IIT-Kanpur, IIM-Lucknow sign MoU for startup ecosystem

01-02-2021

After a tough year marred by the corona pandemic, there is fresh hope for the budding entrepreneurs in India. Innovative start-up ecosystem of the country could witness a major boom under the rubric of the 'Aatmanirbhar Bharat' motto. Start-ups hold more prominence than ever before if the nation has to truly become self-reliant. In a significant step that could provide further impetus to this vision, Two premier institutes of Uttar Pradesh IIT Kanpur Research and Technology Park and IIM Lucknow Enterprise Incubation Centre have joined hands and signed a Memorandum of Understanding to promote upcoming enterprises. This association between the two world-class premier institutes can not only foster close linkages between academia and industry but will also open new avenues for resource sharing. This MoU will also facilitate a collaborative exchange of ideas and knowledge between start-ups. As an emerging economy, the need to fill institutional voids have long existed in India. For creating something on the lines of the Silicon Valley, incubation and innovation may be the only way out. Indian startups attracted $10.14 billion in funding in 2020 despite the COVID-19 pandemic. This is the third year in a row that India has kept its number four position globally after the US, China and the UK. The report said Bengaluru, Delhi NCR and Mumbai accounted for 90 percent of the startup investments in the country, signaling concentration of angel investors and appetite in these regions.