The government today set up an incubation cell at the Indian Institute of Foreign Trade (IIFT) to provide support to export start-ups.
The cell would enable young entrepreneurs to get all the expert advice and technical guidance at one point, MSME Minister Kalraj Mishra said while inaugurating the cell.
“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 is named as – KITTES (Knowledge for Innovation in Trade and Technology for Entrepreneurial Start-ups). It is dedicated to startups in the domain of international business.
Run by the Centre of MSME Studies at IIFT (Delhi), the aim of KITTES is to provide hand holding support for MSME start -ups right from ideation stage to their internationalisation towards taking a final leap into foreign markets, the MSME ministry said.
Incubation cell will be supported by an advisory body consisting of industrialists, venture capitalists, technical specialists and managers established to help entrepreneurs realise their dreams through a range of infrastructure, business advisory, mentoring and financial services.
IIFT will facilitate mobilising of loans for export purpose, build awareness on export financing and insurance schemes and export promotion measures.