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TiE set to fund 100 business plans
By siliconindia
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Wednesday, 20 February 2008, 01:26 IST
Ahmedabad: The Indus Entrepreneurs (TiE), a non-profit global network of entrepreneurs, is planning to fund nearly 100 business plans in the next two years from Ahmedabad.
Badri Mahapatra, Executive Director of TiE-Ahmedabad told the Business Standard that nearly 50 students from Ahmedabad had approached the organisation with their business ideas.
"Students from the city have come up with innovative business models in the IT/ITeS, healthcare and education sectors. Typically, the business plans require an investment of Rs 2,00,000 to 25,00,000," he said.
Students and representatives from the Dhirubhai Ambani Institute of Information Communication Technology, National Institute of Design and its incubator, Entreprenuership Development Institute of India and its alumni association, Indian Institute of Management Ahmedabad (IIM-A)'s Centre for Innovation, Incubation and Entreprenuership (CIIE) and its student entreprenuership club 'Entre', Institute of Management at Nirma University, NirmaLabs and Mudra Institute of Communications Ahmedabad (MICA) have been at different stages of discussing their venture plans with angel investors and venture capitalists.
Witnessing the growing interest among budding entrepreneurs in Ahmedabad, TiE has decided to create a Rs 10-crore seed fund for financing start-up ventures in the city. The high networth individuals (HNIs), who are looking for investment options in start-up ventures, and government agencies that are interested in specific sectoral growth like engineering and capital goods, tourism and IT-ITeS will be main source of investment for the funding.
Banks, financial institutions and TiE global community, including successful Gujarati entrepreneurs based in the Silicon Valley, will also contribute to the fund. Followed bu the Chennai chapter, it is the second such fund launched by the network organisation in the country.
TiE will soon sign a framework of association with CIIE at IIM-Ahmedabad. It will use its resources to organise conferences and parallel track events like business plan competitions and venture capitalist clinics in association with CIIE.