IIM Kozhikode's Start-up LIVE Signs MoU with Indian Bank; Launches Start-up Funding Scheme
On January 13, the Indian Institute of Management Kozhikode's Business incubator Laboratory for Innovation Venturing and Entrepreneurship (LIVE) and Indian Bank inked a game-changing Memorandum of Understanding (MoU).
In the presence of Prof. Debashis Chatterjee, Director IIMK, and Imran Amin Siddiqui, Executive Director of the Chennai-based Indian Bank, the signed agreement inaugurated a startup funding plan called 'IndSpring Board' to promote early-stage start-ups by offering loans up to 50 crore.
The funds released by IIMK LIVE and Indian Bank under the IndSpring Board scheme would be utilised to cover initial operating and capital expenses, including as fixed asset purchases, working capital, and other costs. Startups chosen under this plan must be dedicated to working on product or process innovation, development, or improvement, or exhibit a scalable business model with a strong potential for job creation or wealth creation.
Prof. Rajesh Upadhyayula, Executive Director of IIMK LIVE, and B. Vijaya, Zonal Manager of Indian Bank, Kozhikode Zone, signed the Memorandum of Understanding. Prof. Chatterjee spoke on the occasion and described the Business Incubator's remarkable six-year journey. He said, “Innovation and entrepreneurship are the bedrock on which IIMK has dared to go beyond traditional boundaries. The top two ranks in prestigious India’s Atal Innovation Rankings 2021 is a testimony to the culture we are consciously trying to develop here.”
He stated that the IIMK and IIMK LIVE are glad to cooperate with Indian Bank to provide debt capital for its incubated start-ups in order to further develop our innovation ecosystem. Prof Chatterjee said, “with this, IIMK LIVE fulfils an important gap in its portfolio of services provided to startups in achieving their vision and consequently achieving our vision 2047 – Globalizing Indian Thought.”