The Indian Institute of Technology (IIT) Bhubaneswar has established a Start-up Centre with the support of Rs1.5 crore by the Department of Science and Technology (DST) and the Union Ministry of Human Resource and Development (MHRD).
IIT Bhubaneswar Director Prof RV Raja Kumar inaugurated the facility on June 20. Subsequently, the institute created some space at its Samantapuri and Toshali campuses for enrolment of start-ups. Interested enterprising individuals or teams, registered small firms, and subsidiary or ancillary units of established firms can participate in the process having commercially viable ideas to setup their units in the Start-up Centre.
Details of such participation can be seen in the institute’s website www.iitbbs.ac.in.
“The institute would provide furnished, semi-furnished, unfurnished space as per the requirement of the entity with facilities like internet, water and electricity on nominal payment basis. Selections will be made by the institute on the basis of the potentiality of the proposals,” Raja Kumar said.
He further said the institute would provide mentoring support for the start-ups and a seed grant to the tune of Rs2.50 lakh to the maximum of 10 start-ups per year to selected start-ups. The Start-up centre would also facilitate bank loans to the start-ups.
Initially, the institute would provide start-up space for a period of one year which may be further increased up to another one or two years depending on the progress, the director added.