Tirupati: Technology Business Incubator at Sri City IIIT

Tirupati: Union Minister of Education Dr Ramesh Pokhriyal Nishank through a video conference on Thursday formally declared the opening of the IIIT Sri City `Technology Business Incubator' (TBI) at Sri City in Chittoor district.

Speaking on the occasion, the Union Minister said India was the third largest economy in the world and in five years it would become a $3 trillion economy.

Stating that innovation is the tool that makes progress possible, he said India need to be self-sufficient and exceed in science and technology, innovation and entrepreneurship to stay in the forefront of the competitive era. Centres like 'Gyan Circle Ventures' will inculcate the spirit of entrepreneurship among the youth to lead them towards successful innovation, he stated.

He said the TBI will function as a Technology Incubation and Development of Entrepreneurship (TIDE 2.0) which is approved by the Ministry of Information Technology (MEITY).

Nishank said that the business incubator also promotes smart manufacturing and will develop the entrepreneurial spirit of the institute by joining new technologies such as Artificial Intelligence (AI), block-chain, cyber physical system (CPS), cyber security, Internet of Things (IoT) and robotics.

Lauding the IIIT Sri City for its works done, the Union Minister said, "IIIT Sri City promotes a culture of innovation and entrepreneurship to tap the potential of faculty members and students to solve the real-life problems of the community. IIIT Sri City has been a part of the Innovation Cell of the Ministry of Education and has formed the Institute's Innovation Council (IIC). TBI will have an advisory committee consisting of prominent industrialists, entrepreneurs and technical experts to enable incubatees to benefit from expert consultants and networks in academic and industry sectors, he averred.

About the growing innovations and startups in the country, he said that India has jumped four steps in the Global Innovation Index 2020 and now, it is in the list of top 50 innovative nations in the annual ranking of World Intellectual Property Organisation (WLIPO) at 48th place. This was made by possible by the brilliant work done by public and private research organization, he pointed out. He also appreciated the state government initiatives in the field of higher education and expressed confidence that TBI will act as a catalyst in society-conscious entrepreneurship and creation of jobs in the region.

According to IIIT Director Dr G Kannabiran, the Business Incubator was one of the strategic priorities of the institute to promote innovation and entrepreneurship in the region, in the areas of infrastructure development, smart manufacturing, agriculture and education by leveraging emerging technologies such as Artificial Intelligence (AI), Block-chain, Cyber Physical Systems (CPS), Cyber Security, Internet of Things (IoT) and Robotics.

Potential candidates may apply for funding through the link: iiits.ac.in/innovation-tbi/gyan-circle-venture-tide2/