New Delhi: The IIM Business Incubator Laboratory for Innovation Venturing and Entrepreneurship (LIVE) cooperated with Indian Bank. Under this Memorandum of Understanding, a Memorandum of Understanding (MoU) was signed to launch the initial IndSpring Board funding scheme to complete start-ups at an early stage by providing loans of INR 50.
The signing of the memorial on the interaction took place in the presence of Professor Debashis Chatterjee, Director of IIM-K and Imran Amin Siddiki, Executive Director of Chennai Hadquarrée Indiqui.
Professor Debashis Chatterjee, Director, IIM Kozhikode, and Imran Amin Sidiki, CEO of the Bank of India, based in Chennai, were present at the signing of the memorandum of understanding.
The loan amount will be repaid to start-ups to cover their operating and capital costs under the IndSpring Board scheme from IIM-K LIVE and Indian Bank. Working capital, acquisition of fixed assets and other costs will be included in these costs.
Startups selected to participate in the program should focus on innovation, improving products, processes or services, and presenting a scalable business strategy with high potential to create jobs and money.
The memorandum of cooperation was signed by Professor Rajesh Upadhyayula, Executive Director of IIMK LIVE, and B. Vijaya, zonal manager of the Kozhikode zone of the Bank of India. Professor Chatterjee spoke at the event, outlining the remarkable six-year journey of the business incubator.
IIM Kozhikode Exchange rate and payment structure 2022
“IIM-K has risked going beyond the customs because of innovation and entrepreneurship. The first two places in India’s coveted Atal 2021 Innovation Rankings are a testament to the culture we are trying to cultivate here,” he said.
Professor Chatterjee added: “With this, IIMK LIVE meets the important need in its portfolio of services provided to start-ups to realize their vision and, as a result, achieve our goal by 2047 – the globalization of Indian thought.”
Cooperation with IIMK LIVE is significant because the Government of India has designated January 10-16, 2022 as National Innovation Week. “Indian Bank is happy to work with IIMK LIVE to help the Indian startup ecosystem,” said Indian Bank CEO Imran Amin Sidiki.