New Delhi:IIM Kozhikode's business incubator Laboratory for innovation Venturing and Entrepreneurship (LIVE) collaborated with Indian Bank. Under this collaboration a memorandum of understanding (MoU) has been signed to launch a start-up funding scheme, 'IndSpring Board', to support early-stage startups by providing loans up to 50 crore INR.
The signing of the MoU took place in the presence of Professor Debashis Chatterjee, Director, IIM-K Imran Amin Siddiqui, Executive Director of the Chennai headquartered Indian Bank.
Professor Debashis Chatterjee, Director, IIM Kozhikode, and Imran Amin Siddiqui, Executive Director of the Chennai-based Indian Bank, were present for the signing of the MoU.
The loan amount would be disbursed to start-ups to satisfy their operational and capital expenditures under the IndSpring Board scheme from IIM-K LIVE and Indian Bank. Working capital, fixed asset purchases, and other expenses would be included in these costs.
Start-ups chosen for the programme must be dedicated to focusing on innovation, improving products, processes, or services, and presenting a scalable business strategy with a high potential for creating jobs and money.
The MoU was signed by Professor Rajesh Upadhyayula, Executive Director of IIMK LIVE, and B Vijaya, Zonal Manager of Indian Bank's Kozhikode Zone. Professor Chatterjee spoke at the event, recounting the Business Incubator's remarkable six-year journey.
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"IIM-K has ventured to expand beyond customary bounds because of innovation and entrepreneurship. The top two spots in India's coveted Atal Innovation Rankings 2021 are a testament to the culture we're attempting to cultivate here," he remarked.
Professor Chatterjee further added, "With this, IIMK LIVE fills an important need in its portfolio of services supplied to start-ups in fulfilling their vision and, as a result, attaining our goal 2047 – Globalizing Indian Thought."
The collaboration with IIMK LIVE is significant because the Indian government has designated January 10–16, 2022 as National Innovation Week. "Indian Bank is happy to work with IIMK LIVE to help India's startup ecosystem," said Indian Bank executive director Imran Amin Siddiqui.
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