Cochin Shipyard, IIM Kozhikode Invites Applications For USHUS Program To Support Maritime Startups

In a notable move to boost maritime innovation, Cochin Shipyard Limited, in collaboration with IIM Kozhikode, has launched the USHUS program. This initiative is designed to support maritime startups, aligning with the Government of India's efforts to foster a supportive ecosystem for such ventures in India. The program promises to provide startups with a range of support services including virtual incubation, mentorship, seed funding, and assistance in connecting with the market.

Manthan, a Government of India initiative aimed at promoting scientific innovations, highlights the objective of the USHUS program to nurture startups within the maritime sector. This includes a wide array of focus areas such as Fishing, Logistics & Supply Chain, Port, Cargo & Passenger Movement, Autonomous Ships & ROV (Remotely Operated Vehicles), Coastal Community, Simulation / AR/ VR (Augmented Reality / Virtual Reality), AI/ML (Artificial Intelligence / Machine Learning), Safety, Blockchain Technology, 3D Printing, and Enterprise SAAS (Software as a Service).Substantial Financial Backing

One of the most compelling aspects of the USHUS program is the financial support it offers. Selected startups stand a chance to receive seed funding or a prototype grant of up to 1 crore INR, in addition to the possibility of equity funding from Cochin Shipyard Ltd. This substantial financial backing underscores the program's commitment to not just nurturing but also financially empowering maritime startups.

The collaboration between Cochin Shipyard Limited and IIM Kozhikode LIVE brings together the expertise of a leading public sector shipyard and a premier management institute. This partnership aims to leverage their combined resources and knowledge to aid startups in overcoming the challenges of the maritime industry. The program's comprehensive support system is designed to guide startups from the ideation phase to market entry, ensuring they have the necessary tools and guidance to thrive.

For aspiring maritime startups, the USHUS program represents a unique opportunity to gain access to resources, mentorship, and financial support. It opens a new avenue for entrepreneurs and innovators in the maritime sector, encouraging them to bring forward their ideas and solutions to contribute to the industry's growth and sustainability.

The initiative not only highlights the potential of India's maritime sector but also emphasizes the country's commitment to nurturing innovation and entrepreneurship.Points to RememberSeed Fund Grants: Up to Rs.50 lakhs per startup by IIMK LIVEPrototyping Grants: Up to Rs.1 Cr per startup by IIMK LIVEEquity investments by Cochin Shipyard Limited (CSL)Virtual Incubation, training, mentorship, angel/VC connect to startups selected in this program. Apply now : https://www.iimklive.org/Important Dates: Launched on : April 25, 2024Last date to apply: May 15, 2024.Selection Date: 20 June, 2024.