A team from the NITI Aayog is expected to visit the Sri Krishnadevaraya University here, selected to house an Atal Innovation Centre (AIC), before releasing the first tranche of funds.
It is the only government university from the State to be selected to house an AIC by the Union government under which ₹10 crore would be provided for activities furthering research, creation of intellectual property, incubating ideas and nurturing startups.
“SKU is the only university to dedicate more than 10,000 sft of space for an incubation centre which has now turned into the AIC centre. We would have gone ahead nurturing and incubating ideas into worthwhile companies even without the sanction of the AIC. But the AIC is a blessing in that it adds a lot to our efforts and gives a platform and recognition to the startups that choose the SKU,” said Vice-Chancellor Prof. Rajagopal, adding AIC occupied a lot of their attention currently.
Funds sanctioned
While the NITI Aayog already sanctioned ₹5.5 crore to the university, as against the request for ₹10.7 crore, to be provided over a period of five years starting this year, the SKU was expected to arrange the remaining funds.
“While we presented them a demand for ₹10.7 crore, inclusive of purchase of lab equipment, the NITI Aayog, as per its guidelines, sanctioned no money under the head while providing the maximum under other heads such as providing infrastructure, incubation facilities such as identification of intellectual property and mentoring,” said Mr. Nagabhushan Raju, Director of AICSKU Confederation, the not-for-profit company registered as per the requirement of the NITI Aayog for establishment of AIC’s in the country.