Assisting local entrepreneurs to turn their startup dreams into companies

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Prashant DS from CIBA tells all startups that the support they might need is not far away. The center for incubation and business acceleration at Verna, Goa provides startups and Goan entrepreneurs an opportunity to use their incubator till they can get on their own feet.

Prashant has been trained in technology commercialization from the University of Texas, in America. In the last decade, he has organized more than a thousand talks and trainer sessions for entrepreneurs for different phases of their career. Over the years, CIBA has helped over three thousand micro entities and about fifty startups in the state. That’s not all, Prashant is also a member of the Goa Chamber of Commerce and Industry, and a part of the Goa State Innovation Council. In Goa,CIBA has two main offices, in Verna and in Assagao.

“The startup stories coming out of Goa have inspired us to push for more success stories”

The Center for Innovation and Business Acceleration is a technology business incubator that has come up in association with the Department of Science and Technology, Govt. of India. It’s main aim is to promote technology driven startups and entrepreneurs in Goa.

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CIBA has innovated 63 businesses till date, but they currently have 20 startup companies in house. Being an incubator doesn’t give them a specialization since they have startups of multiple categories coming in. Startups from the food processing industry, waste management, electronic product design, and mixed technologies are spread across their centers. Incubatees do not only receive infrastructural and operational assistance, but they also receive business advisory, mentoring and funding opportunities. CIBA goes the extra mile by providing insights into marketing and business promotion. They organize programs and workshops quite often, that also assist entrepreneurs further, giving them all round growth.

CIBA is also open to assisting startups and entrepreneurs who are not part of their incubator program, with their events and workshops. They have events taking place so often, there is always something going on. They even launched their flagship event, “Kaun Banega Udyogpati”, which has been received very well by the community. Most of their events focus on assisting, acceleration and identifying innovation and assisting entrepreneurs, sponsors, investors and others.

Depending on the needs of the startup, CIBA provides seed funding of up to 25 lac to incubated companies. Other than directly investing, CIBA has connections with angel investors and other funding agencies. That’s not all, more than 60% of the startups that worked through CIBA have exited successfully.

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