Bengaluru, Feb 25 (IANS): Indian Institute of Managements (IIMs) and Indian Institute of Technology (IITs) have formed a consortium to promote entrepreneurship ecosystem through research and collaboration around innovation, the business school said on Tuesday.

"IIMs in Bengaluru, Kolkata and Kozhikode and IITs in Bombay and Madras have formed the Innovation-Venturing and Entrepreneurship in India Network (iVEIN) to leverage their strengths and work with incubators, investors and the government for disseminating knowledge," the institute said in a statement here.

Noting that innovation, venturing and entrepreneurship were getting attention from policymakers, IIT-Madras management studies professor Thillai Rajan said the three areas would play a key role in the country's economic growth.

"The iVEIN network will facilitate research in the field among the academic fraternity and create avenues for disseminating knowledge through conferences and journal publications," said Rajan.

The network will also create a strategic bridge between stakeholders, strengthen the ecosystem and synthesise the knowledge that is in silos among different groups.

"As academic incubators play a critical role, iVEIN will help create a platform for them to share best practices and take lead in promoting activities like research that are neglected by the private ecosystem," said IIM-Bangalore professor Venkatesh Panchapagesan on the occasion.

The network will also document Indian experiences in entrepreneurship and innovation and create a data-based knowledge for all stakeholders.

"The initiative will give a fillip to entrepreneurship in the country by aiding policy formulation, implementing innovation and helping managerial practice," said the statement.