Business school Mudra Institute of Communications Ahmedabad (MICA) is planning to open its corpus fund and raise Rs 50 lakh from corporates, who can divert part of their CSR spend to funding startups incubating at Comcubator (communications technology based business incubator), as per a report in The Indian Express.
"We plan to adopt four new startups by this year-end and will be launching a corporate fund by March 2014. This new fund raised by corporates will be then used to support 10 more new startups next year," UT Rao, assistant professor of entrepreneurship at MICA and in-charge of Comcubator, said in the report.
Launched in 2010, Comcubator is an incubation centre specifically for the communications sector to commercialise and nurture ideas and innovations. It currently operates through the fund of Rs 8.75 crore set up under DST, of which the institute has so far received Rs 1.2 crore in the first phase.
Currently, Comcubator is handling eight startups which are at various stages of development. Six of them were added over the last one year.
The Comcubator covers business areas like communication service technologies, communication product technologies, communication equipment, application tools for communication businesses.
Established in 1991, Ahmedabad-based MICA is the premier management institute for communications management.
Another such programme is iAccelerator aimed at mobile and internet startups under IIM Ahmedabad.
(Edited by Joby Puthuparampil Johnson)