IIMAvericks Fellowship program 2019
The IIMAvericks Fellowship Program is an initiative of the Centre for Innovation, Incubation and Entrepreneurship (CIIE), IIM Ahmedabad that supports alumni who are looking to start up.
The program helps to provide mentoring & financial support to graduating students to take the road less travelled and start-up their own venture. The grant helps the entrepreneur sustain herself during this crucial period, and helps them focus more on the business. The most critical period for any entrepreneur is the first two years of business. It is during this time that most businesses fail due to operational and budgetary constraints.
The program is offered to graduating PGP/ PGPX students who are starting up anywhere in India. CIIE follows a virtual incubation model & it is not necessary for the start-up to be stationed in Ahmedabad.
What's on offer?
- 1. CIIE shall pay the entrepreneur a monthly stipend of INR 40,000 for a period of two years
- 2. The Fellowship provides a placement holiday, i.e. it allows the student to come back for placements within a period of two years if the venture does not work out
- 3. CIIE shall assist in raising seed funding for the start-up as and when the need arises
- 4. CIIE shall help appoint an industry expert/ IIMA faculty as an advisor to the start-up as and when required
- 5. The selected start-ups shall have access to all CIIE resources, including but not limited to incubation space in Ahmedabad, complimentary/preferential access to major tech ecosystems like Amazon Web Services, Google Cloud services etc. and a network of experts
- 1. At least one full time co-founder needs to be a graduating PGP/ PGPX student
- 2. The fellowship is not suitable for start-ups that have already raised seed/ Series A Funding
- 1. Strength of the product idea in terms of its technology content, innovation, timeliness and market potential
- 2. IP/ market traction already generated and the potential of the idea for IP creation/ disrupting the market
- 3. Strength of the core team
- 4. Funds requirement and viability of raising finance
- 5. Break-even period