Union Education Minister virtually inaugurates Gyan Circle Ventures, a MeitY–funded Technology Business Incubator at IIIT Sri City

New Delhi: Union Minister for Education Shri Ramesh Pokhriyal ‘Nishank’ virtually inaugurated the Gyan Circle Ventures, a MeitY funded Technology Business Incubator (TBI) of Indian Institute of Information Technology, Sri City (Chittoor), Andhra Pradesh through Video Conference here today. Shri Amit Khare, Secretary, Higher Education, Shri. Ajay Prakash Sawhney, Secretary, MeitY; Shri Satish Chandra, Special Chief Secretary HE, Government of Andhra Pradesh; Shri. Bala M.S. Chairman, Board of Governors, IIIT Sri City Chittoor; Shri. Srinivasa C. Raju, Chairman, Sri City; Prof. G. Kannabiran, Director, IIIT Sri City Chittoor and senior officials of the Ministry were present on the occasion.

Speaking on the occasion Shri Pokhriyal said that Innovation is the engine that powers this progress of the nation. We need to foster innovation and entrepreneurship to ensure that we are self-sustainable and remain as a leader, at the cutting edge of science and technology, he added. It is centers like these, ‘Gyan Circle ventures’ which have the potential to instill entrepreneurship in young minds and steward them to become successful innovators.

Keeping up with the spirit of entrepreneurship, in 2020, IIIT Sri City is launching the TBI, Gyan Circle Ventures. Gyan Circle Ventures would function as a Technology Incubation and Development of Entrepreneurs (TIDE 2.0) incubation center as approved by the Ministry of Information Technology (MeitY), Shri Pokhriyal Informed.

He further informed that the incubator would leverage the institutions’ entrepreneurial spirit via utilizing its intellectual capital and engage in using emerging technologies such as Artificial Intelligence (AI), Block-chain, Cyber Physical Systems (CPS), Cyber Security, Internet of Things (IoT), Robotics, etc.

Shri Pokhriyal said that the Gyan Circle Ventures will serve as a hub for innovation and startups by providing support, in various phases, via investments, infrastructure and mentoring. Notably, the TBI would have an Advisory Committee comprising leading Industrialists, entrepreneurs and technical experts. It would enable incubatees to leverage these expert mentors and networks from both academia and the industry. The Minister expressed hope that the incubator will serve as a catalyst for the advancement of society-conscious entrepreneurship and fuel job creation.

Speaking on the occasion Shri Khare said that IIIT Sri City promotes a culture of innovation and entrepreneurship to help faculty and students to fulfill their potential and to serve the needs of the community. We foster entrepreneurship and innovation through several ways. IIIT Sri City has been part of Ministry of Education’s Innovation Cell and established Institute Innovation Council. Furthermore, IIIT Sri City has established an Entrepreneurship Cell (E-cell) to support and enable students to create innovative ideas and convert them into business opportunities. E-cell trains students on how to be successful entrepreneurs with social responsibility. Shri Khare hoped that the TBI- Gyan Circle Ventures supported by MeitY will provide support for innovators and startups, in various phases via investments, infrastructure and support. It will also serve as a channel for commercializing the innovations of faculty and students.

Secretary, MeitY, Shri Ajay Prakash Sawhney said that IIIT Sri City is the perfect example of collaboration of education and industries and they are working great in the field of innovation.