iVEIN (Innovation-Venturing and Entrepreneurship in India Network), an initiative of IIT-Madras, IIT-Bombay, IIM-Bangalore, IIM-Kolkata and IIM-Kozhikode is on the lines of ‘Dialogue with Stakeholders’ organised by IIT Bombay’s SINE (Society for Innovation and Entrepreneurship).
- Tech startups that are founded by students of IIT Bombay.
- Apart from incubation for three years, SINE also provides access to technical resources, shared workspace, facilitates business network, and funding of up to INR 25-30 Lakhs to incubated companies.
Few objectives of iVEIN
- Plans to get data not only from IITs and IIMs but from entrepreneurs across the country.
- Create a knowledge repository to meet requirements of entrepreneurs, researchers, students, policy-makers.
- To establish a society for publishing journals, organising annual conferences.
- Help in efficient policy formulation.
- Track entrepreneurship segment in the country.
A Thillai Rajan, who is also coordinating iVEIN from IIT Madras said that the network will facilitate high-quality research in innovation, venturing and entrepreneurship among the academic fraternity in India. This will create additional avenues for transmitting relevant knowledge through conferences and journal publications. The IIT Madras professor for management studies further emphasized that innovation, venturing and entrepreneurship are getting the attention of the policymakers as they play an important role in economic development.
Professor B Ravi, Head of Desai Sethi School of Entrepreneurship at IIT Bombay, is of the opinion that there is a need to bring all stakeholders together to find the best practices in different places and to implement it on a larger scale and also that it is important to have a database policy for startups. iVEIN project would strengthen the ecosystem, create a strategic bridge between stakeholders and also synthesise the knowledge that exists in silos among different groups.
Vidyanand Jha, professor organisational behaviour at IIM Calcutta said that iVEIN would catalyse the much-needed work to document Indian experiences in areas of entrepreneurship and innovation. It would also help in the creation of data-based knowledge and dissemination of such knowledge. This would give a boost to entrepreneurship in the country by aiding both policy formulation and implementation regarding innovation as well as by helping managerial practice.
Professor and chairperson of the innovation and entrepreneurship cell of IIM Bangalore, Venkatesh Panchapagesan, opined that academic incubators play a critical role and that iVEIN will help create a stronger platform for them to share best practices and take lead in promoting activities like research that are often experienced negligence by the private ecosystem.