Startups get a big boost, receive funding
Tamil Nadu: Chennai, March 9 (HS)Technology Business Incubator Gyan Circle Ventures of IIIT Sri City was the center of attraction recently when grants were provided to the startups under TIDE 2.0 Scheme of MeitY.
Gyan Circle (Center of Innovation and Entrepreneurship Development at IIITs) based at IIIT Sri City, aims at promoting innovation and entrepreneurship in Chennai and surrounding areas.
About six startups received a grant of Rs 7 lakhs each at a function held recently from M. Balasubramaniam, Chairman of the Board of Governors of IIIT Sri City.
The grants provided will help the startups to scaleup their activities.
The selected startups are taking help of emerging technologies to develop solutions in the fields of healthcare, energy, environment and agriculture.
A total of 30 qualified applicants applied for grants and about six of them were selected for providing the grants.
Mr. Balasubramaniam said the startup has seen a huge growth potential during the COVID times.
Startups have had a good presence on the business arena.
Deals signed by startups comprised 44 percent of the total deals signed by Indian companies, he said.
The selected startups would witness more growth in future, he said.
They will connect the startups with various funding sources like venture capitalists and angel investors.
Director of IIIT Sri City Dr. G. Kannabiran said business incubator is one of the most important means to promote innovation and entrepreneurship in the region.
The idea is to promote entrepreneurship in several sectors like infrastructure development, smart manufacturing, agriculture, education by use of emerging technologies like artificial intelligence (AI), blockchain, cyber physical systems, robotics and others, said Dr. Kannabiran.
