IIT Ropar granted with Rs. 500 lac to contribute towards the “Start-up India Programme”
-To set up Technology Business Incubator (TBI) -
8, February, 2016, New Delhi: The Indian Institute of Technology Ropar has received a grant of Rs. 500 lac to set up a Technology Business Incubator in Punjab. The grant received will be utilized to contribute towards the Central Government’s “Start-Up India Programme”. The incubator will foster innovation and entrepreneurship culture in the state over a period of five years. The Incubator will provide various facilities like mentoring, physical office space, library and equipments among other things. Key focus will also be on providing networking and marketing support to all incubatees in order to enable and prepare them to raise capital through angel funding.
IIT Ropar already has an umbrella center, CIBI (Centre for Innovation & Business Incubation), which provides incubation services for technology and knowledge based entrepreneurship. Established in 2013, this center focused on Accelerating Innovation, Business Incubation and Growth of Entrepreneurship at IIT Ropar. The objective of CIBI is to facilitate the conversion of research activity into entrepreneurial ventures. It has received financial assistance from various sources along with the Department of Science & Technology, Government of India.
The Technology Business Incubator (TBI) will be a specialized state-of-the-art facility will be focused on providing the incubatees unlimited access to the skilled resources in the field of Science and Technology, in order to help them grow. The main objectives of this Incubator will be to:
· To promote new technology/knowledge/innovation based startups
· To build a vibrant startup ecosystem, by establishing a network between academia, financial institutions, industries and other institutions
· To provide cost effective, value added services to startups like mentoring, legal, financial, technical, intellectual property related services
· To provide a platform for speedy commercialization of technologies developed by the host institution or by any academic/technical/R&D institution or by an individual
· To create jobs, wealth and business in alignment with national priorities.
Speaking about the grant received from the Government, Prof. S.K Das, director, Indian Institute of Technology Ropar said, “IIT Ropar has always strived to achieve excellence in the field of technological innovation and research. We hope that this new venture will be another stepping
stone in the direction of technological advancements in our country and it will open up new horizons for research and innovation.” Dr. Harpreet Singh, Associate Dean, Industrial Relations, International and Alumni Affairs, of the institute said, “We already have a govt. funded incubation center, CIBI, where we have successfully incubated four start-ups and our students and faculty are constantly working towards new research and innovation. Our vision for start-ups is in sync with the overall vision of the Indian Government and this grant of Rs. 500 lacs for setting up the Technology Business Incubator will certainly give a big boost to the entrepreneurship culture in the state”. ______
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