KOCHI: It is important to build the right kind of partners and networks that can help a startup during its initial phase of market validation, customer development and product development, according to Krishnashree Achuthan, Chief Executive Officer, Amrita Technology Business Incubator (TBI).
Amrita TBI, which was set up in 2008 as a joint initiative by Amrita University and the Central Department of Science and Technology, operates from Kollam (Kerala),Bengaluru and Coimbatore. “We have incubated 45 startups and mentored over 181 startup ideas. More than 6,700 students are trained on entrepreneurship and innovation through the incubator,” Krishnashree told Express.
Emphasizing on the right technological inputs that are required for a start up company to spread its wings, she said that the company offers both physical and virtual incubation. In addition, startups are also offered basic services such as accounting, patent filing, HR policies and admin support, as well as value-add services like business strategy, engineering design, marketing and consultancy services,” she elaborates.
She added that the company provides funding to prospective startups by means of a loan and/or equity through Department of Science and Technology’s Technology Development Board (TDB) programme, Department of Electronics and Information Technology’s TIDE program and MSME programme and also work with VC funds in India which can invest in startup companies.
In an initiative to support the startup ecosystem, Amrita TBI has partnered with Indian Angel Network, NASSCOM 10K, and Vakilsearch and is in talks with Axilor Accelerator, Ernst and Young, TiE and CSIR.
Acceleron Labs Private Limited, Discover Dollar Consulting, StratDecider Analytics, Amrita Pushkara Nano Systems and Preksh Innovations Private Limited are the noteworthy startups incubated at Amrita TBI. They have together raised $17 lakh in funding.
“The focus areas of the incubator are Information Technology, Cyber-Security, Networking and Social Media among others,” she added.
Networking is the key to becoming successful. See validation of your idea in the market and focus on customer development. Have the ability to iterate as market needs change, she said.