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To set up a technology business Incubator (TBI) in Punjab the Indian Institute of Technology, Ropar (IIT-Ropar) has received a grant of Rs 5 crore.
IIT-Ropar already has an umbrella centre, CIBI (Centre for Innovation and Business Incubation), which provides incubation services for technology and knowledge-based entrepreneurship. Established in 2013, this centre focused on accelerating innovation, business incubation and growth of entrepreneurship at IIT Ropar.
The grant will be utilised to contribute towards the central government's Start-up India Programme.
A press release from the Institute says that it is expected that the TBI will foster innovation and entrepreneurship culture in the state over a period of five years. It will be a specialised facility, which will promote new technology, knowledge and innovation-based startups, establish a network among academia, financial institutions, industries and other institutions, and provide cost-effective, value-added services to startups like mentoring, legal, financial, technical and intellectual property-related services, IIT-Ropar.
"The government-funded incubation centre, CIBI, has successfully incubated four startups and our students and faculty are constantly working towards new research and innovation. Our vision for startups is in sync with the overall vision of the Indian government," said the press release further.