Indian Institute of Technology Roorkee on Friday announced that it is launching an extension centre of its TIDES Business Incubator, at Greater Noida to ensure startups incubated by the Institute at its Roorkee campus benefit from the startup ecosystem of the National Capital Region (NCR).
TIDES business incubator is supported by the StartUp India programme of Government of India and is hosted on the IIT Roorkee campus.
The Technology Innovation and Development of Entrepreneurship Support (TIDES) incubator has been granted Rs. 12 crore funding through Department of Science and Technology (DST), Ministry of Electronics and IT (MeitY), National Science and Technology Entrepreneurship Development Board (NSTEDB)and other agencies.
The Greater Noida Extension Centre (GNEC) will initially offer incubation to three startups with 15 incubatee team members working and staying in GNEC. TIDES plans to increase the capacity of this facility so as to spawn more entrepreneurs at IIT Roorkee.
Speaking on the occasion, Anita Gupta, Associate Head, National Science & Technology Entrepreneurship Development Board (NSTEDB), Department of Science and Technology, Government of India, said,
“Innovation is important for the nation’s development and progress. Government of India is committed to providing an enabling ecosystem for innovation and entrepreneurship through its StartUp India programme. As the first and the oldest technical institute in the country, IIT Roorkee provides an entrepreneurial culture in its academic curriculum enabling young people to harness their ideas to action. I congratulate IIT Roorkee to have chosen its Greater Noida campus for expanding TIDES Incubation Centre as NCR is fast emerging as an innovation hub.”
Emphasising the benefits of this facility to students thinking of having their own startups, Ajit K. Chaturvedi, Director, IIT Roorkee, said,
“'NCR is among the most developed entrepreneurship hubs in India. The extension centre of TIDES Business Incubator will connect IITR startups to the entrepreneurs, alumni and the investors community in the region. State-of-the-art infrastructure and seamless communication between these two campuses of IIT Roorkee will help in nurturing and promoting entrepreneurship in IIT Roorkee.”
TIDES has interacted with more than 100 startups in the last three years of its operation. More than 20 startups have been offered incubation support with a cumulative seed funding of Rs 1.2 crore. This has led to a generation of around 10 patents filed with three technologies being commercialised.
Current students of IIT Roorkee stand to benefit greatly as their initial phase of incubation is organised at TIDES, IIT Roorkee. Post completion of their respective courses, they will have an option to work in the Greater Noida campus for scaling up their operations and exploring market possibilities.
TIDES focuses on startups and early-stage companies working on emerging technologies by acting as a platform between academia, enterprises and the government through its incubation programme.
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.