iAccelerator, a startup assistance program for first-time technology entrepreneurs from the Centre for Innovation Incubation and Entrepreneurship (CIIE) at IIM Ahmedabad, is back with Edition II. Aditi Gupta, program manager for iAccelerator, talks about what to expect this year:
iAccelerator 2009: Bigger and Stronger
By Aditi Gupta
We started this startup camp in 2008 and that was when I was recruited and gifted this awesome program. I totally loved the six months which went by in planning and executing the program, shortlisting the teams, ensuring time schedules were maintained, taking care of logistics and ending the program to perfection.
When we started iAccelerator, the focus was on information technology and mobile based innovations. Five teams were shortlisted on the basis of their ideas. Three were in the mobile domain and two in the web domain. It turned out to be a great mix of teams, good products and a complete program in itself. A monthly stipend of Rs 8,000 was provided to each team, which we considered sufficient for them to stay in Ahmedabad and work towards crystallizing their startups. Mentors were available to guide them from time to time. They were also able to interact with professors on-campus and meet other successful entrepreneurs from across the country. All this helped to keep their faith in their dreams and passions.
At the end of three months, one team — Voice Pitara — was offered incubation support after consultation with the executive committee. The team is doing well. Out of the remaining four, one has started up in Mumbai, another team is waiting to get out of college and the other two are fiddling around with their concepts.
One learning for us from this experience was that startups need angel investment to kickoff. Also, we realized that selecting teams only on the basis of concepts was too ambitious a target. Hence the failure at not being able to convert all five teams into companies in the first edition. Therefore, iAccelerator 2009 promises to a much better platform than the first edition.
To begin with, six teams in the mobile and web domains will be part of the program and each will be provided with Rs 5 lakh in angel capital, in lieu of convertible equity. We will also provide mentoring, consulting, access to the IIM network and entrepreneurs through the course of the program, and of course, a house for them to live in. The program will be in session for five months. Teams with excellent technology knowledge, working models of their concepts and some managerial experience will be given preference.
The last date for sending in applications is April 1 and details on the application process are available here.
We hope to convert all six teams into companies this season and, of course, have a lot of fun, learning and a good experience to share at the end of it.
Photo Courtesy: Aditi Gupta
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