MRPL to fund start-ups incubated at IIM-K Live

Mangalore Refineries and Petrochemicals Limited (MRPL) has sanctioned ₹2.2 crore for the Indian Institute of Management, Kozhikode, (IIM-K) LIVE, the business incubator and entrepreneurship development centre of the premier management institute in the State.

LIVE — Laboratory for Innovation, Venturing and Entrepreneurship, of IIM, Kozhikode — was set up with the support of the Department of Science and Technology to support start-ups in commercialising innovations by helping develop business models, providing go-to market assistance and facilitating funding assistance through external partners.

A press release said here on Thursday that MRPL would fund the eleven start-ups incubated at IIM-K Live. The selection of the start-ups was based on the pitch organised on November 9 by MRPL in association with IIM-K LIVE. This was the first investment pitch organised after MRPL and the institute signed an MoU to fund and support start-ups in October.

Prof. Debashis Chatterjee, IIM-K Director, said the LIVE attempted 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 the current Indian context. The association with MRPL was quite strategic towards supporting both professional and entrepreneurial management, he said.

Prof. Keyoor Purani, Executive Director, IIM-K LIVE said that external funding for start-ups was a testimony of high quality selection and support systems of the centre’s incubation programme. Most start-ups that were sanctioned funding under MRPL IIM-K LIVE funding programme in this round are from the first cohort of the incubation programme at LIVE. LIVE has admitted over 25 start-ups so far in three cohorts.

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Printable version | Jul 1, 2022 5:31:50 am | https://www.thehindu.com/news/cities/kozhikode/mrpl-to-fund-start-ups-incubated-at-iim-k-live/article25901433.ece