Kolkata– The Indian Institute of Management Calcutta Innovation Park (IIMCIP) plans to launch a grand challenge targeting 5,000 start-up ideas by March next year, an official said here on Wednesday.

“We are contemplating to launch a grand challenge, an event which will run over a couple of months to target around 5,000 start-up ideas by March,” Uttam Kumar Sarkar, Dean, New Initiatives and External Relations (NIER), IIM Calcutta, told the media here.

“It could be a grand challenge in smart city ideas or any other sector. We are chalking out the details,” Sarkar said.

IIMCIP promotes entrepreneurship and innovation in research and business through industry-academia partnership and under its ‘INVENT’ initiative, plans to support more than 40 start-ups with funding of up to Rs 25 lakh.

The programme is a collaboration between the company, DFID UK and Technology Development Board, India, to aid for-profit social enterprises, in eastern India.

“The social entrepreneurs can create the biggest impact on our country,” said Saibal Chattopadhyay, Director, IIM Calcutta.

The organisation also hopes to incubate 100-plus start-ups by the year 2020 and has recently invested in six start-ups from various sectors.

Currently, the organisation has 14 incubatees. Additionally, it is in the process of onboarding another eight incubatees of which six are from Kolkata.

“The current incubatees have already raised investments amounting to Rs 6 crore. In the current financial year, the incubatees have already generated revenue of Rs 7.5 crore. During the coming financial year the incubatees are projecting revenue of Rs 18 crore,” said Chattopadhyay. (IANS)