Thiruvananthapuram, Jan 31 (Coal Geology) Technopark’s Technology Business Incubation (T-TBI) Monday signed an agreement with the technology development board of the union ministry of science and technology for a Rs.1 crore seed funding assistance.
This is the first time the board has selected T-TBI for the assistance, an official said. The funding is for a period of three years.
Technology Business Incubation aims at identifying potential entrepreneurs with innovative ideas, nurture them through different phases of growth, until the business takes off to a maturity level, where it becomes a financially sustainable venture.
The grant will enable T-TBI to seed fund for at least ten companies which lack funding support from other sources.
‘This is a very important and necessary support for the student start ups in the state to get start up risk capital assistance in their early stage of company formation,’ said Mervin Alexander, chief executive officer of Technopark.
Presently there are 47 companies operating from the T-TBI here, which includes a few engineering colleges where bright young students are engaged in projects.
K.C. Chandrashekharan Nair, secretary and registrar of T-TBI said 50 companies that have already graduated from the TBI have scaled up their operation in Technopark Phase I campus, which employs more than 3,000 professionals with a total investment of about Rs.130 crore.
‘The approximate turnover of the companies will be around Rs.150 crore and their contribution to the government exchequer will be around Rs.30 crore. This TDB seed support will enable the companies to grow further and contribute more to the economic development of the state,’ said Nair.