This Memorandum of Understanding (MoU) is established between the Indian Institute of Technology Bombay (IITB), represented by the Technocraft Centre for Applied Artificial Intelligence (TCAAI), and Nath School of Business and Technology (NSBT), to promote mutual collaboration. The purpose of this MoU is to enhance engagement in areas of skill development, training, research, and product development in Applied AI. Through this partnership, IITB and NSBT will engage in knowledge sharing, collaborative projects, and ecosystem development to bridge academia and industry. This includes collaborative efforts in new technology exploration, capacity building, and leveraging each other’s expertise. Joint projects will cover consultancy, research, and industry-related development projects. Intellectual property generated from these initiatives will be jointly owned, with specific agreements defining its use. This MoU is non-exclusive, allowing both parties to pursue additional collaborations. The collaboration aims to foster innovation, equip professionals with industry-relevant skills, and support advancements in AI technology.