The Internet and Mobile Association of India has launched India’s first virtual incubator today. The virtual incubator will immediately take care of the short and mid-term needs of startups arising out of the global pandemic situation. “More than 80% of the start-ups in the digital tech space have been negatively impacted by the global pandemic and we appeal to all large companies to extend their support to these start-ups through the virtual incubator”, stated IAMAI president Subho Ray while announcing the virtual incubator.
However, the primary function of the virtual incubator is to address the needs of the start-ups located outside the major cities of Bengaluru, Mumbai, Chennai, Delhi, and Kolkata. Many of the “Made for India” products and service ideas have their genesis in smaller towns and cities. But these start-ups and their founders being outside the so-called startup network find it difficult to validate their ideas, garner sufficient funds for “proof of concept” and are not able to find suitable guides and mentors. It this category of startups that can have and nation-wide access and possibly global access in the future by connecting with IAMAI’s virtual incubator.
This platform for virtual incubation is aligned to make incubation programs accessible to every startup in the country without any physical barriers and geographical limitations. This will be a virtually accessible programme for providing state-of-the-art incubation services to every Indian startup and thereby enabling startups to charter their success stories and is designed with a very flexible structure, catering to the varying needs of virtually incubated startups. The programme will entail close supervision by the dedicated mentors from the relevant industry for multiple cohorts that would be created based on the domain, sectors and the progress of the startups.
As a goodwill gesture, IAMAI would be providing an initial start-up kit worth 70 Lakhs to all those registered with the virtual incubator.
As a part of its Mobile 10X initiative launched in 2015, IAMAI currently runs three not for profit incubators in Bengaluru, Kozhikode, Gurugram supported by the respective state governments and has curated through a structured programme about 300 start-ups in the digital tech space. All the facilities provided in these incubators will be extended to those incubated in the new virtual incubator.