NIT-T chooses two proposals for seed-funding

Centre for Entrepreneurship Development and Incubation (CEDI), NIT, Tiruchi, has chosen two out of 17 project proposals received from prospective entrepreneurs to provide seed funding and incubation support.

Supported by Department of Electronics and IT of the Union Government and Sonata Software Ltd., the projects, chosen through a two-stage process, are to be provided with seed funding of Rs. 25 lakh each.

CEDI is presently working on a three-year strategic plan, targeting 50 ventures by then. It will extend its focus from IT and Electronics domain to areas such as defence, automobiles, agriculture, and Smart Cities, Mini Shaji Thomas, Director NIT,Tiruchi, and CEO, CEDI, said on Thursday, after handing over the approval certificates to the two start-up applicants.

NIT-T, she said, has also associated with National Entrepreneurship Network to offer an open elective course on Entrepreneurship and New Business Development through blended learning approach.

One of the two start-ups, Recubitech Private Limited, envisages harnessing technology to solve pollution caused by plastic materials in Tiruchi city. The project titled “Trash'n'Cash” in Tiruchi involves using a mobile application to collect recyclable waste, e-waste and other waste materials directly from households and rewarding subscribing households and commercial establishments with cash backs or discount vouchers that can be redeemed at specific outlets and online stores, or utilised for mobile recharges.

The collected plastic and scrap materials will be processed and supplied to various industries to manufacture new products using recycled waste, say Saravanan, the promoter of Recubitech, an IT solutions entrepreneur with over 17 years of experience, and Sivaguru, co- promoter.

The other start-up, Fixyard Technology Solutions Pvt., Ltd., will adopt an innovative technology-enabled process to provide online automobile after-sales services, with the promise of quality and transparency to the customer’s doorstep.

The company's will focus on organising the unorganised automobile after-sales services shops through a process of standardisation, unique brand identity and process innovation. The self-employed mechanics will be transformed into micro-entrepreneurs.

G. Kannabiran, Director CEDI, said the centre will focus on the value chains of innovation and entrepreneurship development, through motivational training programs for graduates and women, awareness camps, and faculty development programmes.

The NIT-T has submitted a proposal to set up a Technology enabling Centre to provide incubation–ready technologies through research and development. CEDI will also support faculty start-ups as per the strategic plan, Prof. Kannabiran said.

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