IIT Roorkee launches TIDES Business Incubator Extension at Greater Noida

Noida: Indian Institute of Technology Roorkee is launching an Extension Center of its TIDES Business Incubator, at Greater Noidato ensure startups incubated by the Instituteat its Roorkee campus benefit from the start-up ecosystem of the National Capital Region (NCR), one of the fastest growing start-up ecosystems in the country. TIDES business incubator is supported by the Start-Up India Program of the Government of India and is hosted in the Roorkee campus of IIT Roorkee.

The Technology Innovation and Development of Entrepreneurship Support (TIDES) Incubator has been granted Rs. 12 crore funding through Department of Science and Technology (DST), Ministry of Electronics and IT (MeitY), National Science and Technology Entrepreneurship Development Board (NSTEDB)and other agencies

Dr. Anita Gupta, Associate Head, National Science & Technology Entrepreneurship Development Board (NSTEDB), Department of Science and technology (DST), was the Chief Guest of the occasion. She spoke about the importance of the expanding the business incubator and benefits to the students and country.

The Greater Noida Extension Centre (GNEC) will initially offer incubation to three startups with 15 incubatee team members working and staying in GNEC. TIDES plans to increase the capacity of this facility so as to spawn more entrepreneurs at IITRoorkee.

Congratulating IIT Roorkee on the expansion of TIDES Business Incubator to its Greater Noida campus, Chief Guest of the inaugural function Dr. Anita Gupta, Associate Head, NSTEDB, Department of Science and Technology,Government of India, said, “Innovation is important for the nation’s development and progress. Government of India is committed to providing an enabling ecosystem for innovation and entrepreneurship through its Start-Up India Program. As the first and the oldest technical Institute in the country, IIT Roorkee provides an entrepreneurial culture in its academic curriculum enabling young people to harness their ideas to action. I congratulate IIT Roorkee to have chosen its Greater Noida campus for expanding TIDES Incubation Centre as NCR is fast emerging as an innovation hub. TIDES will provide a platform for young people to accelerate their ideas to a successful start-up with the right guidance for a go-to market strategy. Talented youth look at start-ups as lucrative option and are turning job creators.”

Emphasizing the benefit of this facility to students thinking of having their own start-ups, Prof. Ajit K. Chaturvedi, Director, IIT Roorkee, said, “’NCR is among the most developed entrepreneurship hubs in India. The extension centre of TIDES Business Incubator will connect IITR startups to the entrepreneurs, alumni and the investors community in the region. State of the art infrastructure and seamless communication between these two campuses of IIT Roorkee will help in nurturing and promoting entrepreneurship in IITRoorkee.”

TIDES Business Incubator is recognized by the Govt. of India as a leading Incubator under the StartUp India program, which aims to boost Industry-Academia Partnership and provides funding support and Incentives for startups. It was established by Technology Incubation and Entrepreneurship Development Society (TIEDS) and IIT Roorkee to support innovation and entrepreneurship.

TIDES has interacted with more than 100 startups in the last three years of its operation. More than 20 startups have been offered incubation support with a cumulative seed funding of Rs 1.2 crore. This has led to a cumulative generation of around 100 jobs. In terms of intellectual property, around 10 patents have been filed and three technologies have been commercialized.

Current students of IIT Roorkee stand to benefit greatly as their initial phase of incubation is organized at TIDES, IIT Roorkee. Post completion of their respective courses, they will have an option to work in the Greater Noida Campus for scaling up their operations and exploring market possibilities. The current students can work from the Greater Noida Campus during their vacations and conduct customer meetings and interactions with potential investors.

Moreover, TIDES also receives proposals from start-ups founded by IIT Roorkee alumni who are keen to work from the Delhi-NCR Region. Through Greater Noida campus, TIDES will be able to support and tap such start-ups also. These start-ups want to be close to metropolitan cities as there are more opportunities forthem to grow and connect with mentors, investors and established companies in theirtechnology sector.

TIDES facilitates incubation of new enterprises with innovative technologies and provides them physical, technical, legal, IPR, mentoring and networking services. TIDES is supported by the Government of India through the agencies:

Ø Department of Science and Technology under ‘Technology Business Incubator’ (TBI) scheme;

Ø Ministry of Electronics and IT (MeitY) under ‘Technology Incubation and Development of Entrepreneurs’ (TIDE) scheme; and

ØNational Science and Technology Entrepreneurship Development Board (NSTEDB) under ‘National Initiative for Developing and Harnessing Innovations (NIDHI) programme.

TIDES focuses on start-ups and early stage companies working on emerging technologies by acting as a platform between Academia, Enterprises and the Government through its Incubation Program.