IIT Roorkee launches TIDES to provide incubatees State-of-the-art facilities

NEW DELHI, JULY 20: The Indian Institute of Technology Roorkee has launched an Extension Center of its TIDES Business Incubator, at Greater Noida to ensure startups incubated by the Institute at its Roorkee campus benefit from the start-up ecosystem of the National Capital Region (NCR).

TIDES Incubator has been granted Rs. 12 crore funding through Department of Science and Technology (DST), Ministry of Electronics and IT (MeitY), National Science and Technology Entrepreneurship Development Board (NSTEDB)and other agencies.

Dr. Anita Gupta, Associate Head, National Science & Technology Entrepreneurship Development Board (NSTEDB), Department of Science and technology (DST) said, “Innovation is important for the nation’s development and progress. Government of India is committed to providing an enabling ecosystem for innovation and entrepreneurship through its Start-Up India Program. As the first and the oldest technical Institute in the country, IIT Roorkee provides an entrepreneurial culture in its academic curriculum enabling young people to harness their ideas to action.”

The Greater Noida Extension Centre (GNEC) will initially offer incubation to three startups with 15 incubatee team members working and staying in GNEC. TIDES plans to increase the capacity of this facility so as to spawn more entrepreneurs at IITRoorkee.

Emphasizing the benefit of this facility to students thinking of having their own start-ups, Prof. Ajit K. Chaturvedi, Director, IIT Roorkee, said, “'NCR is among the most developed entrepreneurship hubs in India. The extension centre of TIDES Business Incubator will connect IITR startups to the entrepreneurs, alumni and the investors community in the region. State of the art infrastructure and seamless communication between these two campuses of IIT Roorkee will help in nurturing and promoting entrepreneurship in IITRoorkee.”

TIDES has interacted with more than 100 startups in the last three years of its operation. More than 20 startups have been offered incubation support with a cumulative seed funding of Rs 1.2 crore. This has led to a cumulative generation of around 100 jobs. In terms of intellectual property, around 10 patents have been filed and three technologies have been commercialized.