Live and Indian Bank sign a game-changing MoU with IIM – Times of India

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 agreement was signed in the presence of IIMK directors Prof Debashis Chatterjee and Imran Amin Siddiqui to launch a startup funding scheme, ‘Indspring Board’, to help start-up start-ups with loans up to Rs 50 crore. Chennai – Head Office of the Bank of India.

The amount of loan disbursed to start-ups under the IndSpring Board Scheme from IIMK LIVE and Indian Bank can be used to meet the operating costs and capital costs of a start-up which includes working capital, fixed asset purchase and other costs, an IIM-K statement here. Said.

Start-ups selected under this scheme must be committed to innovation, development or improvement of products or processes or services, or present a measurable business model with high potential for job creation or asset creation.

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The MoU was signed by Professor Rajesh Upadhyayula, Executive Director, IIMK Live and B Vijaya, Zonal Manager, Indian Bank, Kozhikode Zone.

Speaking at the event, IIMK Director and Chairman IIMK LIVE Chatterjee described the six-year journey of the Business Incubator and welcomed Bank of India on board, saying that “innovation and entrepreneurship” is the foundation on which IIM-K has dared to transcend traditional boundaries.

The top two rankings of the Government of India’s prestigious Innovation Rankings 2021 are a testament to the culture that we are consciously striving to develop here. To pay, ”he said.

Through this, IIM-K LIVE start-ups fill a significant gap in the service portfolio of services provided to achieve their vision and consequently achieve our Vision 2047 – Globalizing Indian Thought, “he added.

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Siddiqui, Executive Director, Indian Bank, said that start-ups across the country have always been able to raise pre-seed funds, seed funds, Series A, B, C, etc., where they often leave substantial equity to investors.

“As Live Business Incubator and Entrepreneur Development Center at IIM, Indian Bank is proud to be associated with them to strengthen our country’s start-up ecosystem,” he said.

IIM-K has its own business incubator and entrepreneur development center – IIM-K LIVE, which was established in 2016 with the support of the Department of Science and Technology.

The statement added that the center was envisaged to act as a business incubator with the aim of creating a National Center of Excellence that encourages innovation, new business ventures and entrepreneurship.

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