19 July 2016, India :
An incubation cell was set up at the Indian Institute of Foreign Trade (IIFT) by the CSR support from Mitsubishi Corporation India Pvt Ltd (MCI) and Metal One Corporation India Pvt Ltd. The only motive is to provide support to export startups.
MSME Minister Kalraj Mishra inaugrated the cell and conveyed that the cell would enable young entrepreneurs to get all the expert advice and technical guidance at one point. “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.
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.