NirmaLabs to incubate new age entrepreneurs

NirmaLabs, a new initiative from the house of Nirma, is aiming to create an
incubator with Silicon Valley ecosystem that will identify, groom and incubate
talented individuals to enable them to become global techno entrepreneurs in
high tech areas

According to the press release, ‘NirmaLabs for know-ledge based wealth
genera-tion’ will incubate individuals as opposed to the conven-tional form of
incubating their current business plans. Hou-sed in the Nirma University campus
on the outskirts of Ahmedabad, this will be a ‘not for profit making company’
set up by the umbrella unit–Nirma Education and Rese-arch Foundation.

With the primary objective of creating a conducive envi-ronment for high-tech
know-ledge based wealth genera-tion, NirmaLabs offers a three phased program
that is designed to transform out-standing graduates into Global techno
Entrepreneurs. The first batch is expected to commence by June 17, 2004.

The program begins with a Grooming phase, followed by the Incubation stage.
Nir-maLabs will provide sustena-nce to the project team and will invest a seed
capital of up to Rs 20 lakh per project. It is expected that within 18 to 24
months the project should be spun-off as a start-up company with project team
holding large equity in their sunshine venture. The final phase will focus on
gro-wth of the start-up company formed.

Dr. Madhu Mehta who is the Chief architect of this ven-ture spearheads the
project. The program is initially focusing on the ICT sector but could gradually
expand to include other sunshine areas like biotechnology and life sciences.

CyberMedia News

Ahmedabad