Mangalore Refinery and Petroleum Limited have inked a Memorandum of Understanding (MoU) with IIM-K LIVE (Laboratory for Innovation, Venturing and Entrepreneurship, the Business Incubator) and Entrepreneurship Development Centre of the Indian Institute of Management-Kozhikode (IIM-K) to support innovative start-up ventures.
The MRPL has launched MRPL Startup fund and in collaboration with IIM-K LIVE, to nurture and fund new business ideas while the IIM-K LIVE, set-up by IIM-Kozhikode in association with the Department of Science and Technology, already runs business incubation programme and would provide physical, intellectual and networking infrastructure to support start-up companies eligible for the MRPL grants.
In collaboration with IIM-K and IIM-K LIVE, MRPL intends to promote new business ideas relevant to MRPL’s start-up policy to create an entrepreneurial mindset and fresh thinking among employees, stakeholders and public for revitalising corporate culture. Start-ups with innovative, high social impact solutions would be preferred for the start-up fund. The steering committee with representatives from IIM-K, IIM-K LIVE and MRPL would be involved in the selection, monitoring and review of the funded start-ups.
Under the proposed initiative, to begin with, start-ups which are incubated or would be incubated at IIM-K LIVE would be considered for seed grants in the form of soft loan convertible into equity capital.
With the MRPL start-up fund available, IIM-K LIVE is hopeful of getting high potential, innovative start-ups to get added to its start-up portfolio. Both MRPL and IIM-K feel that the partnership would leverage individual strengths of these public sector organisations to contribute to entrepreneurial ecosystem in line with Start-up Mission of the centre.
Source – Press Release