Aiming to provide support to export startups and enable young entrepreneurs to get expert advice, the government has set up an incubation cell at the Indian Institute of Foreign Trade (IIFT).
Inaugurating the cell, Micro, Small and Medium Enterprises Minister Kalraj Mishra stated that the cell would enable young entrepreneurs to get all the expert advice and technical guidance at one point, 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,” he said.
Named as KITTES (Knowledge for Innovation in Trade and Technology for Entrepreneurial Start-ups), the initiative is dedicated to startups in the domain of international business.
Administered by the Centre of MSME Studies at IIFT (Delhi), the main objective of KITTES is to provide handholding support to MSME start -ups right from the ideation stage to their internationalisation towards taking a final leap into foreign markets, the MSME ministry said.
IIFT will facilitate mobilising of loans for export purpose, build awareness on export financing and insurance schemes and export promotion measures.
The incubation cell will be looked over 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.
