IIM-A plans multi-crore tie-up to develop clean energy

Updated on: Wednesday, December 16, 2009

The incubating wing of IIM-A has been discussing a possible multi-crore tie-up with the corporate sector and the Ministry of New and Renewable Energy to raise funds to promote renewable energy.

"A multi-crore venture fund for clean energy is in the pipeline," said IIM-A Dean Professor B H Jajoo at an event at the Centre for Innovation Incubation and Entrepreneurship (CIIE).

CIIE executives are now discussing how the fund will be set up, sources said. Chairperson of CIIE's executive committee Professor Rakesh Basant said, "The discussion is on, but nothing has fructified at present."

He added, "I don't know when it will work out, but the idea is to experiment with a situation where an educational institution, a corporate sector and the government come together to create a fund to help entrepreneurs."

Terming the Centre's three-year relationship with the MNRE "very good", Professor Basant pointed out that CIIE is listed as a partner in the Solar Policy document released by the MNRE last month an ambitious plan to generate 20 GW using solar energy by 2020.

One of the earliest ventures with the MNRE was in 2007 when a national competition for clean energy start-ups was launched, where three winnings team were awarded Rs 4 lakh each to develop their business. "Hopefully, this relationship will grow, partly to result in this clean energy fund," said Professor Basant.

CIIE launches mentor network to help start-upsThe incubating wing of IIM-A has recently launched a mentor network for entrepreneurs in Ahmedabad, who can fix appointments and attend monthly mentoring sessions with volunteering experts free of cost.

While the Centre for Innovation Incubation and Entrepreneurship (CIIE) already has a mentor network functioning in Bangalore, setting up another network in Ahmedabad will "hopefully" lead to the setting up of such networks across the country, said coordinator Aditi Gupta.

A website - www.mentoredge.com - has been launched where entrepreneurs interested in guidance and discussions can sign up and the CIIE will arrange a mentoring session on its premises. At least 10 persons ranging from industrialists to consultants to IIMA professors have volunteered to be part of the network. Their backgrounds range from pharmaceuticals to education to Internet-based businesses. "As part of the initiative, CIIE will also host mentoring clinic once every month in Ahmedabad, which will help entrepreneurs to interact with the mentors part of this initiative and also meet the others," Gupta said.

"The first one is scheduled to happen on December 19 at the centre itself. The centre is now inviting applications from entrepreneurs from across domains to utilise this opportunity," she added.

IIM-A plans multi-crore tie-up to develop clean energy

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