The agreement in this regard was signed on Friday between the Executive Director of IIMK LIVE, Prof. Rajesh Upadhyayula, and the Managing Director (C-SAS) of CSL, Deepu Surendran, in the presence of the Director of IIMK, Prof. Debashis Chatterjee and the Chief Executive Officer. of CSL, Madhu S Nair.
CSL said that under the initiative, start-ups can get up to Rs 50 lakh in the form of seed grants, Rs one crore in the form of prototyping grants and equity funding for start-ups. at the scaling stage.
“IIMK LIVE will act as an implementing partner for this initiative and will provide incubation, mentorship and training to selected startups under this program,” said a statement released by CSL.
Speaking on the occasion, Chatterjee said that this collaboration will provide an ideal platform for talented young entrepreneurs to develop products and services in the marine space with financial support, mentorship and support provided jointly by IIMK LIVE. and CSL.
“Our LIVE Innovation Center has spearheaded transitions for many successful start-ups and we anticipate a further push on ‘innovation’ in the maritime sector with this game-changing collaboration,” Chatterjee said.
Nair said CSL hopes the move will catalyze the growth of marine start-ups, which would bode well for the country. “At first, CSL has already declared a corpus of Rs 50 crore. We are also happy to have IIMK as a partner in this endeavor,” Nair said.
Start-ups selected under the program should commit to working on innovation, improving products, processes or services, and presenting a scalable business model with high potential for job creation and of wealth creation.
The amount paid under this scheme to start-ups can be used to cover its operating and capital expenses, which include working capital, purchase of fixed assets, and other expenses.