IIFT sets up incubation cell for start-ups
The Dollar Business Bureau
The government has set up an incubation cell at the prestigious Indian Institute of Foreign Trade (IIFT) to extend support to export-oriented start-ups.
MSME Minister Kalraj Mishra said during the inauguration, that the incubation cell would provide all the technical guidance and expert advice at one point to young entrepreneurs.
"The cell has been designed to provide export start-ups with necessary hand holding support towards expanding their existing domestic business to foreign markets," Mishra said.
The initiative, KITTES (Knowledge for Innovation in Trade and Technology for Entrepreneurial Start-ups), has been aimed towards startups in the international business domain.
The incubation cell will be run by the Centre of MSME Studies at IIFT (Delhi). KITTES is envisaged to provide hand-holding support to MSME start –ups, right from their ideation stage to internationalisation and towards taking a final leap into international markets, the MSME ministry said.
An advisory body comprising of industrialists, technical specialists and managers and venture capitalists will support the incubation centre, which will help entrepreneurs realise their entrepreneurial dreams through various business advisory, infrastructure, mentoring and financial services.
IIFT will also facilitate loan mobilisation for export purposes. It will build awareness on export promotion measures and export financing and insurance schemes.