Loyola Inclusive Innovation Impact Centre (L3iC), is an open inclusive innovation startup eco-system established under the aegis of Prof. C.K.Prahalad Centre for Emerging India. The centre shall provide space, funds and mentorship to startups. The emphasis is of promoting social enterprises with participation of innovators, entrepreneurs, students, faculty, and alumni. Participants at incubation centre shall ideate, iterate and identify viable solutions (products / services), experiment with inclusive business models, find investments and explore scaling up options. Hackathons, workshops, symposiums, seminars and conferences are conducted to enrich inclusive innovation and startup eco-system
- Serendip Boutique: Founder Ms. Poongkothai Chandrahasan (Sri Lankan). Serendip has global aspiration to source, manufacture, distribute, trade and retail goods. SB shall engage, involve and benefit economically disadvantaged producers, manufacturers and processors. SB shall target growing consumer segments, which is conscious of social, economic and environment responsibilities of each individual.
- Nelsonin Research: Founders are Alumni of LIBA. Creating a platform for monetising creativity of individual, group or communities. The platform shall allow people to share, interact and sell their creations online, expereince stores and exclusive spaces.
- Skilltech: Founder Beena has 20 plus years of corporate experiene. Incubation centre shall assist skill tech in scaling up skill building of youth in rural areas. Currently they are relying on government funds. Incubation centre will assist them to come up with products that are affordable to rural youth meeting the needs of industries.
- LIBA faculty initiative: Provide customised support services to micro, small and medium enterprises at affordable cost. The initiative shall involve faculty at LIBA and consultants from industries. The services will be in the areas of finance, HR, technology upgradations, marketing, supply chain management, logistics and compliances.
- TUF: Founded by an Alumni of LIBA. TUF has created an integrated solution for solid waste management. Through their Biogas and composting technology, 50% of the solid waste is recycled into a usable energy. By this method, the wet waste component which is the most difficult to handle is efficiently and sustainably managed, enabling the remaining 50% of the solid waste to be recycled more effectively. It is creating wealth out of waste (WOW) for institutions, hotels, restaurants, apartments and group of houses.
- Innovation Lab: To enerate new ideas, prototype products / services, and test market viability. Fee is charged for the space, equipment, materials used and technical assistance provided. The funds for research could be grants or privately funded collaborative programs.
- Incubation of Startups: To enroll entrepreneurs with market viable products / services to set up their own business with necessary infrastructure support, technology/prototype development support, market research assistance, marketing, secretarial assistance, communication / information support and help in getting funding, business consulting assistance and do whatever is necessary to make the start-up a success. The fees for lab and incubation shall be deducted from first angel investment or from L3iC investment in start up equity. The startups could be either public or privately funded. It could for profit or not for profit businesses, including social enterprises.
- Accelerator: To support early-stage, growth-driven companies through education, mentorship, and financing in a fixed-period, cohort-based setting. It will be a three-month program. In each batch it is proposed to consider a minimum of 10 early state startups. It is a fee based program.
- Co-working Space: To provide co-working space for startups. Fee is charged for space, utilities, lab, prototyping, secretarial service and other services provided. It could for profit or not for profit businesses, including social enterprises. L3iC may or may not invest in these startups.
Services offered to Startups
Onsite incubation and virtual incubation services are available at L3iC for entrepreneurs, start-ups, social ventures and corporates / businesses. Ideation, developing proof of concept, proto-typing, co-working space, and other services such as business, finance, marketing, patent / copy rights, legal and secretarial services will be provided at L3iC. The start-ups will have access to amenities, libraries, meeting rooms and entrepreneur development programs. Eligible startups will receive seed money during pre-incubation phase.
Selection Criteria for enrollment in L3iC
The following selection criteria shall be used for selection incubate.
- Problem / needs / gaps: A real life and compelling problem, needs or gaps addressing an existing pain point or an unfolding one (not perceived but will have an uptake in the market). Pinpointing a specific need or pain point is a requirement;
- Viable Solution: A solution that is viable in terms of technology, market fit (viability), production and business sustainability.
- Innovation: How different is the solution different from existing ones? A combination of two or more aspects of new technology, component, gadgets, goods, products, process or marketing are required for an innovation. This shall set the solution apart from existing or non-existing solutions.
- Inclusiveness: How the innovation proposed is inclusive in involving, engaging, and benefiting the excluded, say poor, rural, tribe or BoP? The degree of inclusive innovation at various stages resulting in job creation, livelihood options or wealth generation for BoP will be given higher priority. Others will be encouraged to redraw their plans to impact BoP in a positive way by creating jobs and share in wealth and not just viewing them as consumers or producers or provider manual / semi manual labour.
- Impact: The applicant will be encouraged to think through impact of their product / service from business angle: market, scalability, replicability (where feasible; social angle: job creation, wealth generation / distribution, skill building and expanding entrepreneurship for the excluded in the society; environment angle: least or no impact on environ, inclination to build green processes – procurement, production, and marketing; and economic angle: adopting circular economic process to reduce, reuse, recycle and reprocess.
- Sustainability: Business in 21st Century shall face challenges and opportunities bearing from climate change, consumer awareness of harmful effect of current business practices, accountability requirements, expanding base of enlightened shareholders and general public. The applicant demonstrate that have a perspective on this and build this into their business ventures.
- Social / Impact ventures: Innovative social ventures that has identified a core product or service to improve well being of people, society and environment that be encouraged. A minimum of 30% of selected incubatee will be setting up social / impact ventures.
- Resourcefulness: Successful applicants shall demonstrate a startup thinking: leadership to bootstrap a venture in a resource constrained scenario, vision, intelligence, risk taking, problem solving, resilience, curiosity, responsiveness, follow through, inclusive and holistic perspective and flair for technology. On admission the incubate will be encouraged to imbibe these qualities.
- Implementation: Ability to execute the big vision, detail plan and overcome obstacles is a requirement to graduate from incubation program. This is reflected in interconnectedness and contextualization of their venture, attention paid to details and willingness to complete the program. Big vision, passion, practical thinking and willingness to complete will be assessed and encouraged during incubation.