Department of Electronics and Information Technology (DeitY) is implementing a scheme titled Technology Incubation and Development of Entrepreneurs (TIDE) which aims to assist institutions of higher learning to strengthen their Technology Incubation Centers and enable young entrepreneurs to initiate technology startup companies for commercial exploitation of technologies developed by them. The scheme was initially launched in 2008 and has been revised and extended till March 2017.
DeitY is providing financial and policy support for strengthening technology incubation activities on the premise that this would in the long run result in indigenous development of products and packages in the ICTE sector.
- Promote product oriented research and development.
- Encourage and accelerate development of indigenous products and packages.
- Bridge the gap between R&D and commercialization.
- Facilitate entrepreneurial training and IPR facilitation
- Promote involvement of faculty in startup activities.
- Ensure interaction between education and industry.
Financial Support: Each TIDE center would be given financial support as Grant-in-aid of up to Rs 155 lakhs – payable in installments. These funds can be used for improvement in infrastructure – up to Rs. 30 lakhs and for providing financial support to the incubating companies – Rs 125 Lakhs (@ Rs 25 lakhs per company).
Support for the Incubated Companies:
- The TIDE Centre will provide operating space to the selected companies on rent for a period of up to 2 years (extendable by one year).
- Each company selected for incubation would get financial support, in the form of soft loan, of up-to Rs. 25 lakhs over two (or three) years period (subject to satisfactory performance). The amount of loan would be up to a maximum of 80% of the project cost of the incubating company.
- At the end of two (or three) years, the company will have to return half of the financial support given to the company as per institute’s policy and the remaining 50% can be given as equity to the TIDE centre, which can be encashed at the time of valuation.
For Details: Click Here