Cochin Shipyard Limited (CSL) has signed an agreement with the business incubator of IIM, Kozhikode (IIM-K), Laboratory for Innovation Venturing and Entrepreneurship (LIVE), in a move to support start-ups in the maritime sector.
The idea of such a framework is to develop an ecosystem in India for start-ups in the maritime sector from the technical, regulatory, financial and marketing points of view, according to a press release. IIM-K LIVE Executive Director Rajesh Upadhyayula and CSL General Manager (C-SAS) Deepu Surendran signed the agreement in the presence of IIM-K Director Debashis Chatterjee and CSL Chairman and Managing Director Madhu S. Nair.
Under the initiative, start-ups can get up to ₹50 lakh as seed grant, and ₹1 crore as prototyping grant and equity funding at the scale-up stage. IIM-K LIVE would act as an implementation partner of the initiative and provide incubation, mentorship, and training to start-ups selected under the programme, said the release.
