IIT Mandi Catalyst begins startup programme

Tribune News Service

Mandi, August 23

The Indian Institute of Technology (IIT)-Mandi Catalyst launched its second batch of Startup Exploration Programme of the year 2020 from August 21. This is the seventh batch of startups that Catalyst will host. With this batch, Catalyst has now supported over 100 startups since its inception.

Launched in 2016, the first technology business incubator of Himachal Pradesh helps the startups to convert their ideas into viable businesses through this programme.

Puran Singh, faculty-in-charge, IIT Mandi Catalyst, said this programme would run for three months during which the startups would be provided a funding support of Rs 1.5 lakh. The Catalyst team will also mentor the startups and provide them with training and network to grow their innovative ideas.

“During these uncertain times that are especially difficult for entrepreneurs, we have decided to start the batch online. This is a critical time to support aspiring entrepreneurs and innovators as innovation is the need of the day. Gradually, the startups will be brought to the campus,” he said.

“In this batch of the Startup Exploration Programme, a total of 32 startups from different sectors, including waste management, agrotech, healthtech, biotech, edutech, tourism & hospitality, manufacturing, enterprise management and cleantech have been shortlisted. It is notable that out of these, twelve startups are from the Himalayan region,” he said.

He said on completion of the programme, Catalyst will provide the startups funding options from multiple sources. It is notable that Catalyst is currently hosting six funding schemes that provide funding for every stage of startup – idea validation, prototyping and commercialisation.

“The funding under these schemes ranges between Rs 1.5 lakh and Rs 50 lakh and is sponsored by the Department of Science and Technology, Government of India, Ministry of Electronics and Information Technology, Government of India, Department of Industries (Himachal Pradesh State Government) and IIT-Mandi,” he said.