The Indian Institute of Management Visakhapatnam (IIMV) and the Small Industries Development Bank of India (SIDBI) have entered a Memorandum of Understanding (MoU) as part of the SIDBI’s “Mission Swabhalamban” initiative. The purpose of the MoU is to facilitate the implementation of the Skill to Enterprise Model (STEM) programme, which aims to educate and support ambitious skilled youth in their pursuit of entrepreneurial endeavors, ultimately enabling them to become job creators for Atmanirbhar Bharat.
The MoU was signed by Prof. M V Anuradha, Dean (Administration) and Dr. Subhransu Sekhar Acharya, CGM, SIDBI in august presence of Dr. M Chandrasekhar, Director IIM Visakhapatnam, Mr. Prabhakar Praveen Kumar, GM SIDBI, Mr. GS Sharma, AGM SIDBI and faculty and staff from IIM Visakhapatnam.
As a part of this MoU, IIM Visakhapatnam will offer a customized and specialised PG Certificate course, the Skill to Enterprise Model (STEM) programme in Entrepreneurship, to individuals aspiring to become entrepreneurs. By the end of the programme, the primary objective of the IIMV-SIDBI joint initiative is to have prepared aspiring entrepreneurs to establish new businesses with innovative ideas. The program will be delivered in two phases: Academic training phase, and Incubation & mentoring phase. The first Academic Training Phase is designed to develop a comprehensive understanding of entrepreneurship and venture creation, business management, enterprise formation, operations, finance, strategic planning and execution, taxation and compliances, product development and innovation management, and venturing funding methods and processes. The Incubation & mentoring phase is focused on offering training and mentoring on various practical skills-idea validation and prototype formation, company registration, pitch presentation before investors, etc.
Faculty from IIM Visakhapatnam, mentors from IIMV FIELD, and other industry experts will guide the aspiring entrepreneurs to establish a successful enterprise. The candidates for this program will be selected from across India based on their business ideas and commitment to starting an entrepreneurial venture.
Professor M. Chandrasekhar, Director of IIMV, emphasized IIMV’s enduring commitment towards fostering women, social, and techno-entrepreneurs since its inception. He highlighted that the Skill to Enterprise Model (STEM) programme seamlessly aligns with the vision of IIM Visakhapatnam, reflecting the institute's dedication to champion and excel in educating and nurturing entrepreneurial leaders. This joint initiative will be led by Prof. Sushil Kumar, faculty Entrepreneurship area, at IIM Visakhapatnam.
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