1. What is icreate?
icreate (International Centre for Entrepreneurship and Technology) is an autonomous institution that identifies, nurtures and mentors the spirit of budding entrepreneurs and provides them with all the assistance one requires during the entrepreneurial journey. It is a world-class centre for excellence in Entrepreneurship and Technology.
2. What is the mission of icreate?
Our mission is to facilitate the innovative and imaginative minds in their entrepreneurial journey to help them as well as the society in aspects of wealth generation, employment creation and global competition.
3. How is it structured?
The Centre is formed under the aegis of Gujarat Foundation for Entrepreneurial Excellence (GFEE). It is a joint venture of Gujarat Mineral Development Corporation Limited (GMDC) and Gujarat Entrepreneurship and Venture Promotion Foundation (GEVPF). For the apt guidance of budding entrepreneurs, the Centre has an advisory board chaired by Shri N.R. Narayana Murthy and other eminent personalities from academia and industry.
4. What is Next Generation Technology Entrepreneurship?
As the avenues for gaining more knowledge of the economy have opened up, new possibilities have taken birth for people who can leverage technology and knowledge. The rapid advances in emerging technologies have generated opportunities for people to think big. Also for people with good ideas, sound knowledge and basic business sense as well as the availability of angel and venture funding has eliminated the lack of monetary aid as a major limitation.
This combination has given birth to next generation techno-entrepreneurship, which is leveraging technology and knowledge to cater to unmet or new needs.
5. What is the Centre model ?
The core of the Centre's model represents engagement and participation throughout one's entrepreneurial journey. The model is designed in a way so that the mentors at the centre become more like partners of the participants rather than just third party facilitators.
Also, an entrepreneur who wants to get incubated has to undergo a paid grooming program. Once the projects are selected for incubation, all project costs (direct and indirect), including the sustenance allowances paid will be charged to the project. When the projects eventually spin off as start-up companies, all project cost incurred will be converted as debt to the start-up company and further the Centre will take (buy) equity in the start-up.
6. What sets the Centre apart from other similar institutions?
The model, scope, scales and approach of the Centre distinguishes it from other similar institutions. The scope of the Centre covers Schools, Colleges, Entrepreneurs, Intrapreneurs, Social Entrepreneurs, MSMEs and High-Growth companies.
Driven by a holistic approach, it not only nurtures ideas and projects but also incubates them and participates in the entrepreneurial journey.
The aim of the Centre is to reduce the barriers in the pursuit of the entrepreneurial journey for innovative applications to create wealth, employment as well as a global enterprise.
7. What does the infrastructure consists of?
The Centre will soon have its own 40 acres of sprawling campus, opposite Kensville golf course, off Bavala-Bagodara road, about 30 km away from Ahmedabad enroute to Rajkot. The campus will be self-contained with all facilities for nurturing the budding next generation entrepreneurs.
8. Will activities start after the campus is ready?
Since the campus is taking shape at present, all the activities are been operated in the GMDC building (icreate, First Floor, near Helmet circle, 132 feet ring road). After the campus is fully operational, the activities will be shifted there.
9. What are the various activities proposed by the Centre?
The Centre has diverse activities through on-campus as well as through Reach-Out programs for:
Students from schools and colleges, who wish to learn more about how to become successful entrepreneurs.
Aspiring/existing entrepreneurs or intrapreneurs who already have an idea/project or have specific interest in a domain (but no firm idea of a project).
Existing small and medium sized companies who have a high growth potential.
10. What are the benefits offered by the Centre?
The benefits are manifold and far-reaching. The Centre has a large pool of intellectual capital with a high level of global connectivity and affiliations. It offers the best programs, events, forums, special interests groups, networking with the industry's A-list and mentoring programs for all participants to benefit from.
With its access to mentors, money and markets, the centre is a one stop shop which provides end to end solutions for budding entrepreneurs.
11. What measures will the Centre take to protect intellectual property rights?
The Centre respects ideas and intellectual property rights. Thus it is designed so as to have an elaborate system of non-disclosure agreements for the projects that get incubated.
Also, it is in interest of the Centre to help entrepreneurs protect their ideas and projects because the Centre's success takes birth from its members' success.
12. What is the current status of the Centre?
Currently the Centre is operating from GMDC building in Ahmedabad. The land for the Centre's campus is soon going to be transformed into a sprawling ecosystem.
The first batch of grooming program has been successfully concluded. It had participants from India, US, UK, and Singapore with experience ranging from 2 to 20 years. This batch resulted in six incubation proposals of which four have been selected for incubation at icreate. Two incubated projects are existing companies (one scale-up) and the other two are start-ups. The projects range from social entrepreneurship, ICT, medical devices, and gaming.
The Centre has also conducted various Seminars, Reach-Out programs, Networking events, etc. for students as well as aspiring entrepreneurs.