The Indian Institute of Management – Kozhikode’s Business incubator ‘Laboratory for Innovation Venturing and Entrepreneurship’ (LIVE) and Indian Bank signed a game-changing Memorandum of Understanding (MoU) here on Thursday. The inked agreement launched a startup funding scheme, ‘IndSpring Board’, to support early stage start-ups by providing loans up to Rs 50 crore, in the presence of Prof. Debashis Chatterjee, Director IIMK and Imran Amin Siddiqui, Executive Director of the 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 a start-up’s operational expenditure and capital expenditure which includes working capital, purchase of fixed assets and other expenses, an IIM-K statement said here.
Start-ups selected under this scheme would have to be committed towards working on innovation, development or improvement of products or processes or services, or present a scalable business model with a high potential of employment generation or wealth creation.
You have successfully cast your vote
The MoU was signed by Prof. Rajesh Upadhyayula, Executive Director, IIMK LIVE and B. Vijaya, Zonal Manager, Indian Bank, Kozhikode Zone, it said.
Speaking on the occasion, Chatterjee, Director IIMK & Chairman IIMK LIVE, recounted the Business Incubator’s six-year journey and welcomed Indian bank on board saying ‘innovation and entrepreneurship’ are the bedrock on which IIM-K has dared to go beyond traditional boundaries.
“The top two rank in the prestigious Govt. of India’s Atal Innovation Rankings 2021 is a testimony to the culture we are consciously trying to develop here. In order to further strengthen our innovation ecosystem, IIMK and IIMK LIVE are happy to collaborate with Indian Bank to provide debt funding for its incubatee companies,” he said.
With this, IIM-K LIVE fulfills an important gap in its portfolio of services provided to start-ups in achieving their vision and consequently achieving our vision 2047 – Globalizing Indian Thought,” he added.
Siddiqui, Executive Director Indian Bank said the start-ups across the country have always been able to garner pre seed funding, seed funding, series A, B, C etc where they, more often than not, forgo substantial equity to the investors.
“As IIM-K LIVE being the business incubator and entrepreneurship development centre, Indian Bank is proud to be associated with them in strengthening the Start-up ecosystem of our country,” he said.
IIM-K has its own business incubator and entrepreneurship development centre – IIM-K LIVE, which was established in 2016 with the support of the Department of Science and Technology.
The centre is envisioned to function as a business incubator with a purpose of creating a National Centre of Excellence that promotes innovation, new business venturing and entrepreneurship, the statement added.