It has undertaken a number of initiatives and collaborations across various industries in pursuit of knowledge application and national growth. The Central Secretariat Services and IIM Lucknow collaborate by providing training programs that educate government officers with analytical and policy based skills. It collaborates with IIT Kanpur to promote specific learning through a healthcare management course. A collaboration with Goldman Sachs under its GS10KW initiative is developing 400 women entrepreneurs across India.

IIM Lucknow has consolidated its position in professional development by collaborating with NASSCOM to facilitate reskilling in emerging technologies and FPSB India for financial planning certification. The institute's Enterprise Incubation Centre has inked 12 strategic MOUs with substantial agencies like EXIM Bank, ASSOCHAM and Oil India Limited to foster the ecosystem around startups. Additionally, EIC worked with Delhi's Lal Bahadur Shastri Institute of Management to help establish a Technology Business Incubator.

IIM Lucknow has collaborated with cricketing legend Bhuvneshwar Kumar through LegaXY to design India's first sportstech, esports and gaming accelerator. IAdditionally, it has created a Centre of Excellence in Blockchain Technology, which is backed by Microsoft and other significant consortium members and the Uttar Pradesh government.

This institute which fosters multidisciplinary research and wellbeing has a Mind Lab at the Rekhi Centre of Happiness to pursue research in the areas of human wellbeing and happiness. In addition, the initiation of a fellowship grant by the alumni class of 1999 for PhD students and the institution of the Radhakrishnan Gopalan Young Faculty Researcher Award echo its commitment to academic advancement.

In order to boost student exposure and interchange, IIM Lucknow has partnered with EM Normandie Business School, Aix-Marseille University and SKEMA Business School in France. It also entered into an agreement with the UP Centre for Good Governance to facilitate institutional collaboration and intellectual exchange.

Apart from academics the institute has a vibrant campus life and is supported by the works of various student-led organisations like 15 committees, 7 academic interest groups and 12 clubs. Among them, Manfest Varchasva is one of the signature events of a three day business, sports and cultural festival that happens to be 30 years old with participation from top tier institutions in India.

On campus festivities include Onam, Dandiya evenings, Holi and Christmas. These events help to keep traditions alive and create community activities. The annual alumni gathering, Nostalgia, brings together generations past and present, reinforcing the institutional tradition and relationship that already exists.

Sports continue to be a significant part of student life on campus with events such as Sangharsh an inter IIM tournament and Sangram at the section level lending vibrancy to campus culture. At IIM Lucknow academic brilliance flourishes in equal measure with substantial collaborations, entrepreneurial energy, research innovation and a comprehensive student experience that underlines its preeminent role in shaping the future of management education in India.