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The Cochin Shipyard Ltd has collaborated with the Laboratory for Innovation Venturing and Entrepreneurship (LIVE) the business incubator of IIM Kozhikode to accelerate initiatives supporting the maritime sector startups by developing the related ecosystem. These startups will cover the technical, financial, regulatory, and marketing aspects by bringing the stakeholders together.

The Executive Director of IIMK LIVE, Prof. Rajesh Upadhyayula signed the agreement with Deepu Surendran, the General Manager (C-SAS) of CSL, in presence of Managing Director and Chairman of CSL, Madhu S Nair and the Director of IIMK Prof. Debashis Chatterjee.

Under this initiative, the CSL will provide start-ups the seed grants of up to Rs. 50 lakh, Rs 01 cr as prototyping grants and equity funding at the scale up stage. The IIMK LIVE will function as an implementation partner to provide incubation, training and mentorship to shortlisted startups, added the CSL.

Chatterjee, while speaking on the occasion, informed that the collaboration will act as an ideal medium to develop marine sector products and services with mentoring, financial support, and backing provided for young and talented entrepreneurs.

Nair said, "As an initial step CSL has already declared a corpus of Rs 50 crore. We are also happy to have IIMK as our partner in this endeavour".

Source: PTI