Kanpur: The Indian Institute of Technology Kanpur (IITK) has signed a memorandum of understanding (MoU) with the ICICI Bank to provide start-ups with a comprehensive support system. The MoU aims to enable collaborative initiatives between IITK and ICICI Bank, empowering start-ups and innovators at the Start-up Incubation and Innovation Centre (SIIC) IITK with essential tools and knowledge. It proves to be a significant step in advancing India’s entrepreneurial ecosystem, emphasising the role of partnerships in driving economic growth and fostering innovation. IIT Kanpur and ICICI Bank are committed to offering comprehensive support to early-stage ventures, highlighting their dedication to nurturing India’s vibrant start-up community.
The MoU was signed at IIT Kanpur by Prof Ankush Sharma, Professor- in-charge, SIIC, IIT Kanpur, and Saif Abbas Kazmi, Zonal Head, ICICI Bank. The event was attended by officials including Prof Abhay Karandikar, Director, IIT Kanpur; Prof S Ganesh, Deputy Director, IIT Kanpur; Prof Amitabha Bandyopadhyay, Co-Professor-in-Charge, SIIC, IIT Kanpur; Piyush Mishra, COO and CFO, SIIC, IIT Kanpur; Sachin Kumar, Regional Head, ICICI Bank; Alok Agarwal, Regional Head, ICICI Bank; Pratul Sahai, Regional Head, ICICI Bank; Sharad Gupta, Regional Head, ICICI Bank; Alok Ranjan, Senior Relationship Manager, Services Sector Group, ICICI Bank; and Gaurav Verma, Branch Manager, ICICI Bank at IITK.
ICICI Bank will also help in handling the complexities of pre and post-transaction compliance, ensuring that innovators, incubatees, and students at IITK have a smooth experience while engaging with Private Equity (PE) and Venture Capital (VC) support. This includes facilitating the verification and submission of regulatory documents through digital means, further simplifying the process, and enhancing accessibility to crucial financial resources for emerging entrepreneurs within the IIT Kanpur ecosystem.
The ICICI Bank will enable the process by leveraging its extensive network and engaging with Venture Capitalists (VCs), Private Equity (PE) sources, funds, and High Net Worth Individuals/Ultra High-Net-Worth Individuals (HNIs/UHNIs) to support the financial needs covering both fund-based and non-fund based requirements. This collaboration is dedicated to helping start-ups access essential financial resources to fuel their growth and advancement. Incubatees will gain advantages from ICICI Bank’s comprehensive digital ecosystem, designed for the specific needs of Micro, Small, and Medium-sized Enterprises (MSMEs).
The partnership between IITK and ICICI Bank also focuses on supporting incubatees by improving their understanding of foreign trade policies. It conducts workshops and seminars to help them successfully engage in international markets. Additionally, both entities collaborate on organizing events for start-ups, fostering a broader innovation and entrepreneurial environment that goes beyond financial services.
Prof Abhay Karandikar, Director, IIT Kanpur, acknowledged the symbiotic relationship between banks and stratus as the cornerstone of economic dynamism. He said that banks, serving as catalysts of financial support and guidance, empower entrepreneurs to innovate, create jobs, and foster prosperity. He said that collaborations like the one between SIIC IIT Kanpur and ICICI Bank highlight the commitment to nurturing India’s entrepreneurial spirit, paving the path for endless opportunities and remarkable growth.
Prof Ankush Sharma, Professor-in-charge, SIIC, IIT Kanpur, commented, “The collaboration with ICICI Bank opens up a world of opportunities for our incubatees. It not only provides access to financial services but also offers valuable guidance and connectivity prospects. We believe this partnership will fuel the growth of innovative start-ups and contribute to the development of the wider business ecosystem.”
Saif Abbas Kazmi, Zonal Head, ICICI Bank, said, “We are excited to partner with SIIC IIT Kanpur to strengthen the innovation and entrepreneurship ecosystem in India. This collaboration reflects our commitment to supporting the dreams and aspirations of budding entrepreneurs, and we look forward to providing them with access to our wide range of banking and financial services.”
Piyush Mishra, COO and CFO, SIIC, IIT Kanpur, said, “This collaboration signifies a significant advancement for start-ups and innovators, fuelling India’s entrepreneurial spirit through essential support. It highlights the pivotal role of collaboration in driving economic growth and fostering innovation.”
This partnership signifies the shared commitment of SIIC IIT Kanpur and ICICI Bank to empower start-ups and innovators. It reflects their dedication to nurturing India’s innovative culture, paving the way for remarkable growth and abundant opportunities in the future. The partnership is also flexible and open to evolving with time, allowing for the incorporation of additional activities and initiatives as mutually agreed upon by IIT Kanpur and ICICI Bank.
Start-up Incubation and Innovation Centre (SIIC), 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 multifaceted and vibrant incubation ecosystem at IIT Kanpur, nurtured for over two decades, prospers to fill the gaps on the road to converting an idea into a successful and meaningful business model. The domain expertise combined with the infrastructural prowess of the academic institute has collectively demonstrated a knack for tremendous social impact and technological advancement over the years.
