The IIMN Foundation for Entrepreneurship Development (InFED), the business incubator at the Indian Institute of Management Nagpur inaugurated its first ever independent Women Entrepreneurship Development Program (WEDP), supported by the Department of Science and Technology, Government of India, on January 27th 2021. The Chief Guest at the inauguration was Dr. Anita Gupta, Adviser and Head – National Science & Technology Entrepreneurship Development Board (NSTEDB), Department of Science and Technology, Government of India. The first such initiative by a new-generation IIM, WEDP aims to create an enabling ecosystem for women entrepreneurs, furthering the Aatmanirbhar Bharat goal.
Following the welcome address by Prof Vidhula Venugopal (Chairperson, Centre for Entrepreneurship, IIM Nagpur) InFED Advisor Mr Shashikant Chaudhary emphasized on the need for greater participation of women entrepreneurs in the economy. A respected figure in the entrepreneurship ecosystem in the region, Mr Chaudhary cited greater representation of women in management roles as a key element in organizational success.
Speaking at the occasion, Dr Bhimaraya Metri, Director, IIM Nagpur mentioned that by virtue of its unique location close to MIHAN, within the logistics hub of the nation, the Institute is equipped to create a niche in the fostering of innovation and entrepreneurship. Through its many collaborations with institutions such as CFA Institute, and Centre for Excellence in the domains of Entrepreneurship, Corporate Governance, Brand Management, Cybersecurity, Infrastructure and Project Management, among others, Dr Metri highlighted how IIMN offers the ideal launchpad for aspiring women entrepreneurs. He added that the IIMN Foundation for Entrepreneurship Development is set to establish Asia’s largest incubation centre at IIMN in the coming years, supporting the vision of IIM Nagpur and positioning itself as a leading institution for entrepreneurial education and research in the country as well as in Asia.
The Chief Guest for the event, Dr Anita Gupta (Advisor and Head, National Science & Technology Entrepreneurship Development Board, GoI) congratulated the participants and commended the initiative. She spoke at length about how innovation is the need of the hour, citing examples of proactive steps taken by the Government of India to tackle the crises resulting from the CoViD-19 pandemic. Dr Gupta also highlighted the role of women-led enterprises across domains for the creation of a sustainable impact in the society and economy. She expressed the willingness of the Department of Science and Technology for collaborating with IIMN on future initiatives of this nature as well. She also applauded the leadership and the efforts by IIMN for initiating WEDP.
The programme concluded with the presentation of tree plantation certificates to Dr Gupta and Mr Chaudhary, with the proposal of a vote of thanks by Dr Shivaji S Dhawad, COO, InFED.
About WEDP
The online program aims to train the women graduates from Science and Technology stream in the essentials of conceiving and launching a venture; acquaint them with emerging trends and the opportunities in various sectors; network them with financial institutions, entrepreneurship enablers and innovative and successful entrepreneurs; and to advance their ideas towards a sellable product or service.
The preliminary call for applicants received close to a hundred applications from aspiring women entrepreneurs from all over India, out of which 30 applications were shortlisted for the online program. Over the four-week duration of the program, the participants will gain access to guidance from business mentors and domain experts, in addition to lectures, exercises, and case studies designed to develop an entrepreneurial orientation. Towards the end of the program, participants are expected to be able to assess the feasibility of their proposed ventures and submit business plans. They will also receive an e-certificate upon successful completion of the program.
There is considerable diversity in the sectors to which the enterprise ideas presented by the participants belong. Nearly a third of all venture ideas are from Food/Agriculture/Rural Development, with EdTech/Education/Skill Development being the second most popular area. Other favoured areas are ITES/IT/E-commerce, Healthcare and Sanitation, Textile, and Manufacturing. The participants hail from as many as eight states.