IIMs find innovative ways to raise funds

Indian Institutes of Management, the premier B-schools are finding innovative ways to raise money in an attempt to attract faculty and keep their activities going. Some are entering into corporate tie-ups, while others are applying the academic approach to fund-raising. For instance, IIM Bangalore has signed a MoU with startup CrowdAnalytix where the institute will earn on royalty basis; IIM Lucknow will be starting a six month e-learning programme for executives and also plans to provide services in business analytics. At the same time others like IIM Rohtak is aggressively tapping corporate alliances; IIM Calcutta is banking on management development programme and in-company training while IIM Tiruchirapalli is in the final stages of discussion with a nationalized bank to set up a faculty chair in the form of a grant worth Rs.3 crores. Industry inflow of funds is not much and hence the need for institutes to adopt these measures to generate own funds.

Source: The Economic Times