Kanpur (UP), Feb 17 (IANS): IIT-Kanpur's technology business incubation centre, Startup Incubation and Innovation Centre (SIIC), has signed a memorandum of understanding (MoU) with the Indian Bank.

The collaboration will work together to identify innovative start-ups and extend financial support under the 'Ind Spring Board (Finance for Startups)' scheme of the Indian Bank.

The two parties further discussed the framework for identifying the start-ups for this collective effort.

According to an official release, Professor-in-charge, Innovation & Incubation, IIT-Kanpur, Ankush Sharma, said, "SIIC has a standard process of identifying promising start-ups with high-impact potential. This collaboration with Indian Bank will enable us to extend critical support to emerging Indian start-ups that will enable them to scale and accelerate their product development journey."

Zonal Manager, Indian Bank Kanpur, Vivek, added, "As a key stakeholder in the finance industry, we are proud to be supporting the modern Indian vision for an inclusive financial ecosystem nationally through this collaboration with SIIC. It is indeed inspiring to understand how innovations refine the user experience for a better and self-sustainable nation."

The parties engaged in an in-depth discussion about the incubation model and the diverse start-up portfolio at SIIC. The dignitaries also spoke about deploying a mechanism to facilitate the exchange of start-ups working towards building disruptive technology solutions.

The Startup Incubation and Innovation Centre (SIIC), IIT-Kanpur, is one of the oldest incubators in the country.

It was established in 2000 when the entrepreneurial ecosystem was still at a nascent stage in India. The multifaceted and vibrant incubation ecosystem at IIT-Kanpur, nurtured for over two decades, prospers to fill the gaps on the road to converting an idea into a successful and meaningful business model.