IIM-K LIVE (Laboratory for Innovation, Venturing and Entrepreneurship, the Business Incubator) and Entrepreneurship Development Centre of the Indian Institute of Management-Kozhikode (IIM-K) has inked a Memorandum of Understanding with the central public sector enterprise Mangalore Refineries and Petrochemicals Ltd. (MRPL) to support innovative start-up ventures.
Both the IIM-K and MRPL feel that the partnership would leverage individual strengths of these public sector organisations to contribute to entrepreneurial ecosystem in line with Start-up Mission of the Centre.
The MRPL has launched MRPL Start-up fund and in collaboration with IIM-K LIVE, to nurture and fund new business ideas while the IIM-K LIVE, set-up by IIM-Kozhikode in association with Department of Science Technology, already runs business incubation programme and would provide physical, intellectual and networking infrastructure to support start-up companies eligible for the MRPL grants. Prof. Debashis Chatterjee, Director, IIM-K welcomed MRPL to join the institute’s efforts in building entrepreneurial and innovation ecosystems.
Training
Apart from start-up support interventions, IIMK was also exploring wider relationship with MRPL in the areas of executive education and training, consulting, sector-specific research, conferences on issues of mutual interest to exchange the ideas, he said in a release.
MRPL senior executives in charge of start-up funding, including the Group General Manager, Vinayakumar and Chief General Manager (R&D), V. Nandakumar visited IIM-Kozhikode campus last week to finalise the partnership.
Entrepreneurial mindset
In collaboration with IIM-K and IIMK LIVE, MRPL intended to promote new business ideas relevant to MRPL’s start-up policy to create an entrepreneurial mindset and fresh thinking among employees, stakeholders and public for revitalising corporate culture, Mr. Vinayakumar said.
Steering committee with representatives from IIMK, IIMK LIVE and MRPL would be involved in the selection, monitoring and review of the funded start-ups, sources said.
Start-ups with innovative, high social impact solutions would be preferred.
Under the proposed initiative, to begin with, start-ups which are incubated or would be incubated at IIMK LIVE would be considered for seed grants in the form of soft loan convertible into equity capital.
In just over a year of its establishment, the IIMK LIVE has been drawing interest from partners from diverse industries who wish to contribute to the ecosystem.
With MRPL start-up funds available, the institute expect high potential, innovative start-ups to get added to its start-up portfolio, Prof. Keyoor Purani, Executive director, IIMK LIVE, said.
