Indian Institute of Management Kozhikode’s business incubator Laboratory for Innovation Ventures and Entrepreneurship (LIVE) and Indian Bank signed a game-changing Memorandum of Understanding (MoU) here on Thursday.
The agreement led to the launch of a start-up funding scheme, ‘Induspring Board’, to support early-stage start-ups by providing loans of up to ₹50 crore in the presence of IIM-K Directors Prof. Debashish Chatterjee and Imran Amin Siddiqui . Executive Director of Chennai Headquarters Indian Bank said in a statement here.
The loan amount disbursed to start-ups under IndSpring Board scheme from IIM-K LIVE and Indian Bank will be used to meet start-up operating expenses and capital expenditure including working capital, purchase of fixed assets and other expenses . The start-ups selected under the scheme will have to commit to work on innovation, improving products, processes or services and offering a scalable business model with high potential for job creation and wealth creation.
The MoU was signed by Prof Rajesh Upadhyayala, Executive Director, IIMK Live, and B Vijaya, Zonal Manager, Indian Bank, Kozhikode Zone. Speaking on the occasion, Prof. Chatterjee recalled the impressive six-year journey of the business incubator. “Innovation and entrepreneurship is the foundation on which IIM-K has dared to go beyond traditional boundaries. The top two ranks in India’s prestigious Atal Innovation Ranking 2021 is a testimony to the culture we are trying to develop here,” he said.
To further strengthen our innovation ecosystem, he added that IIM-K and IIMK LIVE are happy to collaborate with Indian Bank to provide debt funding for their incubated companies. Pro. Chatterjee said, “With this, IIMK bridges a significant gap in its portfolio of services provided to live start-ups to achieve their vision and consequently to achieve our vision 2047 – Globalizing Indian Thought “