February 28, 2023: Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing and development of Micro, Small & Medium Enterprises (MSMEs) in India has signed a Memorandum of Understanding (MoU) with ShowReel for developing an online digital platform aimed at providing handholding support to aspiring innovators with practical-based hand holding demonstration and equity funding to channelise ideas offering solutions to multitude of problems.
The new virtual eco-system is completely digital and is designed to provide citizens of India with a platform to think, analyze and create enterprising ideas to solve real-world development problems. ShowReel and SIDBI intend to create this virtual incubator, to harness the intellectual capital, help and develop entrepreneurship.
The platform will be a one-stop-shop for ideators and innovators, providing access to training videos, market analysis, and mentorship, in addition to a virtual incubation program. The program will also offer practical solutions to real-world problems by providing video-based solutions that will help entrepreneurs in their respective fields.
The collaboration will enable ShowReel to leverage SIDBI's expertise in promoting and financing MSMEs and Start Ups, while ShowReel will provide the technological expertise to build and run the online video platform. The partnership aims to create a virtual ecosystem where aspiring entrepreneurs can connect with like-minded individuals, share ideas and receive support.
“This partnership will empower entrepreneurs across India, by providing them with the tools and resources needed to succeed in today's dynamic business environment,” said Mr. Sabeer Bhatia, President Showreel and Co-founder, Hotmail. “This partnership, going forward, shall democratize access to Micro-equity with necessary support structure for ideators attempting solutions to problems,” said Mr. S Ramann, Chairman, SIDBI.
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