July 21, 2024 3:30:13 AM
(MENAFN-IANS) New Delhi, July 21 (IANS) India’s Department of Science and Technology (DST) has recommended a grant of Rs 50 crore for the Sona Incubation Foundation (SIF) project, with Sona Institute of Technology contributing 20 per cent, SIF announced on Sunday.
The Department for Promotion of Industry and Internal Trade (DPIIT) has also recommended Rs 2 crore for the incubator as part of the Startup India Seed Fund.
SIF will select startups across India and provide funding to worthy ideas and grant equity participation to SIF, it said in a statement.
We particularly welcome applications from startups in the fields of wearable technology, assistive technology, health tech, edtech, SaaS and industrial automation.
“This initiative is aimed at promoting innovation and positioning Salem as a key player in the national and global startup ecosystem,” said Satya Murthy V, president, Sona Incubation Foundation.
DST has recommended funding under the NIDHI Inclusive Technology Business Incubator (NIDHI iTBI) program.
The incubator is poised to transform the startup ecosystem in the region.
It offers state-of-the-art facilities such as Fabrication Lab (Fab Lab), Design & Development Lab (D&D Lab), co-working spaces, meeting rooms and various other resources essential for innovators and budding entrepreneurs.
Other services include training programs, mentorship, advisory services, skill enhancement training and access to a wide network of industry experts and investors.
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