Seven tech-based startups get Rs 75L seed funding

A total of seven technology-based startups that are being incubated at Tiruchirappalli Regional Engineering College – Science and Technology Entrepreneurs Park (TREC – STEP) were provided seed funding of about Rs 75 lakh (in total) in Trichy on Friday.
The budding entrepreneurs were given financial assistance under Seed Support Scheme by technology development board, department of science and technology (government of India) at an event- ‘Start-up Support Programme on Networking and Seed Funding’ organised by TREC-STEP. Chairman of Tamil Nadu Foundation and retired IAS officer S Rajarethinam was invited as the chief guest.
Speaking at the event, executive director of TREC-STEP R M P Jawahar stated that the incubation centre’s Seed Centre System Proposal for Rs 10 crore had already been selected for support by the National Science and Technology Entrepreneurship Development Board of department of science and technology and was waiting for further sanction. “Once approved, we would be able to provide more funding for the entrepreneurs and prospective ventures,” he said.


Jawahar also mentioned that the prime motive of TREC-STEP was to help talented techies turn into successful business persons. “If there is no proper guidance, people who are tech experts might not be able to become successful entrepreneurs. Hence we wish to provide a proper eco-system to turn interesting ideas into a sustainable business model,” he stated.
The projects by startups that were provided seed funding included ideas like waste management and biogas production, pollution-free starch extraction using limited water, automotive and automation electronics, products based on hydrogen and methanol fuel cell applications, innovative eye wears for doctors, miniature artists etc., home products using liquid extract of soapnut shells and product to help organic cultivation.
One of the entrepreneurs, Chythenyen N K, from Salem, who received maximum seed funding of Rs 20 lakh, stated that there were several benefits of running a business in a Tier II city. “Factors like less competition and relatively less investment are the major positives for entrepreneurs in smaller cities,” he told TOI.
However, Chythenyen, whose company works on waste management system and production of biogas, also said, “But scope is better only in a city like Chennai. So eventually, I would be expanding my company in Chennai,” he said.

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