New Delhi: Union Minister of Micro, Small and Medium Enterprises (MSME), Mr Kalraj Misra, today (18 July 2016) inaugurated Incubation Cell at Indian Institute of Foreign Trade (IIFT) Delhi. The initiative is named as “KITTES (Knowledge for Innovation in Trade & Technology for Entrepreneurial Start-ups), a dynamic business incubation cell dedicated to startups in the domain of international business. Run by the Centre of MSME Studies at IIFT (Delhi), the objective of KITTES is to provide hand holding support for MSME start-ups right from ideation stage to their internationalization towards taking a final leap into foreign markets.

The 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. The cell will also help startups for arranging or raising funds.  IIFT will facilitate mobilising of loans for export purpose, build awareness on export financing and insurance schemes and export promotion measures.

Highlighting the initiatives taken by the government for uplifting the entrepreneurial spirit of youths in the country under Startup India, and Atal Innovation Mission, Mr Misra said 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 startups with necessary hand holding support towards expanding their existing domestic business to foreign markets, he added.