Bangalore, 27th Feb 2024: Presidency College Bangalore and the Indian Institute of Management Lucknow (Enterprise Incubation Centre) have joined hands in a breakthrough collaboration with the signing of a Memorandum of Understanding (MoU) today, to establish an Innovative Incubation Centre at the College’s Campus in the city.

This strategic partnership aims to nurture entrepreneurship and innovation for the students and alumni of Presidency College. The alumni and student-generated innovations will be cultivated through expert guidance within this new Innovative Incubation Centre. This process aims in the establishment of enterprises that will contribute to the creation of wealth and employment opportunities for the country.

The Centre will act as a hub for nurturing and supporting the students and alumni who are aspiring entrepreneurs dreaming of establishing their own startups and innovative ventures.

Key Highlights of the MoU include,

1. Training and Knowledge Transfer: IIML EIC shall provide knowledge support to full-time staff assigned by Presidency College. The Institute will also provide expert guidance, mentoring, training sessions, and boot camp activities for all the students and alumni of Presidency College.

2. Smart Infrastructure: IIML EIC will provide smart infrastructure to Presidency College startups, which includes access to 3D Printing Labs and IoT Labs as and when required.

3. Help Desk: IIML EIC will provide the overall support of the Startup Help Desk to Presidency College Startups.

4. Network of Technical Mentors: IIML EIC will assist in building a network of technical mentors and experts who are willing to spend their time advising startups.

Funding of Incubated Startups:

· Presidency College will apply for grants from the Govt. of India scheme, DST, AIM, Startup India, and others, with the support of IIML EIC. Through those schemes, the seed funds will be disbursed to the startups.

· Through VC, angel groups, and angel investors from the market, a network will be created with the help of IIML EIC and startup funding will be provided.

· From the corpus created by the management of Presidency College to support incubated startups for seed funds (e.g. 1 crore corpus).

Speaking about the collaboration, Dr. Suchithra R Nair, Principal of Presidency College, stated, “India, now the 3rd largest global ecosystem and recognized for its high innovation quality highlights the significance of this partnership in advancing the country’s innovation and entrepreneurship landscape. Through this collaboration, our goal is to establish a dynamic ecosystem, empowering our students and their ventures to excel in the fiercely competitive global landscape. This initiative is dedicated to nurturing the next generation of business leaders who will drive innovation and success in the coming years.”

The formal inauguration of the Incubation Centre and the signing of a Memorandum of Understanding (MOU) between Presidency College Hebbal and IIM Lucknow promises to be a momentous occasion. The inauguration was followed by a thought-provoking panel discussion, which brought together esteemed experts, industry leaders, and academicians who deliberated on the transformative role of entrepreneurship in shaping the future of education.

Mr. Yamini Bhushan Pandey, Managing Director – IIML EIC added, “We are indeed delighted about the vast potential of this collaboration between our Institute and the Presidency College that will help to bridge the gap between the academia and the industry. The Innovative Incubation Centre will fuel the growth of startups and establish a culture of Innovation across our educational institutions.”