India’s Department of Science and Technology (DST) has recommended a grant of Rs 5 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 as part of the ‘Startup India Seed Fund’ for the incubator. The SIF, in a statement, said it will select startups across India and fund worthy ideas, allowing SIF to hold an equity stake. Applications are invited from startups, particularly in sectors like wearable technology, assistive technology, healthtech, edtech, SaaS and industrial automation. “The initiative is aimed at spurring innovation and positioning Salem as a key player in the national and global startup ecosystem,” said Satya Murthy V, head, Sona Incubation Foundation. DST has recommended the fund under the NIDHI Inclusive Technology Business Incubator (NIDHI iTBI) programme. The incubator is poised to transform the startup ecosystem in the region. The incubator offers state-of-the-art facilities such as a manufacturing lab (Fab Lab), design and development lab (D&D Lab), co-working spaces, meeting rooms and a range of other resources essential for innovators and budding entrepreneurs. Other services include training programs, mentorship, advisory services, skill upgradation training and access to a wide network of industry experts and investors. –IANS na/svn
