IIT Kanpur, Yes Bank to provide grants to innovative startups
Magdhi Diksha|May 22, 2023
NEW DELHI: Startup Incubation and Innovation Centre (SIIC) at Indian Institute of Technology (IIT) Kanpur, has organised a two-day startup festival – ‘Abhivyakti’, from March 4 to 5, 2023, at the institute. The institute organise the fest to bring together people from different walks of life, including budding entrepreneurs, government officials, industry representatives, investors, and mentors from across the country.
Two important developments took place on the inaugural day of the event. SIIC, IIT Kanpur signed an agreement with the Hinduja Group to collaborate on promoting the startup ecosystem in India by providing crucial support to budding entrepreneurs, fostering innovation and driving growth in the Indian startup ecosystem.
The inaugural session also witnessed the launch of the SIDBI Seed Equity Support Scheme (S4-SIIC). According to the official IIT Kanpur release, SIDBI is setting up a pilot fund of Rs. 50 crore, 10 crore each year through this fund, which will be used for supporting the hard-tech startups incubated at SIIC, IIT Kanpur.
As part of the festival, several revolutionary inventions will be showcased. Agritech, Cleantech, Cybersecurity, Fintech, Healthcare, Infrastructure, Defence, Sustainability, the Internet of things, and Artificial Intelligence were just some of the sectors that participated on the inaugural day.
Commenting on the inauguration of the festival, Professor Abhay Karandikar, Director, IIT Kanpur, said: "We are proud to host the Abhivyakti Startup Festival at IIT Kanpur, which brings together the brightest minds in the startup ecosystem, including entrepreneurs, investors, mentors, and government officials. Our mission at IIT Kanpur is to foster innovation and entrepreneurship across sectors, and this festival is a testament to our commitment to that mission."
"We believe that the festival will serve as a launchpad for many promising startups and will contribute significantly to the growth of the startup ecosystem in India," he added.
Professor Ankush Sharma, Professor-in-Charge, Innovation and Incubation, IIT Kanpur, said: "Abhivyakti is a great initiative that provides a platform for startups to showcase their ideas and connect with investors and mentors. It is heartening to see the passion and energy of these young entrepreneurs, and I am confident that many of them will go on to become successful businessmen."
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