Three young innovators, selected by Technology Business Incubator (TBI) at Kongu Engineering College, have received a grant of ₹ 28.30 lakh to develop ideas into prototypes in emerging technology areas.
The funding assistance has been provided under the PRomoting and Accelerating Young and ASpiring innovators and Startups (PRAYAS) scheme, which was sanctioned by the Department of Science and Technology of the Government of India under the National Initiative For Developing and Harnessing Innovations programme.
P. Sachithanandan, correspondent of the college, and V. Balusamy, principal, handed over the sanction orders and cheque to K.P. Rajaganesh of Kunnathur, M.S. Vijaya of Chennai and Smit Rambhiya of Bengaluru at the college recently.
Faculties said the Department of Science and Technology had provided a grant of ₹ 1 crore for establishing PRAYAS FAB lab containing 3D printer and scanner, CNC Router and Laser, PCB Milling Machine, SMT Pick and Place Machine and PCB Printer. Also ₹ 5-crore grant was provided to support young aspiring entrepreneurial students, graduates and early stage startups with innovative, technically feasible and commercially viable ideas addressing the needs of society.
Under this scheme, a maximum of ₹ 10 lakh grant could be availed per project. So far, ₹178.30 lakh had been sanctioned to 21 innovators, including three women innovators. Hence, TBI called for budding entrepreneurs to to submit their proposals at the earliest.
Interested innovators may approach TBI@KEC or visit www.tbi-kec.org for details.