Indian Institute of Management, Lucknow (IIM-L) will now mentor and support financial technology (fintech) start-ups and business ventures in the state and beyond.
The premier Institute has collaborated with Small Industries Development Bank of India (SIDBI) to set up an incubator going by the moniker of ‘SIDBI Centre for Innovations in Financial Inclusion’ (SCI-FI).
The centre would give a leg up to Start Up India, Digital India and Universal Financial Inclusion themes of the Narendra Modi government and nurture high impact technologies towards financial inclusion.
The centre would handhold financial technology concepts to fruition. IIM-Lucknow would provide managerial and technological resources for the incubation process.
SIDBI is planning to set up more such facilities across the country to support socially relevant start-ups. SIDBI deputy MD Manoj Mittal said SCI-FI would not only support start-ups at IIM-L, but other institutions as well.
“We want to develop the centre as a nodal point to support business ideas financially and technically, while connecting it with real life practitioners. We would be looking forward to the centre producing a unicorn in a few years.”
SIDBI currently manages Rs 10,000 crore ‘Fund of Funds’ for start-ups.
IIM-L Director Ajit Prasad said the Institute had strong infrastructure and faculty support to contribute towards start-ups and shaping innovative business ideas.
SCI-FI is the second SIDBI funded incubator in Uttar Pradesh. It already supports SIDBI Innovation and Incubation Centre (SIIC) at Indian Institute of Technology, Kanpur (IIT-K), which was set up in 2001 and has so far handheld over 65 start-ups.