Amandeep Srivastava, AVP – Technology Business Development, IITI DRISHTI CPS Foundation
Aditya S.G. Vyas, Chief Executive Officer, IITI DRISHTI CPS Foundation
The voyage of the DRISHTI CPS over the past two years has been a rollercoaster ride. While being located in Indore, the cleanest city in India, and the ‘business capital’ of Madhya Pradesh, provided a wide canvas for impact, being away from metro cities had their own challenges in terms of creating opportunities. A considered perspective at DRISHTI CPS has been to provide substantial support for entrepreneurial endeavors with the following ethos:
Cling to hope, for in the symphony of perseverance, each additional effort is acourageous note that orchestrates the melody of success”
DRISHTI CPS established the first Technology Business Incubator (TBI) at IIT Indore, setting a cornerstone for nurturing deep-tech entrepreneurs under the visionary National Mission on Interdisciplinary Cyber Physical Systems (NM-ICPS). During this transformative journey, DRISHTI CPS recognized the imperative to engage with entrepreneurs and propel them towards deep-tech innovations with essential guidance. The drive towards deep-tech solutions is aimed at encompassing diverse sectors, bolstering education, economy, and fostering inclusive growth.
An adept incubation team at DRISHTI CPS offers invaluable support right from the ideation phase. The approach revolves around addressing queries of budding entrepreneurs, extending business and technical mentorship from both national and international experts, and providing access to prototyping and testing facilities to pitch before Angel Investors and Venture Capitalists (VCs).
The vision of DRISHTI CPS, coupled with synergistic teamwork, has culminated in incubating 59 deep-tech startups in just one year, with a total funding support of approximately INR 90 million. This translates to a remarkable 14x follow-on investment, leveraging our catalytic investment support for the initial batch of 14 graduated startups. Notably, an average of 2.29 jobs are created daily as a testament to the impactful startup mission, vision, and mentoring provided by DRISHTI CPS. Over 25% of these startups have their origins or operations in Madhya Pradesh, underscoring the significant influence that DRISHTI CPS is poised to exert in shaping the startup ecosystem of central India in the years ahead.
The establishment of a robust stakeholders’ collaboration model at DRISHTI CPS, facilitated by forging strategic alliances with industry stalwarts such as Aditya Birla, Mahindra & Mahindra, Cummins, John Deere, ANSYS, AIIMS, STPI, and State and Central Government ministries, has been instrumental in driving its success. This collaborative approach has fostered active participation from faculty members, researchers, and startup founders, thereby cultivating a vibrant and technologically proficient startup ecosystem in the state. Additionally, the DRISHTI CPS team boasts the capability to conduct expedited and thorough due diligence procedures, streamlining money disbursement and monitoring, and evaluating startup pitches through a panel of distinguished specialists for further fundraising opportunities. The flagship initiatives, including MSME roundtables, startup bootcamps, SETU-Stakeholders Engagement for Technology Upgradation, and business funding and acceleration programs, are primarily geared towards providing extensive business networking, mentorship, and follow-on fundraising opportunities to the startups.”
STPINEXT, along with its all 13 Centres of Excellence, is collaborating with DRISHTI CPS.
DRISHTI CPS is mentoring incubators under the Directorate of Technical Education and the Department of Sericulture , Government of Madhya Pradesh
Although the startup funding market seems to be facing headwinds, and suffering from “Funding Winter”, DRISHTI CPS is of the opinion that the market has considerable potential for startups that have solved the problem-solution fit, are financially unit positive and are approaching product-market fit.
Functioning as a principal investor in most investment opportunities, DRISHTI CPS collaborates with entities such as the Chandigarh Angel Network, Green Trunk Ventures, YourNest VC, and other angel investors and venture capitalists to extend support to entrepreneurial ventures. 11 out of the first cohort of 14 portfolio startups that have graduated from the incubation program of DRISHTI CPS have raised follow-on funding of INR 320 million collectively from multiple VCs.
These include VCs based out of the United Kingdom as well as VCs deeply involved with the Indian ecosystem. The symbiotic relationship between DRISHTI CPS and such VCs is apparent through the active engagement of VCs and investors with our startups, right from the initial selection phase. This involvement is followed up by support and subsequent fundraising for the incubated startups. DRISHTI CPS acts as a feeder system, channeling well-prepared, high-potential startups towards established VCs. It serves as an essential intermediary, ensuring a pipeline of vetted and viable investment prospects for venture capitalists eager to support and grow the next generation of disruptive businesses.
While everyone is busy handing out startup advice like free candy, DRISHTI CPS is the rebel comedian in the corner, serving up what NOT to do. Which is equally, if not more, important to comprehend. DRISHTI CPS is a thriving startup ecosystem and is the go-to TBI for your entrepreneurial dreams.