IIT Ropar to set up a new incubation center in Punjab

IIT Ropar to set up incubation

Indian Institute of Technology, Ropar received a grant of INR 500 Lakhs by the Government of India from Department of Science and Technology for setting up Technology Business Incubator in Punjab. The grant received will be utilized to contribute towards the Central Government’s Start-Up India Program.

IIT Ropar has set up an Umbrella Centre for the promotion and innovation of entrepreneurship called CIBI, Centre of innovation and Business incubation which facilitate research activity into entrepreneurial venture.

This new incubator aims to develop innovation and entrepreneurship culture in the state over a period of five years.

The main objectives of this Incubator will be:

To promote new technology/knowledge and innovation based startups.

Build a vibrant startup ecosystem, by establishing a network between university, 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 commercialization 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.

Dr. Harpreet Singh, associate dean, industrial relations, international and alumni affairs, said “Our vision for start-ups is in sync with the overall vision of the Indian government and this grant of INR 500 lakh for setting up the technology business incubator will certainly give a big boost to the entrepreneurship culture in the state.”

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