Miniratna Balmer Lawrie today signed an MoU with IIM Calcutta Innovation Park to provide seed fund of Rs 5 crore to start—up ideas in areas of operation of the PSU.
CMD of Balmer Lawrie Prabal Basu said that IIM Calcutta Innovation Park would incubate the start—ups by providing work space, mentoring, networking, besides giving customer and investor connect.
Launched in May 2017, the start—up programme was conceived under Prime Minister Narendra Modi’s `Start—up India’ initiative, Basu said.
Under the programme, the company has received 100 applications from applicants across the country, out of which 4—5 ideas would be sent for incubation.
The fund would be spent over a period of three years, he said.
Prof Ashok Banerjee of IIM Calcutta said that the Innovation Park has left its mark in incubation of start—ups and 15 such ideas had been funded to the tune of Rs 3 crore.