The Rs. 5.17-crore Technology Business Incubator (TBI) of the Cochin University of Science and Technology has finalised its policy framework by taking a leaf out of the prominent incubator models in select Indian Institutes of Technology (IITs) and the Startup Village here.
The next syndicate meet is likely to give its green signal for the detailed framework, which has recommended that young entrepreneurs could incubate their pre-product ideas up to a period of three years. Taking a cue from the incubation facilities in IITs at Mumbai and Delhi, the TBI here may charge only a nominal rent in the initial phase. Successful start-up ideas have to go commercial within five to six months after completing their incubation period.
Student entrepreneur groups from departments like shipping, management and engineering had already evinced keen interest in developing their ideas utilising the space available at the business incubator on the campus.
Some of the facilities on offer at the TBI include free wi-fi, 24X7 power supply and internet.
“The legal cell has almost vetted the agreement to be signed between entrepreneurs and the varsity. The policy framework will be placed before the syndicate for approval once it’s ready,” said J. Letha, Vice Chancellor.
Faculty members associated with the project said that applicants will have to go through a selection process, involving experts. They have to generate a detailed write-up about the start-up venture besides elaborating on its business plan and finance model. Only students in CUSAT and its affiliated institutions will be allotted incubation space in the first phase of the project spread over nearly 5,000 sq.ft on the main campus in Thrikkakara.
The TBI will also offer mentoring and access to industry experts to its entrepreneurs besides linking them to angel investors or venture capitalists for funding.
Source : The Hindu
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