IIM Kozhikode announces startup support programme for women entrepreneurs

IIM Kozhikode and Mangalore Refineries and Petrochemicals Ltd. (MRPL) announced a special drive to support women entrepreneurs in the country. Labelled as La Eve (meaning The Woman), this initiative aims to identify innovative, promising women-founded startups to provide a comprehensive startup support programme.

The initiative would be steered by the institute’s entrepreneurship development centre, Laboratory for Innovation, Venturing and Entrepreneurship or IIMK LIVE with the support of the startup fund of MRPL. Last year, MRPL entered into an MoU with the institute and since then it has provided seed funding to over 11 startups incubated at IIMK LIVE.

Under the La Eve programme, IIMK LIVE would identify women-founded, innovation-led startups and provide incubation, which would afford access to the institute’s intellectual, network, and infrastructural resources. MRPL would provide seed fund assistance from the startup-funding initiative under Start-up India programme.

“No economy can grow at its full potential if a section of human resource is not actively contributing to it. Promotion and support of women entrepreneurship can contribute significantly to the country’s economic goals”, said Professor Debashis Chatterjee, Director, IIM Kozhikode.

“IIM Kozhikode has always recognised the potential of women in the management practice and business leadership. Having been at the forefront in starting several initiatives that provide fair opportunity to women in pursuing career in management, this is yet another initiative to harness the potential of women resources to actively contribute to the country’s economy,” he added.  

Professor Keyoor Purani, Executive Director, IIMK LIVE said, “Given the larger socio-economic context, a large number of educated and skilled women prefer to work on their own terms compared to the traditional jobs. Technological developments have further facilitated location and time neutrality favouring many of them to start-up and lead ventures that create economic value and make social impact. This trend, if channelled well can contribute significantly to the innovation-led entrepreneurship.”

A spokesperson from MRPL said, “The Start Up India website notes that female-led ventures perform 63 percent better than male-led companies in terms of return on investment with women showing unparalleled willingness and capacity to organise, develop, and manage a business venture. Recognising this, MRPL is honoured to be associated with IIMK LIVE in this unique programme - La Eve- aimed at supporting women entrepreneurs.”

New ventures eligible to apply need to fit the definition of startups are registered under the Companies’ Act of India and are founded by majority of women founders. Early-stage startups with the minimum viable product or at least a proof of concept would be considered. Selected startups would be provided seed support funds of up to Rs 25 lakh, structured incubation programme with task-based mentoring, access to professional services, coworking space, subsidised training, and workshops and several other benefits on campus.

(Edited by Evelyn Ratnakumar)

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