CHENNAI: Taking a focused effort to improve the startup ecosystem in Tamil Nadu, StartupTN has decided to set up a Venture Lab that would provide coaching, mentorship, and advisory support for funded startups through immersion programs, training sessions, acceleration processes, and one-to-one guided assistance.
A senior official told DT Next that the StartupTN Venture Lab is aimed at venture development of startups supported by SC/ST funds through various initiatives, including market access initiatives and mentorship programmes.
The process of appointing a venture lab service provider has already started, the official said, adding that the service provider would offer coaching, mentorship, and advice to startups, with a specific focus on equipping them in fundraising, helping them access markets better, scaling their business and thus ensuring sustainability.
"The StartupTN Venture Lab is an innovative 52-week programme that includes coaching, mentorship, and advisory support for funded startups through immersion programmes, training sessions, acceleration processes, and one-to-one guided assistance in venture building," he said. Around 30 startups would be taken up each year for this programme.
Up to three firms would be empanelled for this programme, he said. These firms should give individual attention to each startup depending on the varied requirements.
"Their progress will be tracked as per the metrics decided by a committee to be appointed by StartupTN," he said. The venture lab would function at the StartupTN office in Chennai, and office space for the appointed firms will be provided at the same place. The agency would also provide a dedicated resource, who would be the point of contact for all matters.
The venture lab would be operational within three months starting from March, he said. The lab would be active, live on, and accountable, and would offer hands-on support, product-market fit validation, revenue generation facilitation, fundraising readiness and funding support.
Among other areas where it would help the fledgling firms are operational scaling, compliance and governance establishment, market access and business development. Besides these, it would also help in talent acquisition, overall strategy building, and resource connects, he said.