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Innovation Business Acceleration Center presents first cohort at Bengal Global Business Summit

IC² program in the Indian state of West Bengal introduced its first class of participating companies to an international audience.

The Innovation Business Acceleration Center (IBAC) of West Bengal, led by the IC² Institute and the Federation of Indian Chambers of Commerce and Industry, presented its first business cohort at the Bengal Global Business Summit in Kolkata on February 7-8, 2019.

Jim Vance, director of the IBAC program and program manager at the IC² Institute, has spearheaded efforts to identify businesses throughout West Bengal that have strong product/service export potential. Using methods developed at IC², Mr. Vance and his team evaluated companies for readiness, provided expert training, and prepared company leadership to present their product and services to broader markets. From the first cohort of 39 companies, companies with highest potential will be supported in business development activities in their country and internationally.

IBAC at BGBS 2019
IBAC cohort and team at BGBS 2019. IC²’s Jim Vance is in the front row, third from the right; behind him is IC² Fellow Nirankar Saxena, Deputy Secretary General of FICCI; standing in the middle of last row is FICCI Senior Assistant Director Abhay Kumar Singh.

IBAC was established in 2018 by the West Bengal Industrial Development Corporation (WBIDC), Government of West Bengal. IBAC serves as a model acceleration and incubation center to support innovators, technology, start-ups, enterprises and businesses which have the potential to grow, scale and contribute to the economy of the state of West Bengal. The center engages with incubatees and businesses for their technology evaluation and growth, with the goal to produce measurable impact. IBAC provides proven methodology to establish and grow sustainable market-driven businesses through technology and innovation. The center will support and promote exports, working closely with exporters in West Bengal to explore opportunities for expansion in existing markets or new geographies for product launches.

Bengal Global Business Summit is the annual flagship event organized by Government of West Bengal to showcase the business readiness and investment potential of West Bengal in front of the global business community. WBIDC arranged for a separate pavilion for IBAC companies to showcase their products while FICCI arranged meetings between visiting delegates and companies from China, Italy, Germany, Australia and Republic of Korea. BGBS 2019 attracted participation of over 4000 delegates from across India and 36 countries. The avenues of collaborations are spread over a wide spectrum of business sectors including agribusiness, IT & ITES, MSME & skills, hospitality & tourism, logistics & transport and infrastructure.