, has set aside a kitty of over $9 million to invest in startups at seed and angel funding stages through premier institutes such as the IITs and IIMs in the country. The platform will offer its support by funding, mentoring, creating market opportunities and helping startups build network for scalability.
It has picked Indian Institute of Management, Calcutta (IIM-C), to identify the first few startups. The startups will be identified on the basis of the potential of their business models.
Each shortlisted startup will qualify for funding available through both IvyCamp platform and IvyCap Ventures. “We haven’t seen any similar partnership by anyone else in the industry. This will be scaled up not just across India but across global campuses having similar approach to entrepreneurship,” said Vikram Gupta, Founder and managing partner, IvyCap Ventures Advisors Private Ltd. He added that 10% of the IvyCap’s second fund (.`600 crore) would be used by IvyCamp to invest in startups.
The students at IIM-C would get an access and exposure to the Ivy-Camp network of mentors, investors, corporates, and incubators. The initiative will focus on encouraging entrepreneur culture in the eastern and north-eastern region of India. As stated by Anju Gupta, Co-founder and President, IvyCamp, the IvyCamp office on campus will be run by students who shall liaison with peers and alumni body across the eastern region. “The north-eastern and eastern parts of India have excellent opportunities for investment. The presence of IvyCamp office within the institute would help young entrepreneurs to ride the startup wave,” said Subhrangshu Sanyal, CEO-IIMC Innovation Park.
In collaboration with IIM-C, the platform will also promote entrepreneurial ecosystem in eastern India. Activities like business plan competitions, training for startups on pitch-making, access to funding and mentors have already been identified, maintained Gupta.
IvyCamp is looking forward to creating similar partnerships with other IITs and IIMs.
This move by IvyCamp Ventures is one of its kind. The initiative is a clarion call for aspiring entrepreneurs across eastern and especially,north-eastern areas of our country. These areas are rich in resources, yet due to unfavorable terrain and poor infrastructure, exploiting those resources optimally is an onerous task. Lack of exposure is yet another factor that acts as a deterrent for budding entrepreneurs from bringing about a startup revolution in this region. With IvyCamp, this gulf could be mitigated. It could act as an elevating platform for talents who have potential successful business ideas but are only limited by proper guidance, capital and exposure.