LIBA opens doors to startup firms
Loyola Institute of Business Administration (LIBA), as part of its Prof. C. K. Prahalad Centre for Emerging India initiative, has set up an incubation centre within its campus which will provide space, funds and mentorship to startups focusing on social enterprises.
LIBA has already inducted three firms into the 1,250 sq. ft. incubation centre. It aims to house 10 startups by 2020.
“All the three firms cater to the social space. One of the firms called Serendib Boutique will help find solutions and market for artisans, Self Help Groups, refugees and other marginalised segments. The second startup SkillsTech Services Private Limited will focus on skills development for the economically poor,” said A Xavier Raj, director of Prahalad Centre. Nelsonin Research, the third startup is focussing on research and development in the digital space.
LIBA will provide a seed funding of Rs. 5 lakh to these firms and will exit in five years. “We have received a grant from the government to the tune of Rs. 10 crore for this venture,” Mr Raj added. The incubator will also closely work with The Indus Entrepreneurs (TiE) Chennai, a not-for-profit organization, committed to the cause of entrepreneurship. “We will take advice from TiE and learn from their best practices,” Mr. Raj said.
Fr Christie SJ, Director – LIBA, said, “The centre has been established to promote the spirit of social entrepreneurship among students, faculty and alumni. The centre will also offer consulting services, training programmes and networking events necessary to build a strong eco system for startups.”
Additionally, LIBA has planned to provide co-working space for startups. According to LIBA, this could be for profit or not-for-profit businesses, including social enterprises.
Incubation Centre may not invest in the startups that come for co-working space.