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Cochin Shipyard Ltd has awarded seed funding to two promising start-ups as part of USHUS, a start-up initiative in association with IIMK LIVE, the business incubator of the Indian Institute of Management Kozhikode, to promote marine entrepreneurship.
Identified through a rigorous selection process, NyQuest Innovation Labs has received a grant of Rs 50 lakh, while Pelican Thermogenics has been awarded Rs 30 lakh in seed funding.
Madhu S Nair, CMD CSL, said, “I sincerely hope CSL’s initiative, supported by IIMK, will help in catalysing the maritime start-up ecosystem in the country and facilitate larger participation of the start-up fraternity in opening up the immense potential of this relatively unexplored sector.”
The collaboration between IIMK LIVE and CSL aims to create a supportive ecosystem for maritime start-ups, providing them technical, regulatory, financial, and marketing support. Cochin Shipyard Ltd has introduced the ‘USHUS’ start-up framework, which facilitates the development of innovative products and solutions to bolster the marine industry.
“This collaboration is proving to be a game-changer for young and talented entrepreneurs, to develop products and services in the marine space with financial support, mentoring and backing provided jointly by IIMK LIVE and CSL. India is moving up formidably in the global innovation index and it is evidenced in exciting new developments and institutional partnerships taking place in early-stage start-ups,” Debashis Chatterjee, Director, IIMK said.
The selected start-ups are expected to demonstrate dedication to innovation, enhancing goods, services, or processes, and presenting a scalable business strategy with the potential for substantial revenue growth and job creation. The funding provided can be utilised for both operational and capital expenses, including working capital, the acquisition of fixed assets, and other necessary costs.
Following the successful conclusion of the first round, IIMK LIVE and CSL are inviting applications for the next round of start-up selection. Start-ups selected in the upcoming rounds have the opportunity to receive funding of up to Rs 1 crore as grants, and direct equity funding from Cochin Shipyard. To apply for this programme and avail of incubation support, interested start-ups can visit www.iimklive.org. The application deadline for the next round is July 20.
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