IIM Udaipur Incubation Center (IIMUIC) serves as a platform to launch and develop startups into scalable, viable and profitable businesses. It provides its ecosystem of ventures and startups access to diverse resources of IIM Udaipur’s faculty, its COEs and labs, an extended entrepreneurial community and its network of partners and collaborators.
In its continuous efforts to nurture technology backed innovations and innovators to improve human wellbeing and broaden social, financial and economic inclusiveness, IIMUIC offers various enabling programs focussed on various stages of a venture. Each of these below programs may focus on broader focus groups and focus areas or may focus on specific focus groups like Women Founders, specific focus areas like Agri, FinTech etc.
- Idea Acceleration - Program framework to enable idea stage/very early-stage innovators to transition their ideas into a MVP or Prototype
- Launch and Zoom - An accelerator program with focused interventions to scale and grow ventures in their venture journey
- Incubation - Structured interventions over an extended period to assist innovators with Administrative support, Product Market Fitment, Go to Market Strategy, Funding Support etc.
- Co Innovation Partnerships - A structured acceleration engagement with a cohort based on a corporate partner ‘s business innovation or social innovation goals
- SME Center of Excellence - Enable SME Owners and managers on digital transformation
It is often found that innovators have great ideas which can immensely benefit the larger society. But many of these ideas do not get converted into a good, sustainable and scalable business since the innovators lack exposure to - how to convert ideas into a viable prototype, the basics of a setting up a business, finance essentials, investment approaches, identifying target customers, how to go to market etc.
To bridge this gap and ensure that good ideas get transitioned into a good business. IIMUIC has launched its cohort 2 of Idea Acceleration program which is expected to start from June 7th 2021.
The primary focus group whom IIMUIC encourages to apply for this program are:
- Co-Founders of Idea or early-stage ventures
- Innovators with startup aspirations or product ideas
During this 3-month program, which will happen online twice a week, three to four hours each day, the following essential focus areas will be discussed in the form of curated and structured workshops, easy to follow sessions by fellow entrepreneurs, industry experts, investment professionals and faculty of IIM Udaipur:
- Understand target customers
- Explore and validate customer problem
- Design prototype and test solutions
- Define and test a sustainable business model
- Pricing and business viability
- Build a basic financial plan
- Understand investment need and raising capital
- Build a go to market plan
Tailored Mentoring depending on what help a participant needs is very critical experience that this program will offer. The experienced team of IIMUIC will spend time with each participant, understand where each participant will need help and mentor. It is IIMUIC’s experience that this benefits participant immensely.
This program offers a very unique and productive environment where participants who are embarking on a very similar journey get to share and discuss their ideas, challenges, requirements etc. amongst a very similar peer group. Participants forge a long-term professional relationship and have an opportunity to expand their network and connections.
One of the participants of the previous cohort had to say their experience in going through a very similarly structured program:
The course really gave a structured framework to critically assess worthiness of my idea from different perspectives. The course also gave a wonderful opportunity to meet and work with other wannabe entrepreneurs through the practice venture exercises and group discussions. Overall, I am extremely happy with what I got back from the course and would recommend this to anyone who is unsure as to whether they are in a position to start up or not, or would like to evaluate their ideas methodically. A big kudos to the IIMU team for having designed and offered this course.
Please visit https://iimuic.org/idea-acceleration-program to learn more about the program and apply.
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