Kozhikode: IIMK LIVE, the Business Incubator and Entrepreneurship Development Centre of IIM Kozhikode today announced that eleven start-ups incubated at IIMK Live have been sanctioned Rs. 2.2 crores funding by Mangalore Refineries and Petrochemicals Ltd. The selection of the start-ups based on the pitch organized on November 09, 2018 by MRPL in association with IIMK LIVE was announced this week. This was the first investment pitch organized after MRPL and the institute signed a MoU to fund and support start-ups in October 2018.
Prof. Debashis Chatterjee, Director, IIM Kozhikode said, “As the start-up ecosystem in the country rapidly evolves, it demands careful adaptation and not just adoption of models from Silicon Valley and other mature ecosystems. IIM Kozhikode, through its centre LIVE, attempts to leverage its intellectual and network capital to bring non-traditional players to the eco-system and develop newer models that are more practical in current Indian context. We see our association with MRPL quite strategic towards supporting both professional and entrepreneurial management”.
Prof. Keyoor Purani, Executive Director, IIMK LIVE said, “External funding for our start-up is a testimony of high quality selection and support systems of the centre’s incubation program. We would now be preparing these ventures for scaling up and for bigger funding.” Most of the start-ups that are sanctioned funding under MRPL IIMK LIVE start-up funding program in this round are from the first cohort of the incubation program at LIVE. LIVE has admitted over 25 start-ups so far in three cohorts. Another 7 start-ups in new cohort are likely to be on boarded this month.
LIVE has been set-up by IIM Kozhikode with the support of Department of Science and Technology, Government of India, which commenced business incubation program to support start-ups in commercializing the innovations by helping develop business model, providing go-to market assistance and facilitating funding assistance through external partners.