The Technology Business Incubator – Gyan Circle Ventures functioning at the IIIT has been selected as a Group 2 Centre (G2C) under TIDE 2.0 scheme of Startup Hub promoted by Ministry of Electronics and Information Technology (MeitY), with an initial funding for five years. The eight cohorts selected at the TBI on Friday received their grant from Ravindra Sannareddy, Managing Director of Sri City, which is also the institute’s industry partner. He assured to extend support to the grantees by connecting the new startups with the 190 companies located in Sri City compound for testing the products or identifying the first set of customers. One more applicant has been selected as ‘Entrepreneur in Residence’, a college student who would work from the campus.
“The first cohort applications were received in January for startup grants and the concept of thirty promising applicants were considered and evaluated for viability, while eight of them were finally selected”, explained IIIT-S Director G. Kannabiran. The applicants would get Rs.7 lakh to work in their chosen areas viz., healthcare, energy, environment and agriculture.