IIM Kozhikode Business Incubator LIVE Completes Two Years

KOZHIKODE:
LIVE, laboratory for innovation, venturing and entrepreneurship, at IIM Kozhikode completes two years of its foundation this month.
IIMK LIVE is an initiative of IIM Kozhikode to build a unique startup ecosystem on campus to contribute to the nation’s economic goals. It leverages the institute’s existing strength of expertise in management, intellectual resources and the global network of alumni apart from the bright talent in its programs on campus. Depart of Science and Technology, Government of India supported the centre with the initial grant.
Since its foundation as an independent society on June 06, 2016 IIMK LIVE has impacted 18 startups as part of its flagship business incubation program. In its recent round of admissions, which got concluded in May 2018, LIVE admitted 11 new startups, taking the total startup strength to 29 before it completed two years of its existence. Together, these startups have created more than 50 direct jobs and over 100 jobs indirectly. Five of these startups have got approval for seed funds from external agencies and angel investors.
Of the 29 startups incubated, about 11 are from IIMK’s own graduates and by an ex-faculty member. “Apart from the community on campus, the centre aims to support greater community within Kerala and beyond. While we wish to inspire and support our own students and alumni to take up entrepreneurship, LIVE is not inward focused incubator like some of the campus incubators at the technology institutes. It aims to support startups who can benefit from this premier Institute’s resources”, said Kulbhashan Balooni, Director-in-charge, IIM Kozhikode who acts as Chairman of Board of Governors, IIMK LIVE. LIVE board comprises of industry leaders such as Hari Menon of BigBasket.com and TC Meenakshisundaram (TCM) of IDG Ventures India among others.
IIMK LIVE has conceptualised a ten-week certificate program in ‘new venture creation’ that aims at preparing wannabe entrepreneurs to startup and would be launched soon. Participants of this practicum-focused program may end up with the centre’s business incubation program.
Additional Information about LIVE, Business Incubator and Entrepreneurship Development Centre of IIM Kozhikode:
In light of changing the complexion of the economy which is increasingly getting driven by entrepreneurship, IIM Kozhikode established a Business Incubator and Entrepreneurship Development Centre last year with the support of Department of Science and Technology called LIVE, which stands for Laboratory for Innovation, Venturing and Entrepreneurship.
Incubation Program
The centre commenced its flagship Business Incubation Program this year in June with the objective of supporting start-ups in their early stages. This 12 to 18 months program admits start-ups who are ready with prototype or proof-of-concept and help them launch their products successfully to market with specific support in business model validation, go-to-market, organisation and team building, financial planning and funding.
18 startups are already being incubated at LIVE. Incubatee companies at LIVE have already created more than 50 direct jobs and around 100 in-direct jobs in the ecosystem. Five startups have got approval for seed funds from external agencies and angel investors.
In recently concluded admission round, a cohort of 11 new startups is offered admission to the incubation program taking the total strength to 29 by June 2018.
Evangelizing Entrepreneurship
Beyond the business incubation program, LIVE contributes by evangelising entrepreneurship among the community on campus and beyond. Last year, series of awareness talks under ‘Satartup Saturdays’ and ‘Live Legends’ were conducted on campus. In February this year, an idea development hackathon ‘LIVE Discovery’ was organised in association with Kerala startup Mission and Ernst and Young, which saw about 80 teams competing to develop innovative solutions to real-life problems.
Contributing to the Academic Programs and Student community on Campus
LIVE, as an entrepreneurship development centre of the institute gains from the faculty and other resources and hence also actively attempts to contribute to its programs and activities. Of the 18 startups in its incubation program, about 11 are founded by IIMK graduates. Three startups are by PGP graduates and eight by Executive PGP graduates.
This year, LIVE incubated companies hired six summer interns from PGP. Going forward LIVE aim to hire 15% of batch strength in next two years. LIVE supports students’ entrepreneurship cell on campus actively, and they conducted one of the biggest Start-O-Sphere, an investor-founder meet, this year, where more than 70 startups and 15 investors participated in the event. The event was attended by more than 400 visitors.