SRM Innovation and Incubation Center grants 2.5 lakh start-up seed for 4 teams

NEW DELHI, MAY 22: SRM Innovation and Incubation Center (SIIC), a technology and business incubation arm of SRM Institute of Science and Technology, has allocated seed grant for four student start-ups for the first quarter. The companies Sure Local, Rizel Automotive, Monkwish and Mithril Energy have secured the seed funding of Rs.2.5 lakhs each for prototype development and market validation of their product.

SIIC hosted the new Innovation and Entrepreneurship Development Center (IEDC), supported and funded by the Department of Science and Technology(DST), Government of India. The centre facilitates entrepreneurship among the student community and creates an ecosystem that supports the budding student startups to commercialize their ideas.

Through the institutional funding and DST, SRM will be providing seed grants to ten student startups this year. Currently, seven companies are incubated in this centre, and over 20 startups are in the pre-incubation stage.

A faculty startup, StemOnc, working on the development of customized drugs for lung and colon cancer, was also given a grant of Rs. 2.5 lakhs by SIIC. Vice-Chancellor Dr Sandeep Sancheti, along with Director Dr Naveen Vasishta, and other dignitaries distributed the grants during the advisory meeting.