In a bid to offer support to the start-ups, the Indian Institute of Management (IIM) Kozhikode has unveiled a startup funding scheme called ‘IndSpring Board’ in association with Indian Bank. The scheme was announced as part of an strategic alliance between IIMK’s business incubator Laboratory for Innovation Venturing and Entrepreneurship (LIVE) and Indian Bank, will be offering help to the start-ups by granting them loans up to Rs 50 crore.
“The startups that are committed towards innovation, development or improvement of products or services will be selected under this scheme. Startups that present a business model that could generate employment or profit will also be selected,” said a statement from IIMK.
IIMK LIVE is a part of IIM Kozhikode’s business incubator and entrepreneurship development centre and it began oppressions in 2016 in assistance with Department of Science and Technology, Ministry of Science and Technology. The vision of IIMK LIVE is to promote innovation and start-ups. So far, the centre has incubated around 80 start-ups, resulting in the generation of profit, employment and patents, the notice read.
Debashis Chatterjee, Director of IIMK and Chairman of IIMK LIVE said, “IIMK’s performance in the Atal Innovation Rankings 2021 is proof of the innovation and entrepreneurship culture we are developing. IIMK and IIMK LIVE are happy to cooperate with Indian Bank to provide funding for its incubated start-up companies.”
“The start-ups across India were not able to access debt funding. Indian Bank has been able to formulate the ‘IndSpringBoard’ scheme for startups to enable this. The agreement with IIMK LIVE is special as the Indian government has announced January 10 to 16, 2022 as innovation week. Indian Bank is proud to partner with IIMK LIVE to support the startup ecosystem of India,” said Imran Amin Siddiqui, executive director of Indian Bank.