Srinagar, Oct 04: To nurture innovation and entrepreneurship culture, first of its kind Technology Business Incubation Centre named as “Greenovator Incubation Foundation” is coming up in National Institute of Technology (NIT) Srinagar.
Technology Business Incubation or Inclusive TBI (i-TBI) is a three-year duration initiative supported by the Department of Science and Technology (DST) for educational institutions, idea-generators, innovators and entrepreneurs to support the innovative ideas, startup initiatives and promote self-employment and job creation through incubation.
The built-up area for the center has been identified at NIT Srinagar. DST will provide the necessary funds to establish the infrastructure of i-TBI. The co-working space would be provided to startups for incubation facility, prototyping laboratory, meeting rooms, recreational facilities etc. Apart from office space, financial assistance as seed money would be given on a case-to-case basis with equity, as per the DST guidelines.
The CEO of the center, Saad Parvez who is also the head of Innovation, Incubation and Entrepreneurship Development Centre (IIEDC) of NIT said, the center is expected to start by the end of 2023.
“This would be a first of its kind technological innovation centre in the region which would boost innovations leading to entrepreneurship and self-employment,” he said.
He further said that the students, innovators and entrepreneurs will take up innovative ideas and projects and with mentoring support from the academia, try to build their startups. The motive of the center is to enable and build a network between academia, investors, mentors, industries and other institutions.
I-TBI will also provide grants-in-aid funding to support the innovative ideas and convert them into prototypes and further to startups.
The Greenovator Incubation Foundation (GIF), a section-8 company will be based on green technologies.
“This would be India’s first incubation centre based on green technologies. Other than the softer aspects of GreenTech going with the theme of valley, the proposed incubator would address some of the challenges that could not only change the socio-economic status of the valley, but also lead to innovations that could be utilised in other markets increasing chances of inter-state trade and commerce,” he said.
Director of the Institute, Prof. Rakesh Sehgal, Prof. Farooq Wani and Prof G.A Harmain are the Directors of the Board of the GIF.
The center will bridge the gap between various stakeholders helping eliminate the geo-demo-socio-economic disadvantages hampering growth of start-ups which will contribute to the macro-economic measures of employment generation, balance of trade and increased per capita income.
Greenovator Incubation would have three focus areas- AgriTech, EnviroTech and AlterTech.
AgriTech will include technologies relating to horticulture, floriculture, food processing, animal husbandry and dairy farming besides agriculture.
EnviroTech related to water, air and other variants of pollution and ecological challenges, while AlterTech will pertain to the development as well as modernization on the industrial front.
“There is hardly any technology intervention and upgrade that has been incorporated in the traditional industries like handicrafts, handloom, horticulture, tourism, and others. With this consequence, many legacy business families of the valley are diversifying into other opportunities putting the traditional industries on the verge of extinction,” he said.
The i-TBI, would have a professional team with a full time Head/CEO, and an incubation manager/ecosystem enabler besides other staff.
The centre would constitute a board with experts from the various fields. Patent Expert/consultant, Alumni Entrepreneurs, Experts from nearby industry association, Startup Ecosystem expert, Expert from Financial institution/investor/angel investor/nearby bank, DST representative, and Head of nearby existing Technology business incubator. The Host Institute would make available the existing laboratories/facilities of the Institute for the startup enterprises.
In addition to these labs, with the support of DST, fabrication laboratories/makerspace, design and die labs will be established at the i-TBI for prototyping.
