Page 424 - Vellore Institute of Technology – Annual Report 2016-17

VIT University Annual Report 2016-17

TBI (Technology Business Incubator) 2016-17

VITTBI is a joint initiative between VIT University and the Department of Science and Technology (DST),
Govt.ofIndia. VITTBI was established in the year 2003 with a grant in aid of Rs.1.85 Crores from the DST. VITTBI in
the last 14 years has incubated over 45 startup companies, provided seed funding to fifteen ventures, trained
thousands of students and hundreds of faculty members in the entrepreneurship related areas.

Under the core incubation support VITTBI provides the following services:

Access to infrastructure for product development and testing
Access to mentoring – both in technology and business domains
Access to funding- grant facilitation, seed funding and angel investment referral
Access to markets- business coaching, linkages and connections to businesses and business networks

Seed Fund Grant

VITTBI was one of the first five incubators in the country to receive a seed fund grant of Rs.1 Crore from the
Technology Development Board during 2005 and Rs.2 Crores from the Department of Science and Technology,
Govt. of India during the year 2010. VITTBI funded 15 ventures using these grants.

During 2016-17, two venture were sanctioned Rs.85 Lakhs as Seed Funding and first installment of Rs.42.5 Lakhs
was released during February 2017.

MSME Supported Incubator Development initiative

VITTBI was chosen for support under a MSME Incubator scheme under the Ministry of Small and Medium
Enterprises.

During 2016-17, three more incubatees received grants to the tune of Rs.16 Lakhs. This scheme helped incubates
to meet their product development, testing, consulting, equipment hire and allied costs for a period of one year.

VIT Student Startup Venture Grant

Student Startup Venture initiative was launched in 2016 with the grant support of Rs.1 Crore from the VIT
Management. The grant is to undertake proof of concept activities in the idea to prototype activities.

IPR Sensitisation Workshop -15 March 2017

6 week-Technology Entrepreneurship Development
Program- Feb-Mar 2017

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