L-Incubator IIM Lucknow Organises a Unique Training Program on Corporate Venturing
L-Incubator IIM Lucknow organised a training program on “Corporate Venturing: Oxymoronic Strategy” at IIM Lucknow Noida Campus. The first edition of the program series, “Corporate Venturing: Innovation Development Program” was conducted in February 2018. As a pioneer in the subject the organisation has earlier conducted the first edition of the program. The list of participants consisted of senior officials from both government and private organisations including HPCL, NFL, KRIBHCO, IOCL, NSIC, NBCC and Deloitte.
Corporates Venturing is a practice in which corporates make direct investments in innovative startups. This gives corporates access to innovative technology and thus, a competitive advantage for the future. Startups, on the other hand, seek an opportunity for a strategic financial alliance which also boosts their viability and sustainability. L-Incubator’s program was designed to introduce participants to the oxymoronic strategy needed in this setup. The key characteristics of corporates and startups vary, and hence, a strategy to resolve possible conflicts is essential.
L-Incubator IIM Lucknow has also been helping Public Sector Units (PSUs) in rolling out their respective startup programs as a mentor institution. They have in the past signed Memorandum of Understanding (MoU) with organisations like National Fertilizers Limited (NFL), Hindustan Petroleum Corporation Limited (HPCL), Gas Authority of India Limited (GAIL) and Oil and Natural Gas Corporation (ONGC). As a mentor institute, L-Incubator helps them in the entire process including selection of startup, policy design, due diligence, valuation, investment, and incubation and acceleration support. L-Incubator has earlier been successfully able to get its incubated startups to support from these PSUs. To name a few, HPCL has invested in L-Incubator’s incubatees Constems, Simulanis, Target Plus and ONGC invested in Logic Ladder.
To further the process of passing on this learning, L-Incubator hosted the “Corporate Venturing: Oxymoronic Strategy” training program.
The program was held over a period of three days. The first day had two sessions, the first one was conducted by Sanjay Kumar, Chief General Manager (CGM) HPCL. He briefed the participants about HPCL’s startup initiative. The second session was hosted by Raunaque Mustafa, Vice-President, L-Incubator on Startups & Investment Ecosystem. On the second day of the event Prof M.Akbar, a retired professor of Strategic Management at IIM Lucknow and ex-Managing Director L-Incubator, started the session on Conflict Management between Corporates and Startups. In the second half of the day advocate and Managing Partner, India Juris, Sameer Rastogi joined the program and briefed the participants on “legal aspects of Company & MCA with respect to startups and IPR”. On the concluding day, Suresh Dhaka, Manager (Investments) L-Incubator delivered a session on “Financial modelling & cash flow projections, and valuation of startups.” In the latter half of the day Raunaque Mustafa delivered another session on creating term sheets for startups. He then concluded the program with a vote of thanks and certificate distribution.
The program has been appreciated largely by all its partners and participants and the organisation is now preparing to launch the third edition of the program with a new aspect of corporate venturing to educate and to create a national footprint in the Indian startup ecosystem.