After the successful transformation of the first set of cohorts into entrepreneurs, the Indian Institute of Information Technology (IIIT) at Sri City has released grants for the next set of startups.
The Union Ministry of Electronics and Information Technology (MeitY) funds the Gyan Circle Ventures (GCV), the institute’s Technology Business Incubator (TBI) which offers incubation support including co-working space, mentorship, industry or market-oriented network support, training, workshops and continuous monitoring. The innovators have access to some of the best research laboratories and mentorship facility available at the institute.
Emerging technologies
Of the 60 applications received, the institute have shortlisted nine startups including three from women entrepreneurs for researching in areas such as healthcare, energy, water, agriculture by leveraging emerging technologies such as artificial intelligence, machine learning, Internet of Things (IoT), wearable electronics and etc. “Each startup is provided with a grant of ₹7 lakh to carry out the R&D, testing activities and obtain the necessary certification within a grant period of 12 to 18 months,” says IIIT-S Director G. Kannabiran.
As every startup is required to come up with a simpler version of their market-ready products, the added advantage here is the presence of industrial units at Sri City where they can validate their products. “Our GCV is also planning to help local institutions build startup ecosystem through faculty training and innovation workshops, besides securing CSR funds from the industry to support startups through grants and seed funding,” Dr. Kannabiran adds.
IIIT-S Chairman (Board of Governors) M. Balasubramaniam handed over the grant letters to the startups and encouraged them to make use of the expertise and resources available at the institute. With 2021 marking the beginning of the ‘Decade of collaboration’, he urged the entrepreneurs to engage not just with peers, but also with government, corporate and the manufacturing ecosystem.
