The Indian Institute of Technology Kanpur (IITK) on Tuesday (September 120 signed a memorandum of understanding (MoU) with private lender ICICI Bank to support the startup ecosystem in the institute. 

The premier technological institution said that this partnership will empower startups and innovators at its Startup Incubation and Innovation Centre (SIIC). SIIC is one of the oldest incubators in the country having been engulfed on its journey in 2000.

The partnership between the two will also focus on supporting incubatees by improving their understanding of foreign trade policies by conducting several workshops and seminars.

Additionally, both entities will collaborate on organising events for startups thus “fostering a broader innovation and entrepreneurial environment that goes beyond financial services.”

"It proves to be a significant step in advancing India's entrepreneurial ecosystem, emphasising the role of partnerships in driving economic growth and fostering innovation.

IIT Kanpur and ICICI Bank are committed to offering comprehensive support to early-stage ventures, highlighting their dedication to nurturing India's vibrant startup community," the joint statement released by the two said."Symbiotic relationship between banks and startups is the cornerstone of economic dynamism. Banks serving as catalysts of financial support and guidance, empower entrepreneurs to innovate, create jobs, and foster prosperity," professor Abhay Karandikar, director, IIT Kanpur said.The MoU was signed at IIT Kanpur by Prof. Ankush Sharma, professor-in-charge of SIIC, and Saif Abbas Kazmi, Zonal Head of ICICI Bank.