SRM Innovation and Incubation Center (SIIC), a technology and business incubation arm of SRM Institute of Science and Technology hosted the NewGen Innovation and Entrepreneurship Development Center (IEDC), supported and funded by NSTEDB, DST, Government of India.
Currently, 7 students and alumni companies are incubated in this center and over 20+ student startups are in the pre-incubation stage. The center facilitates entrepreneurship among the student community and creates an ecosystem that supports the budding student startups to commercialize their ideas. The SIIC has trained faculty members in multiple disciplines as resident mentors for technical and business support. Through the institutional funding and DST funded NewGen IEDC, SRM will be providing seed grants to 10 student startups this year.
SRMRIST will invest a tune of Rupees thirty lacs (30 lacs) per year through this center to develop supportive infrastructure and ecosystem for the young startup community. In the first quarter of 2019, 80 start-ups have applied for this funding support. The center identified the needs of these startups and has allocated seed grant for 4 student start-ups for the first quarter. The companies Sure Local, Rizel Automotive, Monkwish and Mithril Energy have secured the seed funding of Rs.2.5Lacs each for prototype development and market validation of their product. Along with this, a faculty startup, StemOnc, working on development of customized drugs for Lung and colon cancer, were also given a grant of Rs. 2.5Lacs by SIIC.
The grants for these teams were distributed during the Advisory board meeting which happened on 17th May 2019. Dr. Sandeep Sancheti, Vice Chancellor handed over the grant cheques along with Dr. Naveen Vasishta, Director, DST, Dr. S.B.Sareen, Project Director & Co-Member Secretary, DST and Dr. Muthamizhchelvan, Director (Engineering & Technology). Furthermore, the center is also open for students across other institutions to apply for seed grants for prototyping their innovative product ideas.