IIM-K LIVE and Indian Bank sign a game-changing MoU – Times of India

Indian Institute of Management – Kozhikode’s business incubator ‘Laboratory for Innovation Venture and Entrepreneurship’ (LIVE) and Indian Bank signed a game-changing Memorandum of Understanding (MoU) here on Thursday. The agreement signed marks the launch of a startup funding scheme, ‘Indspring Board’, to support early-stage start-ups by providing loans of up to Rs 50 crore in the presence of IIMK Director Prof Debashish Chatterjee and Executive Director Imran Amin Siddiqui. Chennai-headquartered Indian Bank.

The loan amount disbursed to start-ups under the Indspring Board scheme from IIMK Live and Indian Bank can be used to meet the start-up’s operating expenses and capital expenditure which includes working capital, purchase of fixed assets and other expenses. are, an IIM-K statement said here.

The start-ups selected under the scheme will have to commit to work on innovation, development or improvement of products or processes or services, or offer a scalable business model with high potential for job creation or wealth creation.

The MoU was signed by Prof Rajesh Upadhyay, Executive Director, IIMK Live, and B Vijaya, Zonal Manager, Indian Bank, Kozhikode Zone.

Speaking on the occasion, Chatterjee, Director IIMK and President IIMK Live, recalled the six-year journey of the business incubator and welcomed the Indian Bank on board, saying that ‘Innovation and Entrepreneurship’ is the foundation upon which IIM-K Has dared to go beyond traditional boundaries.

“The top two ranks in the prestigious Atal Innovation Ranking 2021 of the Government of India is a testimony to the culture we are trying to develop here. To further strengthen our innovation ecosystem, IIMK and IIMK LIVE are collaborating with Indian Bank. I am pleased to provide debt financing for our incubation companies,” he said.

With this, IIM-K fills a significant gap in its portfolio of services provided to live start-ups to achieve their vision and consequently achieve our vision 2047 – Globalizing Indian Thought.”

Siddiqui, Executive Director Indian Bank said that start-ups across the country have always been able to secure pre-seed funding, seed funding, Series A, B, C etc, where they often leave substantial equity to investors.

“As IIM-K Live Business Incubator and Entrepreneurship Development Center, Indian Bank is proud to join hands with them in strengthening the start-up ecosystem of our country,” he added.

IIM-K has its own Business Incubator and Entrepreneurship Development Center – IIM-K LIVE, which was established in 2016 in collaboration with the Department of Science and Technology.

The center has been envisioned to function as a business incubator with the aim of making it a national center of excellence that promotes innovation, new business ventures and entrepreneurship, the statement said.