The Department of Science and Technology (DST) has recommended a grant of Rs 5 crore for the Sona Incubation Foundation (SIF) project, with a 20 per cent contribution by the Sona College of Technology, the SIF said on Sunday.
The Department for Promotion of Industry and Internal Trade (DPIIT) has also recommended Rs 2 crore as part of the ‘Startup India Seed Fund’ to the incubator.
The SIF said in a statement that it will select startups across India and fund worthy ideas, allowing SIF to have equity participation.
It is inviting applications from startups, particularly in sectors such as wearable technologies, assistive technologies, healthtech, edtech, SaaS, and industry automation.
“This initiative aims to foster innovation and position Salem as a significant player in the national and global startup ecosystem,” says Sathya Murthy V, head of Sona Incubation Foundation.
DST has recommended funds under the NIDHI Inclusive Technology Business Incubator (NIDHI iTBI) programme.
The incubator is poised to transform the region’s startup ecosystem.
It offers state-of-the-art amenities, including a fabrication lab (Fab Lab), design and development lab (D&D Lab), co-working spaces, meeting rooms, and various other essential resources for innovators and budding entrepreneurs.
The other services include training programmes, mentorship, advisory services, skill enhancement training, and access to a broad network of industry professionals and investors.