IIMV Startup Policy
Vision & Objectives
One of the objectives of IIM Visakhapatnam enshrined in the IIM Act, 2017 is “to educate and support leaders who can contribute as professional managers, entrepreneurs, and stewards of existing and emerging enterprises in the private, public, and social sectors”. Accordingly, IIM Visakhapatnam has come up IIMV Startup Policy (hereinafter “Policy”), towards implementing the recommendations of the “National Innovation and Startup Policy (NISP) 2019 of the Ministry of Education (MoE), Govt. of India (GOI) that seeks to promote innovation and entrepreneurship in higher education institutions in the country.
Guidelines of NISP
Framework for higher educational insitutions by MoE (released in 2019) can be accessed here.
Detailed Startup Policy
The complete details in the IIMV Startup Policy can be downloaded here.
Support to Students
For promoting the culture of innovation within the student community, the Institute proposed policy support for the in-house students of the full-time flagship MBA (PGP) program, who would like to choose the path of entrepreneurship.
- Students can get relaxations from the requirements of Mandatory Summer Internship during the PGP.
- Students can opt for a one-year break after completion of the first year of coursework requirements; and join back the program in the second year in the subsequent academic year.
- Students can avail decreased credit requirements facility – A maximum of 12 Credits of course-load waiver in their overall credit requirements is provided. They will have to do only 82.5 credits from the graded courses. He/she can complete the remaining credit requirement as “My Venture” Course of Independent Study (max 2 such CIS in each term allowed in term 4 and 5 only) under the guidance of a faculty member, in each term.
- Students will be provided opportunities to raise seed or prototype funding.
- Students can opt for Placement Holiday up to 2 years from the year of Passing; They can work on their venture and can come back to the campus for placements if needed.
Support to Faculty
The Institute also proposed policy support for the faculty members of IIM Visakhapatnam.
- Faculty may get associated with a startup for short durations in the capacity of startup mentors and those will be counted under the Faculty Work Norms.
- Faculty is also allowed to be an owner, promoter, consultant, or as a board member of the startup. Faculty may get associated with the venture by assuming a non-executive board positions.
- Faculty members may take shares in lieu of charging for their consulting-advisory work for the startups (sweat-equity). Faculty members may also involve themselves in the start-up by providing capital investment in return for shares.
Accordingly, IIMV-FIELD has designed the IIMV SUPERS (Smart Undeterred Passionate Entrepreneurs among Resident Students) Program for those students opting to avail the benefits in IIMV Startup Policy. More details can be found here.