With a 20% contribution from Sona College of Technology, the Department of Science and Technology (DST) has approved a grant of Rs 5 crore for the Sona Incubation Foundation (SIF) initiative, the SIF announced on Sunday.
Additionally, the incubator has received a recommendation for Rs 2 crore from the Department for Promotion of Industry and Internal Trade (DPIIT) as part of the “Startup India Seed Fund.”
In a statement, the SIF stated that it will choose Indian businesses and provide funding for deserving concepts, granting the SIF a stake in the venture.
Startups are encouraged to apply, especially those in fields including industry automation, healthtech, edtech, wearable technology, assistive technology, and SaaS.
According to Sathya Murthy V, head of Sona Incubation Foundation, “this initiative aims to foster innovation and position Salem as a significant player in the national and global startup ecosystem.”
Funds under the NIDHI Inclusive Technology Business Incubator (NIDHI iTBI) initiative have been proposed by DST.
The incubator has the potential to completely change the startup scene in the area.
Modern amenities are available to innovators and aspiring business owners, such as a fabrication lab (Fab Lab), design and development lab (D&D Lab), co-working spaces, meeting rooms, and other necessities.
The additional services include skill development training, mentoring, advice services, training programs, and access to a large network of investors and industry professionals.
