iAccelerator is the name and it is a Summer Start-up Camp - meanings can be different for different people. You could consider it an internship (if your college requires you to do one!), a sabbatical (if thats the only way you can take a break from your current organization!) or a second-wind for your slow-growth start-up.
iAccelerator aims at accelerating your web and mobile related brainwaves into prototypes and possibly build a team around the idea, get you some funding and most importantly achieve some traction from your customers. All this through a three-month Summer Camp at IIM Ahmedabad.
The Programme would comprise of intensive monitoring of product development, mentoring by VC, business and technology experts. Once you have developed your prototypes, IIM Ahmedabad students shall work closely with the start-ups in commercializing the prototypes developed by the teams.
CIIE gives you a stipend (8k a month is not too less for Ahmedabad believe me!), computers with connectivity (if you don't carry a laptop of your own), an office space, mentoring, networking and accommodation at IIMA.
Detailed process can be found at this link.