IIM Kozhikode collaborates with Indian Bank to support start-ups

Under the IndSpring Board scheme from IIM-K LIVE and Indian Bank, the loan amount will be disbursed to start-ups to meet their operational expenditure and capital expenditure. These expenditures would include working capital, purchase of fixed assets and other expenses.

The business incubator Laboratory for Innovation Venturing and Entrepreneurship (LIVE) of the Indian Institute of Management (IIM) Kozhikode collaborated with Indian Bank. Under this collaboration a Memorandum of Understanding (MoU) has been signed to launch a start-up funding scheme, ‘IndSpring Board’, to support early-stage start-ups by providing loans up to 50 crore INR. The signing of the MoU took place in the presence of Professor Debashis Chatterjee, Director, IIM-K and Imran Amin Siddiqui, Executive Director of the Chennai headquartered Indian Bank.

Under the IndSpring Board scheme from IIM-K LIVE and Indian Bank, the loan amount will be disbursed to start-ups to meet their operational expenditure and capital expenditure. These expenditures would include working capital, purchase of fixed assets and other expenses.

Start-ups selected under the scheme would have to be committed to working on innovation, improvement of products, processes or services, and present a scalable business model with a high potential of employment generation and wealth creation.

Professor Rajesh Upadhyayula, Executive Director, IIMK LIVE, and B Vijaya, Zonal Manager, Indian Bank, Kozhikode Zone signed the MoU. Speaking on the occasion, Professor Chatterjee recounted the Business Incubator’s six-year impressive journey. “Innovation and entrepreneurship are the bedrock on which IIM-K has dared to go beyond traditional boundaries. The top two ranks in India’s prestigious Atal Innovation Rankings 2021 is a testimony to the culture we are consciously trying to develop here,” he said.

 “With this, IIMK 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,” Professor Chatterjee said.

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