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IIM Visakhapatnam will get a Technological Incubation and Development of Entrepreneurs (Tide) centre for attracting start ups. IIM-V is the fifth IIM in India to get a TIDE centre.
The Indian Institiute of Management Visakhapatnam (IIM-V) has been sanctioned a Technological Incubation and Development of Entrepreneurs (Tide) centre by the ministry of electronics and information technology (Meity). This makes IIM-V the fifth IIM in India to to get a Tide centre. The centre will receive a grant of Rs.1.7 crore from Meity which will enable it to play the role of an angel investor for technology start ups. IIM-V will operate the centre as a Section 8 company to support technology start up companies.
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The five areas of importance of the tech start up are health and nutrition, agriculture and water resources, education and skill development, smart cities and smart transportation, and financial inclusion. According to IIM-V director, Professor M Chandrashekhar, Rs.1.7 crore can be used to invest in five tech start up companies. Each company which is selected for incubation will get financial support as soft loan for maximum three years. The company would later have to return half of the funds invested at the end of the three-year period. The remaining funds can be converted into equity. The Section 8 company which was floated by IIM-V to set up the centre has already been approved by the IIM-V board.
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Chandrashekhar added that since IIM-V will be the host institute, it will lend its full support to the start ups at the centre and this will include activities such as entrepreneurial training, mentoring, offering market linkages, market expertise, research and facilities. It will also help in innovation which leads the way for more indigenous products. The students at the institute will also benefit as they can get hands on experience and get help in developing business models. Prasad Dahapute, one of the board members at IIM-V will be the chairman of the Section 8 company, and the IIM-V director will be the chief executive officer. Tide centre at IIM-V will operate as a Section-8 (non-profit) company and Section 8 is set up for the promotion of arts, education, science, research etc.
