2 April, 2016, Ahmedabad: Gujarat University selected 12 startups and invested around US $600k in each to back their ideas. These firms were selected in an event organised by Gujarat University Startup And Entrepreneurship Council (GUSEC). The event also saw the participation from Gujarat Corporate Social Responsibility Authority (GCSRA) and Entrepreneurship Development Institute (EDI).
Around 20 startups that include student as well as well-established startups such as Planet Earthlings, Chaaipani, San Burn, Aatap Energy, Xitiz Technologies etc. participated in this event. These newly funded startups plan to utilise the amount in expanding their platform, enhancing their technology and to increase their customer base. Apart from funding, Gujarat University will also provide mapping support and mentorship to these firms.
Speaking about the University’s new move, Dr. MN Patel, Vice-Chancellor, Gujarat University, “We are going to implement all necessary processes, systems and facilities required for startups entrepreneurs and innovators to grow quickly within the university system, and by mapping the initiative of CSR Authority of Gujarat, startups can get some initial funding to quickly grow.”
After Prime Minister Narendra Modi waved off India’s campaign ‘Startup India, Stanup India’, Gujarat University launched GUSEC to support PM’s initiative. GUSEC focuses on supporting, nurturing and encouraging young entrepreneurs who have creative ideas that can really change the course of the business.