Big Boost For Indian Craft Startups, IIM Ahmedabad’s Incubator To Support Over 100 Such Startups By 2025

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Big Boost For Indian Craft Startups, IIM Ahmedabad’s Incubator To Support Over 100 Such Startups By 2025

The Indian craft market is the largest in the world. However, the sector still remains to be adequately promoted. To leverage the potential of this industry, IIM Ahmedabad’s startup incubator has stepped forward to assist over 100 early-stage craft startups by 2025. The move is aimed toward promoting rural development, sustainable livelihood and boosting the rural economy.

Moving from clusters to customers

The Centre for Innovation, Incubation, and Entrepreneurship at IIM-A is a startup incubator that is involved in startup funding, investment, mentoring etc. to provide the necessary support to small businesses in the early risky stages.

To provide a much-needed boost to the Indian crafts industry, the Centre for Innovation, Incubation, and Entrepreneurship (CIIE.CO) is set to assist over 100 early-stage craft startups by 2025. The incubation center will provide portfolio assistance to over 15 forward-thinking craft startups, and will also grant seed funding and capital assistance to startups of up to INR 50 lakhs.

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Chintan Bakshi, Accomplice, Incubation at CIIE.CO told BusinessLine that the initiative is a ‘step towards creating millions of sustainable livelihoods and if passionate entrepreneurs collaborate with Indian craft clusters, it will aid in the sustainable development of the nation.’

Promoting the Indian crafts-based sector will help to make the transition from a fossil-fuel-based economy to a green economy by boosting the production of sustainable, socially conscious, and environment-friendly products to advance growth.

CIIO sees massive opportunities in the Indian craft sector

In early 2022, CIIO published a report on the crafts-based enterprises in India to map the present and future of the sector. The report outlined the current state of the Indian crafts market and highlighted the gaps and opportunities for startups. CIIO’s report stated the five distinct stages in the Indian craft’s value chain which are artisan development, raw material sourcing, craft development, product development and access to customers.

Keeping in view these stages, CIIE.CO intends to support startups that develop disruptive technologies to improve efficiencies in the craft value chain over the next three years. It is also interested in startups that innovate with craft materials for artisans, develop disruptive technology models for customer experience, and introduce innovations and interventions to bring efficiencies and improved market connections to the craft clusters.

In pursuit of strengthening the Indian crafts sector, CIIE.CO has run three craft-centric startup programs in the last three years, covering over 46 startups including Khadigi, Golden Feather, Kosha Fabriclore, and Fabricmonde, among others.

As per a recent UN report, the number of artisans in India has dropped by 30 percent over the past 30 years due to a lack of career opportunities. CIIE's initiative to boost startups in the craft sector will be a big encouragement for skilled artisans to showcase their crafts.

With the number of highly skilled artisans that India has, the country has the potential to turn this sector into a multi-billion-dollar industry thus opening doors to some exciting business opportunities for startups.

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