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Tirupati: IIIT Sri City releases grants to next set of start-ups
M Balasuramaniam, Chairman, Board of IIIT governors, and Director Dr G Kannabiran with the nine candidates whose start-ups have been selected for funding and mentor support
Gyan Circle Ventures (GCV), the Technology Business Incubator of IIIT Sri City, funded under TIDE 2.0 scheme of Ministry of Electronics and IT (MeitY) has selected nine start-ups in the second round out of 60 valid applications received for funding and mentoring support.
Tirupati: Gyan Circle Ventures (GCV), the Technology Business Incubator of IIIT Sri City, funded under TIDE 2.0 scheme of Ministry of Electronics and IT (MeitY) has selected nine start-ups in the second round out of 60 valid applications received for funding and mentoring support.
Dr G Kannabiran, Director IIIT Sri City and Managing Director of GCV, said that each start-up is provided with a grant of Rs 7 lakh to carry out the R&D, testing activities and obtain necessary certification within a grant period of 12-18 months.
These start-ups are focused on creating minimum viable market-ready products with comprehensive support including research infrastructure, access to mentor networks and an opportunity to validate products in Sri City companies. Out of the nine start-ups, three are women entrepreneurs. GCV is also in the process of securing CSR funds from industry to support additional start-ups through grants and seed funding.
M Balasubramaniam, Chairman, Board of Governors of IIIT Sri City, handed over the grant letters to the start-ups and encouraged them to make use of the expertise and resources of the institute. The start-up ecosystem continues to contribute to the digitisation of India and create employment and wealth across various segments of society.
