New Delhi: Indian Institute of Technology (IIT) Mandi is going to disburse over ₹10 crore to startups over the next five years through its Catalyst programme. The announcement was made at Catalyst, the first technology-based incubator in Himachal Pradesh, that concluded its annual flagship event, Himalayan Startup Trek (HST), earlier this week.
The event aims to bring together stakeholders of the Indian startup ecosystem, and offers young entrepreneurs a platform to pitch their ideas for incubation support and fund raising.
More than 270 teams applied for HST 2019, of which IIT Mandi Catalyst picked 25 innovative ideas and gave them on-the-spot offer letters to join the incubation programme. Catalyst will guide early stage entrepreneurial initiatives by providing support in infrastructure, finances, mentoring, and industry connections.
Some of the shortlisted startups include Himalayan Yeti Foundation, working in the water management sector, CoolCrop working in the agriculture and biotechnology sector, B-Aegis Life Science, that is working on a multi-potent cancer management solution with early diagnosis.
In the past three years, IIT Mandi has disbursed over ₹1 crore worth of grants and investments to over 30 startups that have gone through the 3-month residential programme in which startups were provided technical mentoring by the faculty while they built prototypes or tested and improved their products.