NIT-T to promote budding entrepreneurs

If you have an idea, the National Institute of Technology, Trichy, is ready to give you a seed fund of up to Rs 25 lakh to "incubate" your ideas in order to make a societal impact, NIT-T director Dr S Sundarrajan told a group of prospective entrepreneurs looking for avenues to start a company. "It could be a product, a process or a service. The potential applicant may even be a science graduate who has nothing to do with NIT-T, but his idea should lead to a commercially viable result. The NIT-T is also actively involved in developing a curriculum that is oriented towards industry, and a structured approach to help the entrepreneur.

Dr S Sundarrajan informed that the new entrepreneurs never had it so good. All one has to do is to walk into the NIT-T campus armed with only an idea that will have a social relevance. "It need not be necessarily an original idea, but it must of course be an innovative one, but the only condition is that it must operate on the domain areas of information and communication technology and electronics," explained Dr A K Bakthavatsalam, in-charge of placements and training at the NIT-T.
The aim is to translate concepts in science and engineering disciplines into products, processes and services for commercial exploitation and for the ultimate benefit of society.
Talking to TOI, Dr Sundarrajan said that the NIT-T had itself started a company, Entrepreneurship Development and Incubation (CEDI), for this purpose. under the aegis of Ministry of Communication and Information Technology,
Though it was open to any graduate in the country, he would be more willing to accept youth from Trichy for the sake of convenience.
Dr G Kannabiran, the project investigator, said the ministry of communication and information technology has earmarked Rs 1.55 crore for the venture. The maximum limit for eligible candidates is Rs 25 lakh, of which 50% should be repaid with annual interest of nine per cent, and the rest 50% would remain as the NIT-T equity in the project. "Once the company grows on the expected lines, and if the entrepreneur is willing to fly off, he is totally free do to so," said Dr Bakthavatsalam.
To make things further easier for the prospective entrepreneur, the NIT-T offers ready-to-use incubator cells at nominal rent of Rs 2,500 pm, and one could even hire a 'seat' at Rs 750 a month to start with. Along with mentoring support, the internet facility is available, provided the recurring expenses are footed by the client, and a common infrastructure facility is at his disposal. Bakthavatsalam clarified that the NIT-I was an active partner in the company, and it should be seen more as an asset by the entrepreneur rather than a liability, and the budding businessman could enlist the services of the NIT-T students on a small stipend.