Minister for MSME, Kalraj Mishra inaugurated an incubation cell at the Indian Institute of Foreign Trade (IIFT). The incubator will mainly cater to start-ups with focus on export. The is aimed to help start-up savvy generation to get all the help, be it technical advice or be it expert guidance, at one single place hence making the whole process an easy as well as efficient affair for the entrepreneur.
The cell which will work out of IIFT Delhi campus has been named as Knowledge for Innovation I Trade and Technology for Entrepreneurial Start-ups (KITTES). The cell will be run by IIFT’s Centre of MSME studies that will provide the start-ups a hand holding support right form their ideation stage to their developing into outside markets and establishing one’s business in the foreign markets, the MSME ministry spokesperson said.
“The Cell has been designed to provide export start-ups with necessary hand holding support towards expanding their existing domestic business to foreign markets” Kalraj Mishra said while addressing the people at the inauguration.
The cell will have a robust body of support as well in the form of industrialist, venture capitalists, business advisory, mentoring, managers established to help entrepreneurs realise their dreams through a range of infrastructure and financial services. Having a workplace in the heart of the IIFT campus, the start-ups will also benefit from the availability of a plethora of young minds with course changing ideas to help one break the barriers of local markets. The institute will facilitate in providing loans for export purposes, provide insurance scheme and help in promotion of the export segments.
Another start-up incubator was inaugurated in Ahmedabad named CrAdLE, that will also work out of an institute and will help start-ups in growing their business locally.