IIT Kanpur signs MoU with ICICI Bank to fuel start-up innovation in India

The Indian Institute of Technology (IIT) Kanpur has signed a Memorandum of Understanding (MoU) with ICICI Bank to fuel start-up innovation in India. The venture aims to empower start-ups and innovators incubated at the institute's Startup Incubation and Innovation Centre (SIIC) with essential tools and knowledge.

The partnership also focuses on supporting the incubatees by improving their understanding of foreign trade policies. Workshops and seminars are proposed to be conducted to help them successfully engage in international markets. Additionally, both entities will collaborate to organise events for start-ups and foster a broader innovation and entrepreneurial environment.

Prof Abhay Karandikar, Director, IIT Kanpur, acknowledged the relationship between banks and start-ups 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, as mentioned in a press release by the institute.

Prof Ankush Sharma, Professor-in-charge, SIIC, IIT Kanpur, said, "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."

The MoU was signed at IIT Kanpur by Prof Ankush Sharma and Saif Abbas Kazmi, Zonal Head, ICICI Bank. The event was attended by many other officials from both parties as well.

SIIC, IIT Kanpur, is one of the oldest incubators in the country. It was established in the year 2000 when the entrepreneurial ecosystem was still at a nascent stage in India, as per the press release.