The program, christened Entrepreneur-in-Residence program, has started inviting applications from middle and senior management level executives with strong domain and operational experience to join its program and take an entrepreneurial journey with Venture Factory collaboration.
After identifying and shortlisting the candidates they will be put to work on entrepreneurial ideas which will be supported by seed investments, said the company.
The candidates will then work along with core team of Venture Partners and usually go on to take various CXO roles, including that of the CEO in their respective ventures, the company added.
Till such time that the startups start making money, these EIRs are paid a monthly compensation and are incentivized with founder-equity in the startup. In case, the business idea ultimately does not work out, then based on the EIR’s interest areas and background he/she is invited to work on a different idea, the compay further added.
The model is somewhat different from the traditional venture capital model, under which entrepreneurs are paid or promised a lumpsum amount in return for a certain percentage of equity.
Deepam Mishra, CEO of Venture Factory said, “India is today a hotbed of technology innovation and the startup and entrepreneurship momentum has been fueling this trend even further. In our nation’s pursuit to move from being perceived as a service industry to a product nation, we need as many experienced hands as possible to make this a reality. The EIR programme promises to harness the best of both worlds by enabling our seasoned technology professionals to pursue their entrepreneurial dreams. We believe this will pave the way for amore innovation and the creation of many more business leaders in the years to come.”
Venture Factory is an end-to-end platform that enables startups to navigate the concept-to-market journey with high quality, speed and cost-efficiency.