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| Balan Gurumoorthy (Left) [Image - LinkedIn/SID ] |
Indian state-owned financial services company, Indian Bank, has signed an MoU with Society for Innovation and Development (SID), Indian Institute of Science (IISc) to provide financial support upto INR 50 Crore to MSMEs and startups, incubated at SID, which was founded in 1991, in close collaboration with the IISc Bangalore.
SID is a society registered under the Karnataka Societies Act, with a symbiotic relationship with IISc. It primarily draws from and provides access to the intellectual and infrastructural resources of IISc.
The Bank will extend loans of up to Rs 50 crore to these start-ups for their working capital requirements or for purchase of machinery, equipment etc.
Mr. Sudhakar Rao, GM (MSME), Indian Bank, said --
Indian Bank has been funding MSMEs for ages & when we wanted to start funding startups, we selected premier institutes like IISc & IITs where the incubation cell is already established. This is because the institutes take care of the technical evaluation of startups, a key factor for us to sign this MoU.SID is contributing towards Aatmanirbhar Bharat by linking industries to R&D ecosystem at IISc & providing incubation. STEM Cell incubates deep science startups; while TIME² incubates MSMEs helping them with inhouse technology innovation #CapabilityDevelopment & create market-responsive product innovations that are based on science, technology and design
“While being incubated at IISc can underwrite the technology risks for an MSME or a startup as the institute provides them with the technical inputs which it can, somebody has to underwrite the financial risks till the idea becomes a product. That is where we are intrigued and very happy to see a bank come forward with a scheme to support an idea or a technology and it is very encouraging for us," said Prof. B. Gurumoorthy, Chief Executive, SID, IISc.
The mission of SID is to enable Innovations in science and technology by creating a purposeful and effective channel to help and assist industries and business establishments to compete and prosper in the face of global competition, turbulent market conditions, and fast moving technologies.
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