Premier Hyderabad-based B-school, Indian School of Business (ISB)’s DLabs incubator has been awarded Rs 5 crore under the Startup India Seed Fund Scheme by the department for promotion of industry and internal grade (DPIIT), Union ministry of commerce and industry.
ISB’s Dlabs Incubator Association will help the allotment of seed funds to eligible early-stage startups for proof of concept, prototype development, product trials, market-entry and commercialization, ISB said on Monday.
Pointing out that many startups founded by ISB alums have accomplished unicorn status, ISB termed this funding as another achievement that
will help its vision and mission to maintain young startups and ideas with a platform to flourish.
Discussing about the funding, professor Bhagwan Chowdhry, faculty director, ISB DLabs, stated, “Many good ideas don’t see the light of day because they could not get early-stage funding. This grant will help us fix it.”
ISB has been working with the industry and government on numerous research-driven initiatives as well as incubating startups and helping them grow and raise funds.
ISB DLabs, which is supported by the department of science and technology (DST), hosts a state-of-the-art space for entrepreneurs to interact, engage and collaborate with mentors, investors, and academia.
Set up with the primary objective of strengthening entrepreneurship and fostering innovation among the youth, including the student and alumni community, DLabs encourages creativity and innovation in a shared work environment amidst a healthy startup community, ISB said.
The Startup India Seed Fund Scheme is targeted at enabling startups to develop to a level where they can raise investments from angel investors or venture capitalists or even seek loans from banks and financial institutions.