IIM-K LIVE, the business incubator and entrepreneurship development centre of IIM Kozhikode, announced that 11 start-ups incubated at IIM-K Live have been sanctioned ₹2.2 crore by Mangalore Refineries and Petrochemicals Ltd (MRPL). The selection of the start-ups, based on the pitch organised on November 09 by MRPL in association with IIMK LIVE, was announced this week. This is the first investment pitch after MRPL and the institute signed a MoU to fund and support start-ups in October 2018.
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 ecosystem 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.”
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 programme. We will now prepare to scale up these ventures for bigger funding.” Most of the start-ups that received sanctions under this programme 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.