The Centre for Entrepreneurship Opportunities and Learning (CEOL) was indurated by Nirmala Sitaraman, the defence minister of India. CEOL is established in Mangaluru with the hope of turning the city into the Silicon Valley of India. The centre was awarded INR 1.5-crore from MPLAD. The aim of this state-of-the-art incubation centre is to nurture talent, foster and support the spirit of innovation and entrepreneurship among youngsters.
The Centre for Entrepreneurship Opportunities and Learning will be operated and managed by the Society headed by the Deputy Commissioner to provide the talented youngsters with the ecosystem to work on their ideas to bring the change. Although engineering is the major focus the CEOL will not stay restricted to software development. The innovative ideas to bring radical change in the fields of medical, agriculture and defence etc. will also be welcomed.
Centre for Entrepreneurship Opportunities and Learning – Features
The incubation centre’s present capacity is 60 and it is interesting to note that 49 applications for the seat were received even before the inauguration. 40 additional seats have been proposed to be added if more innovators show their willingness for the incubation centre.
The applications submitted by individuals for setting up start-ups will be systematically reviewed and assessed by the committee headed by the professionals. The decision taken by the bench of professionals will be the final and binding decision; MLAs, MPs or any other political person will not have a role in the selection procedure.
Each selected individual will be allotted a time of 11-months to conceptualise, develop and market their ideas. This has been done to ensure that more and more individuals get a chance and proper environment to work on their innovative ideas.
Help and Support to Start-ups
The Centre for Entrepreneurship Opportunities and Learning, in addition to a place of work, will also provide other kinds of help to support the growth of entrepreneurial start-ups. Three monthly activities have been planned and proposed as of now. These three activities will be:
Bring in venture capital – The first activity planned for each month is holding the activity to bring in venture capital and angel funds to interact with the start-ups. The start-ups can get funds for their ideas from venture capitalists if their ideas are good enough to attract them.
Bring industries to the centre – The second activity of each month would be to bring in industries to interact with start-ups and discuss the needs of the industry so that innovative minds can think of a solution and develop their start-up project on its base.
Bring in Mentors – The third activity the CEOL would take every month would be bringing in the mentors who can guide the new talents. The mentors brought would be the specialists in their individual fields. These professionals brought as mentors will interact with the individuals of their respective fields who are eager to excel in those fields with their innovative ideas.
With so many technical colleges and other industrial hubs in its close vicinity, Mangaluru is an ideal place for nurturing innovative talents. Initiatives such as the Centre for Entrepreneurship Opportunities and Learning can be seen as an opportunity to develop a non-metropolis city like Mangaluru as a hub for start-ups. Bengaluru is already over-crowded and Mangalore has all the characteristics of the Silicon Valley.