IICD Crafts Business Accelerator Program 2024
AIM OF THE PROGRAM
The Crafts Business Accelerator Program is a unique initiative aimed at enhancing the business capabilities of early-stage craft entrepreneurs. It provides guidance and mentoring from faculties, experts, and industry leaders to create a positive ecosystem for the crafts sector both nationally and internationally.
PROGRAM INFORMATION
IICD's primary objective is to foster the growth of the craft sector and establish a robust ecosystem with significant social impact. While design schools in India emphasize skill development, design enhancement, and technological progress, there is a notable gap in providing comprehensive guidance for starting craft or design-based businesses. Many aspiring entrepreneurs, including young craftspeople, recent design school graduates, and even homemakers, are driven by unique ideas and quality products. Unfortunately, many of these startups and small businesses struggle due to a lack of business knowledge, financial support, and mentorship. IICD's accelerator program is a response to this need.
This program is conducted in collaboration with prestigious institutions such as IIM Udaipur, BITS Pilani, EDII Ahmedabad, and iStart (Government of Rajasthan), with funding support from the Kalhath Foundation in Lucknow. It is tailored for early-stage businesses in the crafts sector and aims to enhance participants' understanding of business within this industry. Delivered through a hybrid model across three modules, it combines in-classroom and hybrid sessions. The program equips crafts-based startups with the tools and knowledge to succeed, giving them a competitive edge in the crafts sector.
PROGRAM DURATION
This comprehensive program spans five months, including 18 days of residential classes, and is specifically designed to empower young craft businesses. It includes three intensive weeks of face-to-face sessions with distinguished professionals from various domains, including crafts, business, academia, and industry. Throughout the program's duration, participants will benefit from curated mentoring sessions provided by accomplished mentors.
PROGRAM OVERVIEW
The program is structured into three modules and will be conducted at distinct venues. The inaugural module will occur at the IICD campus, while the remaining two modules are scheduled for EDII Ahmedabad/ IIM Udaipur and Mumbai. Here's an overview of the main contents covered in each of these modules:
MODULE I
- Overview of Indian Crafts Business
- Expert Session on Branding
- Importance of design & innovation in Craft Business
- Marketing Communication
- Digital Marketing
- Sustainability in Crafts & SDG's
- Product Photography
- Packaging for Crafts
MODULE II
- Building a Sustainable Financial Model for Business
- Legal Essentials for Your Business
- Business of Crafts and Design
- Go to Market Strategy - Distribution, Challenges & Opportunities in the Craft Sector
- Building a Pitch Deck
MODULE III
- Craft Business: Retail Marketing
- Negotiation Skills for Craft Business
- Scaling Businesses in the Craft Sector
- Fund Raising for Craft Business
- Social Impact of Craft Business
- Fund Sources for Craft Business
In addition to in-class sessions, the program includes regular field visits and ongoing feedback to ensure that learning is maximized. Furthermore, a product exhibition and a valedictory ceremony are organized at the conclusion of the third module
SEATS
The program has a capacity for a maximum of 15 participants.
ELIGIBILITY
Early-age entrepreneurs operating businesses in the crafts sector who aspire to make a positive social impact through craft-based enterprises are encouraged to apply, with a special emphasis on welcoming women and artisan entrepreneurs.
EVALUATION
The evaluation of the proposal will be done by a selection committee on the basis of the following evaluation criteria;
EVALUATION CRITERIA
All applications will undergo a thorough review process led by a dedicated selection panel. This panel will carefully evaluate each application, paying close attention to the following specific criteria that have been outlined for the program's selection process.
- Craft Product Range and Domain Expertise
- Sustainability and social impact
- Strength and viability of the business
- Founders and team profile
Within this category, we will evaluate the distinctive qualities of the product and its range, as well as the depth of expertise within the craft domain. Additionally, any notable interventions related to the product or range will be considered during the assessment.
In this section, we will delve into the sustainability and social impact aspects of the applicants' craft businesses. This evaluation will include an examination of the strategies and practices in place to ensure the long-term sustainability of the business. Additionally, we will assess how the business contributes to social impact within its community or target audience, taking into consideration factors such as job creation, local empowerment, and environmental responsibility.
Under this category, the evaluation will focus on the overall strength and viability of the applicants' craft-based businesses. This assessment will consider various factors, including the business's financial stability, growth potential, market positioning, and competitive advantage. We will analyze how well the business is positioned to thrive in the long term and its ability to adapt to changing market conditions and challenges. This assessment aims to gauge the overall robustness of the business and its potential for sustained success.
In this section, we will assess the founders and the team behind the craft business. This evaluation will consider the qualifications, experience, and expertise of the founders and key team members. We will also look at their roles and responsibilities within the business, as well as their ability to collaborate and drive the venture forward. The founders' and team members' profiles will play a crucial role in determining the strength and potential of the business, as they are often the driving force behind its success.
Applications that score below 50% will not undergo further evaluation. Applicants achieving a score of 50% or higher will be invited for a personal interview.
PROGRAM FEE
The program fee is Rs. 15,000, and a security deposit of Rs. 5,000 is required, which will be refunded upon successful completion of the program.
(The program is valued at approximately Rs. 2,00,000. However, it is being offered to selected participants at a heavily subsidized rate.)
APPLICATION PROCEDURE
The application fee amounts to Rs. 1,000. Individuals interested in applying should complete the application form accessible on the IICD website before 22nd Jun 2024.
(The registration fee is non-refundable in the event that applicants are not selected for the program).