Goa sees an increase in young entrepreneurs

VERNA: Goa has been witnessing an increase in young business-minded individuals who are setting out with their own firms and companies, taking pride in learning from scratch.
Based in Verna, the centre for innovation and business acceleration (CIBA), an offshoot of Agnel entrepreneur development institute (AEDI), is a semi-government body which supports and mentors young entrepreneurs with an innovative idea to start their own business by helping them with licenses, funding, government procedures and likewise in the field of food processing, IT and solid waste management among others.
ADEI, which has been functioning for the past 13 years, has churned out about 3,500 entrepreneurs, attesting their authenticity and efficiency by issuing a certificate after training the professionals. But they realized that even after being talented and efficient, the entrepreneurs would have trouble with funding and government procedures. This is when CIBA came into the picture.
Starting out in 2012, CIBA has four successful young entrepreneurs who have graduated from the centre. D S Prashant, manager at CIBA, said, "We started receiving professionals by May 2012 and have around seven currently being supported by us. At CIBA, we provide them with mentorship and support for which experts from Indian Institute for Management (IIM) at Ahmedabad come, especially to interact with them and guide them through online sessions. In case the entrepreneurs need physical infrastructure, we also provide that in the CIBA building. Around 10 companies can be incubated in the CIBA campus at a time."
In the duration of two weeks or three, depending on the product or service of the professional, CIBA prepares tailored curriculum free of cost. CIBA also helps young professionals with multiple funding options. They handhold the entrepreneurs and introduce them to local funding agencies, capitalists, banks, the Economic Development Corporation (EDC), etc while also helping them with soft loans.
Prashant says, "We also have 14 professionally trained staff that provides marketing support, direct the trainees through government procedures and introduce them to international networks like Asia Pacific Incubators Network (APIN), Indian STEP and Business Incubators' Association (ISBA), etc".
A new campus coming up at Assagao scheduled to be inaugurated in December 2013, will support entrepreneurs in the field of handicrafts along with pharmacy and electronics.
A former CIBA student from Loutolim, Oscar de Sequeira Nazareth is the owner of Licor Armada, a fine spice liqueur. He said, "As I was brought up and educated abroad, starting a business in India was always a source of confusion to me. CIBA helped smooth the way by assisting me with all stages of starting my enterprise - from incorporation to using the laboratory facilities for testing my product and perfecting the formula."