SIDBI launches technology business incubator at IIM-L

LUCKNOW:The Indian Institute of Management, Lucknow (IIML) has brought together PM’s national development missions of ‘Start Up India’, ‘Universal Financial Inclusion’ and ‘Digital India’ under one roof.

The Small Industries Development Bank of India (SIDBI) on Friday launched a Technology Business Incubator at IIM Lucknow for nurturing high impact technologies for achieving, expanding, deepening and furthering the financial inclusion agenda of the nation. It aims at developing and nurturing the start-ups financially.

The incubator named as SIDBI Centre for Innovations in Financial Inclusion (SCI-FI) was jointly inaugurated by Mohammad Mustafa, IAS, CMD, SIDBI and Prof Ajit Prasad, director, IIM Lucknow. The centre will develop research artifacts, promote research collaboration, and serve as a resource center to unlock entrepreneurial potential. As a leading management institute, IIM Lucknow will be providing required managerial and technological resources and support to make the incubation process successful.

Mustafa said SIDBI had pioneered the MFI led financial inclusion model that has now got mainstreamed. He expressed the hope that technology can play a big role in further expediting inclusion agenda of the nation.

By leveraging technology, the twin objectives of expanding outreach and cost reduction could be realised by the participating institutions / entities. Mustafa added that with this, SIDBI has set up incubators at both the IIT and IIM situated in the state of Uttar Pradesh, he said.

Prof Ajit Prasad, director, IIM Lucknow stated that he is glad that the SIDBI Centre will generate hundreds of jobs and that will be our contribution in shaping the future of UP and India in times to come.