From washing powder to tech incubation

AHMEDABAD: 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 a media statement released by the company, "NirmaLabs will incubate individuals as opposed to the conventional form of incubating their current business plans. Housed 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 research foundation."

With the primary objective of creating a conducive environment for high-tech knowledge based wealth generation, NirmaLabs offers a three phased program that is designed to transform outstanding 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. NirmaLabs will provide sustenance 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 growth of the start-up.

Madhu Mehta who is the chief architect of this venture 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