IIM Shillong, Meghalaya Government collaborate to boost startups

This agreement establishes a series of business plan competitions aimed at college students across the state. Successful participants will receive government funding for their startups.

In a groundbreaking collaboration, the Indian Institute of Management Shillong (IIM Shillong) and the Meghalaya government signed a Memorandum of Understanding (MoU). This agreement establishes a series of business plan competitions aimed at college students across the state. Successful participants will receive government funding for their startups.

Celebrating Milestones and Partnerships

During the event, Director Professor DP Goyal remarked on the significance of this moment, highlighting that IIM Shillong is now in its 16th year and is a sought-after destination for top management students nationwide. “We have established partnerships with 23 global institutions, providing students with full-term credits from our foreign partners,” he noted, emphasizing the dual focus on Indian values and global practices. Professor Goyal underscored the importance of IIM Shillong's role in fostering economic growth in Meghalaya through such initiatives.

Significance of the MoU

Chairman of the Board of Governors, Shishir Bajoria, pointed out the MoU's timing, coinciding with the 189th death anniversary of freedom fighter U Tirot Sing Syiemlieh. He shared that IIM Shillong's student population has grown from 350 to 900. Bajoria also mentioned a new MoU with the Asian Institute of Technology (AIT) in Thailand and proposed registering the APJ Abdul Kalam Centre for Policy Research and Analysis as a Section 8 Company to maximize its potential. He indicated plans to offer undergraduate courses, which would require additional space from the government.

Chief Minister Conrad Sangma, who arrived directly from Delhi, expressed his long-standing desire to formalize the MoU to enhance the business plan competition initiative. He credited IIM Professor Teidor Lyngdoh for bringing focus to environmentally friendly entrepreneurial ventures that helped propel the agreement forward.

“It is crucial to transition towards a knowledge economy, and partnering with IIM is a significant step,” Sangma stated. He emphasized the government’s commitment to investing in this venture for the youth's business plans.

Capacity Building and Challenges

Conrad highlighted the need for leadership across all sectors, noting the government's willingness to send officers for capacity-building training at top institutions. He acknowledged the challenges posed by bureaucratic processes in accessing funding but pointed out that Meghalaya has successfully secured interest-free loans for infrastructure development.

He expressed optimism that IIM Shillong would assist in building capacities within the Autonomous District Councils (ADCs) to better address contemporary challenges. He also shared successes in reducing the maternal mortality ratio in the state, showcasing effective problem-solving and intervention strategies.

Encouraging Student Engagement

Conrad encouraged IIM students to develop leadership skills and actively seek ways to support the state. He invited them to share innovative ideas that could promote equity, social justice, and improved health and educational outcomes, assuring them of government support for viable proposals.

In closing, the Chief Minister urged students to be good human beings, remain humble, and stay connected with community needs. He also participated in a symbolic gesture by planting an orange tree on the IIM campus.

Next Steps for the Competition

Professor Teidor Lyngdoh and his team will oversee the business plan competition, which is set to run from July to September.

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