IIT Ropar gets Rs 5 crore grant to set up tech incubator

NEW DELHI: Indian Institute of Technology (IIT) Ropar has received a grant of Rs 5 crore to set up a technology business incubator in Punjab.

The incubator will provide mentoring, physical office space, library and equipment to young entrepreneurs, while the institute will provide networking and marketing support to incubatees apart from support to angel funding, IIT Ropar said in release.

It said the grant amount would be utilised to contribute towards the Centre’s Start-Up India programme over five years.

“We hope that this new venture will be another steppingstone in the direction of technological advancements in our country and it will open up new horizons for research and innovation,” S K Das, director at IIT Ropar said.

IIT Ropar already has an umbrella centre, Centre for Innovation & Business Incubation (CIBI) that provides incubation services for technology and knowledge-based entrepreneurship to facilitate conversion of research activity into entrepreneurial ventures.