According to reports, CIIE Initiatives, a non-profit company set up by the Indian Institute of Management, Ahmedabad’s incubator-cum-angel investor, the Centre for Innovation, Incubation and Entrepreneurship (CIIE), is in talks with the central government and private organisations for establishing a renewable energy fund.
A wholly owned subsidiary of IIM-A’s incubation centre, the company has floated an information technology fund and science fund since it was formed in 2008. It started the Rs 1.5-crore IT fund with help from the central ministry and the Rs 1.25-crore science fund with money from the department of science and technology.
“We are into the process of creating a renewable energy fund. The idea is how to get private organisations to leverage promotion of RE start-ups,” said a source at CIIE.
From handling funds worth Rs 2.75 crore when it started in 2008, CIIE Initiatives built a corpus of Rs 13.5 crore. It already has a diversified portfolio, by taking equity in its incubatee start-ups.
“The company holds equity in more than 15 start-ups today. Typically, CIIE Initiatives’ stake in these start-ups won’t be more than 15 per cent. The sectors the firm is in are ICT (information and communication technology), green technology and healthcare,” said a source. We’re looking at tapping the agriculture and social sector. These are some sectors CIIE has expertise in.”
CIIE itself comprises faculty, alumni and students of IIM-A, mentors and service providers spanning a variety of functional areas, sectoral domains and geographical regions who help innovations and aspiring entrepreneurs succeed commercially. Apart from incubation, CIIE provides mentoring, training, knowledge dissemination and best-practice research for incubatees.
CIIE Initiatives is also in the process of adding independent directors to its board. Currently, its board comprises only faculty members of IIM-A.