The Indian Institute of Technology (IIT) in Kanpur has signed a memorandum of understanding (MoU) with the Indian Bank to provide financial support to innovative start-ups. The agreement will see the two organisations work together to identify promising start-ups and extend financial support under the ‘Ind Spring Board (Finance for Start-Ups)’ scheme of the Indian Bank.
The collaboration will enable IIT-Kanpur’s Start-Up Incubation and Innovation Centre (SIIC) to extend critical support to emerging Indian start-ups, which will enable them to scale and accelerate their product development journey. The agreement will allow the two organisations to work together to identify the most innovative start-ups and develop a framework for identifying them.
Zonal Manager of Indian Bank Kanpur, Vivek, said the bank is proud to be supporting the modern Indian vision for an inclusive financial ecosystem nationally through this collaboration with SIIC. The agreement is an opportunity for the bank to refine the user experience for a better and self-sustainable nation.
The incubation model and the diverse startup portfolio at SIIC were discussed in-depth, and a mechanism was deployed to facilitate the exchange of start-ups working towards building disruptive technology solutions.
The Start-Up Incubation and Innovation Centre (SIIC) at IIT-Kanpur is one of the oldest incubators in the country. It was established in 2000 when the entrepreneurial ecosystem was still at a nascent stage in India. The centre has a standard process of identifying promising start-ups with high-impact potential, and the collaboration with Indian Bank will allow them to provide additional critical support to emerging Indian start-ups.
The collaboration between the two organisations is expected to have a significant impact on the Indian start-up ecosystem. It will provide an opportunity for promising start-ups to receive critical financial support to scale and accelerate their product development journey, ultimately contributing to India's economic growth.