Technopark Technology Business Incubation (T-TBI) has signed an agreement with the Technology Development Board (TDB) under the Ministry of Science and Technology, Government for India, for seed money assistance amounting to Rs 1 crore over a period of three years.

This is the first time that the Technopark Technology Business Incubation has come to be selected for seed capital grant assistance by the TDB, an official spokesman said here on Monday.

The agreement to this effect was signed by Mr H.K. Mittal, Secretary, TDB, and Mr K.C. Chandrashekharan Nair, Secretary and Registrar, Technopark-TBI.

TEN ENTITIES

At least 10 entities in the Technopark Business Incubator who fail to find favour with commercial banks, financial institutions and venture capitalists can now hope to receive seed money during the course of a year.

“This comes as an important and necessary gesture to student start-ups, assuring risk capital assistance in the early stage of company formation,” said Mr Mervin Alexander, Chief Executive Officer, Technopark.

Fifty companies that have already graduated from the TBI have scaled up operations at the phase 1 campus of Technopark here, employing more than 3,000 professionals and generating investment of about Rs 130 crore.

The approximate turnover of these companies would be around Rs 150 crore and their contribution to the Government exchequer around Rs 30 crore, according to Mr Chandrashekharan Nair.

47 COMPANIES

Currently, there are 47 companies operating from the Business Incubator, of which seven are in the Innovation Lab, Kochi, and six in different virtual centres of the Technopark TBI at Garden City College, Bengaluru (two nos.); Mangalam College of Engineering, Ettumanoor, Kottayam; Mar Baselious College of Engineering, Thiruvananthapuram; Younus Kunju College of Engineering, Pallimukku, Kollam; and Mary Matha College of Engineering and Technology, Kuttichal, Thiruvananthapuram.

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