Indian Institute of Management (IIMA) proposes to provide two scholarships to the tune of Rs 14.4 lakh for two students to launch their own enterprises under the ‘Young IIMAvericks programme.’
The premier management institute has been lending a helping hand to foster the entrepreneurship spirit among its PGP students under the ‘Young IIMAvericks programme’ started three years ago and the “IIMavericks Internship programme” flagged off last year.
The two entrepreneurship programmes are open to all students in the second year. The participants also get a ‘placement holiday’. Each entrepreneurs are provided financial support of Rs 7.2 lakh in two years through grants from IIMA alumni and corporates.
The premier management institute has been lending a helping hand to foster the entrepreneurship spirit among its PGP students under the ‘Young IIMAvericks programme’ started three years ago and the “IIMavericks Internship programme” flagged off last year.
Meanwhile, Amit Karna, chairperson of CIIE, IIM Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship, pointed out that so far, 22 of the alumni had supported the IIMAvericks programme.
“Some have supported one, others have supported two and some have supported over multiple years. Starting this year, IIMA has also contributed towards two scholarships from the scholarship and financial aid funds available for supporting entrepreneurship,” he added.
CIIE helps entrepreneurs turn ideas into viable businesses in partnership with mentors, corporates, development agencies, IIMA community and investors. It helps in incubating, accelerating, mentoring and funding innovative start-ups.
CIIE officials said the applications for the Young IIMAvericks programme went up from 12 in 2013 to 21 the next year and to 31 in 2015 to drop to 24 this year.
Six of the eight students selected as IIMAvericks in 2013 are continuing with entrepreneurship, while seven out of eight in the 2014 batch are also in the field.
Similarly, 12 out of 14 students who formed start-ups in 2015 are in business even as nine IIMA students began their entrepreneurial foray in April.
The entrepreneur internship has also proved to be a hit. Around 15 interns opted to work with the CIIE on their business ideas in 2015, while 20 began working on their business ventures this April. CIIE provide them interns with mentoring support and a stipend of Rs 15,000 per month (for two months) to work on their business ideas.
IIMAs intention in offering such internships was to decrease the ‘opportunity risk’ for the students during the IIMA placement season in view of the huge opportunity cost involved in deferring placements to pursue their business ideas.
Internships allow the students a one-year headstart in getting hands on experience on the challenges in getting a start-up off the ground and take informed decision before taking a placement holiday.
