The government last day sets up an incubation cell at IIFT (Indian Institute of Foreign Trade) to assist to the export start-ups in their growth. The cell was inaugurated by Kalraj Mishra, Indian Union Cabinet Minister of Micro, Small and Medium Enterprises (MSME).
The cell would help the young entrepreneurs working in the field of exports, with the mentor-ship, expert supervision, and technical guidance. Kalraj Mishra said, “The cell has been designed to provide export start-ups with necessary hand holding support towards expanding their existing domestic business to foreign markets.”
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 initial idea stage to their internationalization 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 realize their dreams through a range of infrastructure,business advisory, mentoring and financial services.
IIFT will facilitate mobilizing of loans for export purpose, build awareness on export financing and insurance schemes and export promotion measures.