IIM-K LIVE to incubate 12 start-ups

The Laboratory for Innovation, Venturing and Entrepreneurship (LIVE) of the Indian Institute of Management-Kozhikode (IIM-K) has offered admission to 12 start-ups in its first ever job-creation programme.

Five of these are founded by IIM-K alumni. The ventures in this group are across range of sectors but mostly based on digital technology.

The IIM-K LIVE was established with the support of the Department of Science and Technology (DST), Government of India, which sanctioned a grant of Rs. 3 crore to set up the business incubator.

From the100-odd applications received, 12 start-ups were selected for the year-long incubation in the first round of admission. Applications for the incubation programme are invited round the year and enrolments are expected to take place every six months. Under the programme, start-ups ready with the proof of concept, work with mentors to develop market strategy, build team and prepare themselves for funding.

Apart from mentorship, training, professional services and collaborative work space, LIVE hopes to help the start-ups with seed support funds to translate innovative ideas into commercial ventures.

Prof. Kulbhooshan Balooni, Director in-charge of IIM-K, said in a statement that LIVE would gain immensely from the faculty members, knowledge base, students, alumni, international linkages and other institutional networks of the IIM-K and is in turn expected to contribute to the Institute’s various programmes and activities.

The IIM-K has made available required space and facilities on campus and is developing a series of programmes and products that would ensure long-term sustainability of LIVE. As a government recognised on-campus incubator, the DST would continue supporting it in various ways including it acting as an important element of its Seed Support System.

Dr. Keyoor Purani, Executive Director, IIM-K LIVE, said in a statement said that IIMs and other B-schools had job placements deeply entrenched in many of their programmes as traditionally that had been the sole career track MBAs looked for. Over the years, newer models would evolve that would facilitate entrepreneurial risk-taking by MBA students despite burden of educational loans.

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