India's first Business Incubator was inaugurated at the PSG College of Technology in Coimbatore on Monday. Adviser and head of the National Science and Technology Entrepreneurship Development Board (NSTEDB) H K Mittal inaugurated the center.
PSG is the only institution to have five technology business incubators
PSG is the only institution to have five technology business incubators. "About 40% business ideas come from fields like biotechnology and nanotechnology. So, it is good to see a dedicated incubator for nanotechnology being set up in an educational institute, that too in an industrial city like Coimbatore," said Adviser and Head of NSTEDB, Mittal.
Schemes addressed to face the challenges in technology transfer
The first scheme is an entrepreneurial residence program where the incubatee is given stipend up to Rs 30,000 per month for a year. "The second scheme is called Prayas under which the incubator will provide Rs10 lakh grant to 10 incubatees every year. This fund can be utilized to develop a prototype," he said. NSTEDB has chosen 10 incubators each for both the schemes. "PSG has qualified for the grants under both the schemes," said Mittal. NSTEDB is also providing a Rs1.2crore fund to the incubators. "This will be a one-time fund. Besides, we will also provide Rs20lakh to the incubators to purchase raw materials," he added.