IIM Kozhikode and Mangalore Refineries and Petrochemicals Ltd. (MRPL) have announced a special drive to support women entrepreneurs in the country. Labelled as La Eve (meaning The Woman), this initiative aims to identify innovative, promising women founded start-ups to provide a comprehensive start-up support programme.
The initiative would be steered by the institute’s entrepreneurship development centre, Laboratory for Innovation, Venturing and Entrepreneurship or IIMK LIVE with the support of the start-up fund of the oil PSU, MRPL, an IIMK press release said. Last year MRPL had signed an MoU with the institute and since then it has provided seed funds to over 11 start-ups incubated at IIMK LIVE. Under La Eve a drive to support women-led start-ups, IIMK LIVE would identify women founded, innovation-led start-ups and provide incubation that would provide access to the institutes intellectual, network and infrastructural resources. MRPL would provide seed fund assistance from the start funding initiative under start-up India Program.
"No economy can grow at its full potential if a section of human resource is not actively contributing to it. Promotion and support of women entrepreneurship can contribute significantly to the country’s economic goals", said Professor Debashis Chatterjee, Director, IIM Kozhikode. "IIM Kozhikode has always recognized the potential of women in the management practice and business leadership.
Having been at the forefront in starting several initiatives that provide fair opportunity to women in pursuing career in management, this is yet another initiative to harness the potential of women resources to actively contribute to the country’s economy," he added.
Professor Keyoor Purani, Executive Director, IIMK LIVE said, "Given the larger socio-economic context, a large number of educated and skilled women prefer to work on their own terms compared to the traditional jobs.
Technological developments have further facilitated location and time neutrality favouring many of them to start up and lead ventures that create economic value and make social impact. This trend, if channelled well, can contribute significantly to the innovation-led entrepreneurship."
A spokesperson from MRPL said "the Start Up India website notes that female led ventures perform 63 per cent better than male led companies in terms of return on investment with women showing unparalleled willingness and capacity to organise, develop, and manage a business venture.
Recognising this, MRPL is honoured to be associated with IIMK LIVE in this unique program -La Eve- aimed at supporting women entrepreneurs.
New ventures that fit the definition of start-ups are registered under the Companies Act of India and are founded by majority of women founders are eligible to apply. Early stage start-ups with the minimum viable product or at least a proof of concept would be considered.
Selected start-ups would be provided seed support funds of up to Rs 25 lakh, structured incubation programame with task-based mentoring, access to professional services, co-working space, subsidized training and workshops and several other benefits on campus, the release said.