DPIIT and ICICI Bank Sign MoU to Support Startups in India
The Department for Promotion of Industry and Internal Trade (DPIIT) has partnered with ICICI Bank to bolster support for startups and innovators across India. This collaboration, formalized through a Memorandum of Understanding (MoU), aims to enhance the Startup India initiative by providing essential resources and mentorship to emerging businesses. The program will leverage ICICI Bank’s extensive network and facilities to foster growth and innovation within the startup ecosystem.
Launch of the Startup Engagement Programme
As part of the MoU, ICICI Bank will introduce a Startup Engagement Programme, which will be featured on the Startup India portal. This initiative is designed to integrate seamlessly with Startup India’s existing outreach efforts, ensuring that startups gain maximum visibility and support. The program will facilitate communication and connections between ICICI Bank and DPIIT-recognized startups, enhancing the overall effectiveness of the initiative. By promoting awareness and engagement, the program aims to create a robust support system for startups across the country.
Accelerator Facility and Mentorship Opportunities
Selected startups will have the opportunity to utilize ICICI Bank’s accelerator facility located in Mumbai. This facility will provide dedicated workspace, a structured curriculum, and mentorship from industry leaders. Startups will also have the chance to conduct pilot programs with various business units within ICICI Bank, allowing them to validate their product-market fit. Additionally, the program will offer networking opportunities with venture capital firms, investors, and potential clients, along with access to industry-specific workshops and innovation showcases. These resources are intended to empower startups to refine their products and scale their operations effectively.
Focus on Product-Based Startups
The collaboration between DPIIT and ICICI Bank specifically targets the growth of product-based startups. By providing access to accelerator programs, mentorship, and ecosystem engagement, the partnership aims to guide early- and growth-stage startups through a tailored roadmap. This roadmap will support essential aspects of business development, product refinement, and operational scaling. The initiative is designed to create a lasting impact on the startup landscape in India, fostering innovation and technological advancement.
Statements from DPIIT Officials
During the announcement of this partnership, Shri Sanjiv, Joint Secretary of DPIIT, emphasized the importance of meaningful engagement with startups. He highlighted that this collaboration opens new avenues of support for entrepreneurs who are striving to transform India’s industrial and financial sectors through technology and innovation. The partnership is expected to significantly contribute to the growth and sustainability of startups, ultimately enhancing the overall economic landscape of the country. ICICI Bank, a leading private sector bank in India, continues to play a pivotal role in supporting the nation’s entrepreneurial spirit.
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