CIIE, Infuse Ventures & ADB launch cleantech startup incubation programme, to provide $40-800K to each select venture
Early-stage investment firm Infuse Ventures and IIM Ahmedabad's tech incubator Centre for Innovation Incubation and Entrepreneurship (CIIE) have partnered with the Asian Development Bank (ADB) to launch an incubation programme for cleantech startups and entrepreneurs in the country. The four-month incubation programme, named PowerStart, will begin on November 15, 2013. At the end of the programme, a few ventures will be selected for funding of Rs 25 lakh-Rs 5 crore each by Infuse Ventures, based on the stage and requirements of each venture. The last date to apply for the programme is October 19.
Prior to the incubation programme, applicants will get access to four days of rigorous mentoring at IIM Ahmedabad, starting November 11. During this boot camp, the ventures will get to interact with all relevant stakeholders of the ecosystem, including policy makers, successful entrepreneurs and investors.
CIIE and Infuse Ventures have already supported several aspiring cleantech entrepreneurs through their past initiatives. CIIE's portfolio ventures in the space include Ecolibrium Energy (renewable integration and energy optimisation), Visviva Renewables (bio-mass supply chain), Wifinity (energy management), Onergy (rural lighting) and Greenway Grameen (efficient cookstoves). ADB's support for the programme is being provided through its Climate Technology Finance Centre project.
(Edited by Joby Puthuparampil Johnson)