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Investors cough up Rs 25 lakhs for each startup at IIT Roorkee’s new incubation centre in Greater Noida, reports Shyna Kalra

Ideation, innovation, and incubation might not be all it takes to become a successful startup, location and access to resources also play a big role, according to Ajit K Chaturvedi, director, Indian Institute of Technology, Roorkee. The search for industry contacts, connections with investors and the right audience have brought the IIT-R’s incubation centre to Delhi NCR.

The institute has launched an extension centre of business incubation centre cum society - The Technology Innovation and Development of Entrepreneurship Support (TIDES) at Greater Noida.

The incubator dreaming of a new venture would be provided with funding, office space, mentoring, field visits etc. The facilities, however, will not be limited to students of the institute, but anyone with an innovative idea can apply here. TIDES would shortlist candidates based on composition, sector, stage of the product, understanding and experience in the startupspace. The selected startups would be incubated by TIDES for two years, based on need and market conditions the incubation duration can be extended to one more year. The centre has received grant worth Rs 5 crore under the NIDHI (National Initiative for Development and Harnessing Innovations) initiative. The centre has capped funding up to Rs 25 lakhs per startup and would give more preference to tech-based initiatives.

Currently, eight startups are under TIDES’ mentorship, out of which 3 have been shortlisted to shift their base to the new extension centres where they would be given office space and mentoring. The three innovations to be shortlisted include - Aeva - a home automation system where the smart switches which work on touch remote, application and voice-based commands. Other innovations include MacBota smart device which can reveal the functioning and need of an automobile and prevent them from being worn-out, and TBS Planeta venture which releases comics across digital and physical platforms based on Indian superheroes, mythology, horror etc and would release its first movie on August 15.

Devanshu Mishra, CEO, Aeva and Civil Engineering graduate from IIT-R, says, “We have set-up an office in the centre. Since we are a hardware-based startup, arranging components, connecting with clients etc was a great challenge for us. The new centre is closer to investors and industry. We were in touch with many industry players while in Roorkeebut things have started looking up now. Many people have visited us and we are hopeful of tie-ups.”

Delhi NCR has many incubation centres including one by IIT Delhi, but the IIT Roorkee incubator will focus more on construction sector.

Azam Ali Khan, CEO, TIDES says, “We work in the niche area, the sectors which are unexplored and untapped in this vibrant market of Delhi NCR. One of our major focus would be on sustainable construction and green architecture domain. We are also bringing our research in Biochemistry and Biotechnology into incubation stage.”

He further says, “We are going to introduce an accelerator programme wherein we will incubate 10 tech-based startups for 6-8 months and will provide them with intensive mentoring and support.”

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