ACIC IIT (ISM) Foundation an incubation centre, is funded by IIT (ISM) Dhanbad and Niti Aayog, Government of India. The Foundation aims to create opportunities for enterprises and start-ups bringing innovative solutions that solve a community problem. The Foundation addresses several economically weaker sections of our society that includes women, persons with disabilities, tribal communities and others who lack formal resources to earn livelihood..
We offer diverse services to promote entrepreneurship and create start-ups:
Director
The foundation can collaborate with companies as CSR partner to fund several activities in the area of business incubation, entrepreneurship and community development. The companies can select following domains that suits their mandate:
Any start-up requires funding and they are not eligible to get funding from convention sources including banks. Hence, we need to offer a hassle-free capital to the incubated companies to help them sustain their business operations.
Entrepreneurship is not an easy task and we have to spur the entrepreneurial spirit by organizing various programs that would add value in the entrepreneurial skill-set. These programs may be diverse as the entrepreneurship itself and shall range in generic technology and business development to specific domain or industry based.
Since CSR is not the main objective of the companies hence, it will help if we suggest various verticals to the prospective CSR partner so that they may take an informed decision. A lot of iterations can be reduced when we propose a crystallized proposal.
The area is blessed with unexplored flora that has immense commercial value. Hence, a scientific analysis to validate the claims and also create value added products in cosmetics and pharmaceuticals, including traditional medicine can be explored. The expertise shall be sourced internally as well as external organizations like NBRI and CIMAP.
Entrepreneurship is not an easy task and we have to spur the entrepreneurial spirit by organizing various programs that would add value in the entrepreneurial skill-set. These programs may be diverse as the entrepreneurship itself and shall range in generic technology and business development to specific domain or industry based.
The state has rich tradition of artisans like Lac based products, sericulture, blacksmith, lac cultivation, carpentry, etc. ACIC shall identify the problems in the area in consultations with the master craftsmen to develop innovations in the area that augments the overall productivity.
Affordable healthcare has become a need. The community needs superior healthcare technology that uses the latest state of the art tool including ML/AI to give globally accessible and affordable healthcare services. ACIC shall coordinate and collaborate with local resources available with diverse organizations like AIIMS, National Institute of Pharmaceutical Education and Research (NIPER) Hazaribagh and offer complete solutions to the entrepreneurs and create best healthcare products. NIPER Hazaribagh is a designated nodal centre for Medical Device Adverse Event Monitoring Centre by Indian Pharmacopoeia Commission. So, they have unique data and insights in functioning of medical device that could be useful for such start-ups. Second- they also have research (Ph.D.) programs including unique pharmaceutical analysis. Some interesting areas of research are- over/under drug utilization, incorrect duration/dosage therapeutic duplication, drug-disease interactions. They also work on business model innovations like minimizing artificial shortage and patient counselling.
Worldwide data says that around 10-15% of population in any country suffers with some kind of disability. The disability directs affects the employment opportunities and drastically impacts the life of an individual. The technology like 3D printing and ICT can be used to develop and deploy such aids that are useful for persons with disabilities. ACIC shall incubate development of lower/upper limb prosthetics and the facilitate research, development and deployment of such products. In addition, we shall collaborate with AIIMS to open new opportunities for entrepreneurs in the area of hearing impairment, blindness, locomotor & intellectual/learning disability.
Development of mobile applications can be very useful for community areas including agriculture, healthcare and education. Mobile apps are universal in nature and no start-up can sustain by ignoring this area.
Development of electro-mechanical devices machines are very important area that has tremendous opportunities for start-ups in the region. There are several distinctive regional opportunities like muri making, makhana popping, pottery, rope making, sattu making etc. The research expertise of IIT (ISM) can help develop new and improved machinery.
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ACIC IIT (ISM) Foundation fosters innovation and entrepreneurship by providing incubation support, mentorship, capacity building, and access to a vibrant startup ecosystem.
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ACIC IIT (ISM) Foundation facilitates entrepreneurship, startup growth, and livelihood generation through structured CSR collaborations.
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