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IIT Kanpur
The Indian Institute of Technology Kanpur (IITK) has signed the Memorandum of Understanding (MoU) with Indian private sector bank ICICI Bank as it aims to create a robust support system for startups.
According to a statement, The partnership aims to equip startups and innovators at the Startup Incubation and Innovation Centre (SIIC) IITK with the necessary tools and expertise.
Providing support to budding startups
As part of the partnership, Both IIT Kanpur and ICICI Bank will be providing extensive support to budding startups.
To facilitate a smooth interaction with private equity and venture capital firms, ICICI Bank will assist in managing the intricacies of pre and post-transaction compliance.
This involves digitally streamlining the verification and submission of regulatory documents, making the process more straightforward and increasing the accessibility to vital financial resources for the emerging entrepreneurs at IIT Kanpur.
ICICI Bank also plans to utilize its vast network to connect with Venture Capitalists, Private Equity sources, funds, and individuals with high and ultra-high net worth to meet the financial needs of startups, encompassing both fund-based and non-fund-based necessities.
The incubatees will benefit from the comprehensive digital ecosystem of ICICI Bank, which is tailored to meet the demands of Micro, Small, and Medium-sized Enterprises (MSMEs), according to a statement.
Enhance the incubatees' comprehension of foreign trade policies
In addition to financial assistance, the partnership also aims to enhance the incubatees' comprehension of foreign trade policies through workshops and seminars, aiding them in successfully navigating international markets.
Both IITK and ICICI Bank plan to organize events that foster a wider innovation and entrepreneurial atmosphere.
Prof Ankush Sharma, Professor-in-charge, SIIC, IIT Kanpur, commented, “The collaboration with ICICI Bank opens up a world of opportunities for our incubatees. It not only provides access to financial services but also offers valuable guidance and connectivity prospects. We believe this partnership will fuel the growth of innovative start-ups and contribute to the development of the wider business ecosystem.”
Saif Abbas Kazmi, Zonal Head of ICICI Bank, said, “We are excited to partner with SIIC IIT Kanpur to strengthen the innovation and entrepreneurship ecosystem in India. This collaboration reflects our commitment to supporting the dreams and aspirations of budding entrepreneurs, and we look forward to providing them with access to our wide range of banking and financial services.”
Piyush Mishra, COO and CFO of SIIC, IIT Kanpur, said, “This collaboration signifies a significant advancement for start-ups and innovators, fuelling India’s entrepreneurial spirit through essential support. It highlights the pivotal role of collaboration in driving economic growth and fostering innovation.”
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