IIT Ropar’s business incubator foundation gets ₹5 crore grant
The Indian Institute of Technology (IIT), Ropar has received a grant of Rs 5 crore from the department of science and technology (DST), government of India.
The grant has been sanctioned to Technology Business Incubator Foundation (TBIF) – a section non-profit entity of the institute, established in the year 2016. The foundation is independently taking care of start-up related activities and entrepreneurial system for the students of IIT Ropar and Punjab region.
The institute has established a technology business incubator (TBI) under the national initiative for developing and harnessing innovations (NIDHI) programme of DST.
The programme would work in line with the national priorities and goals and, its focus would be to build an innovation-driven entrepreneurial ecosystem with an objective of socio-economic development through wealth and job creation.
Professor Sarit Kumar Das, director, IIT Ropar, and chairman, TBI, said, “Entrepreneurship is not new at IIT, Ropar. Till now, seven companies have stemmed from here. A soft loan of approximately Rs 55 lakh has been given to these companies for developing their ideas and products. They are doing exceptionally well. Two companies even returned their soft loan amount: Rs 16,45,000.”
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