IIM Kozhikode, Indian Bank collaborate to lend upto Rs 50 crore for startups

NEW DELHI: The Indian Institute of Management (IIM) Kozhikode launched a startup funding scheme called ‘IndSpring Board’ to encourage new startups in partnership with Indian Bank. The scheme launched as part of an agreement between IIMK’s business incubator Laboratory for Innovation Venturing and Entrepreneurship (LIVE) and Indian Bank, will help new startups by providing 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.

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IIMK LIVE is IIM Kozhikode’s business incubator and entrepreneurship development centre. Established in 2016 with support from the Department of Science and Technology, Ministry of Science and Technology, the objective of IIMK LIVE is to promote innovation and startups. So far, the centre has incubated around 80 startups, 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 startup companies.”

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“The startups 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.