The Indian Institute of Technology Ropar has received a grant of Rs 5 crore from the Department of Science & Technology (DST), Government of India for setting up a technology business incubator in Punjab. The grant received will be utilised to contribute towards the Central Government’s Start-Up India Programme.
The new incubator aims to promote innovation and entrepreneurship culture in the state over a period of five years by providing 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.
“The main objectives of this Incubator will be to promote new technology/knowledge/innovation based startups, build a vibrant startup ecosystem, by establishing a network between academia, financial institutions, industries and other institutions, provide cost effective, value added services to startups like mentoring, legal, financial, technical, intellectual property related services, provide a platform for speedy commercialisation of technologies developed by the host institution or by any academic/technical/research and development institution or by an individual and create jobs, wealth and business in alignment with national priorities,” a press release from the institute 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,” says Professor S K Das, director, IIT Ropar.
Currently, Centre for Innovation and Business Incubation at IIT Ropar offers incubation services for technology and knowledge-based entrepreneurship. This centre has already received financial assistance from Department of Science & Technology and other sources.
“Our vision for start-ups is in sync with the overall vision of the Indian government and this grant of Rs 500 lakh for setting up the technology business incubator will certainly give a big boost to the entrepreneurship culture in the state, says Dr Harpreet Singh, associate dean, industrial relations, international and alumni affairs, IIT Ropar.