Balmer Lawrie's 5-Crore seed fund to start-ups

Balmer Lawrie's 5-Crore seed fund to start-ups

Posted by P. Charitha on September 18th 2017

151 year old ‘Miniratna’ PSE, Balmer Lawrie recently signed an MoU with IIM Calcutta Innovation Park to provide seed fund of Rs 5 crore to start-up ideas in areas of operation of the PSU. CMD of Balmer Lawrie Prabal Basu said that IIM Calcutta Innovation Park would incubate the start-ups by providing work space, mentoring, networking, besides giving customer and investor connect.
The initiative aims at fostering entrepreneurship and promoting innovation by creating a healthy ecosystem conducive for the growth of Start-ups. In pursuance of this, under the guidance of Hon’ble Minister of Petroleum & Natural Gas, Skill Development and Entrepreneurship, Shri Dharmendra Pradhan, "Balmer Lawrie Start-up Fund", was launched in May 2017. Under the programme, the company has received 100 applications from applicants across the country, out of which 4-5 ideas would be sent for incubation.
In association with IIM Calcutta Innovation Park, Balmer Lawrie will be selecting and incubating the start-ups jointly. Incubation support would be physical or virtual, depending on the need of the Start-up and would include work space, knowledge resources, mentoring, networking, customer connect, investor connect and seed funding. Capacity building boot camps to impart essential knowledge on different aspects of business would be organized. To ensure success of this initiative, a continuous mentoring and monitoring mechanism for Start-ups would also be put in place.
Prof. Ashok Banerjee said, “This is a great and timely initiative of Balmer Lawrie. We are happy to be part of the process of choosing bright and sustainable ideas. IIM Calcutta Innovation Park has the experience of incubating promising start-ups. Our mentoring programme is appreciated by the start-up community. We hope that Balmer Lawrie will find our support useful.” The fund would be spent over a period of three years, he said.Prof Ashok Banerjee of IIM Calcutta said that the Innovation Park has left its mark in incubation of start-ups and 15 such ideas had been funded to the tune of Rs 3 crore. Addressing the media, Mr. Prabal Basu said, “Balmer Lawrie is extremely happy to associate with IIM Calcutta in selection and incubation of Start-ups. Their experience, infrastructure and support will be of immense value to make this initiative a success.”


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