Kashmir's first tech business incubation hub coming up in Srinagar

Srinagar (Jammu and Kashmir) [India], October 12 : To nurture innovation and entrepreneurship culture, the first-of-its-kind Technology Business Incubation Centre named "Greenovator Incubation Foundation" is coming up in the National Institute of Technology (NIT) Srinagar.
The CEO of the centre, Saad Parvez who is also the head of Innovation, Incubation and Entrepreneurship Development Centre (IIEDC) of NIT informed that the centre is expected to start by the end of 2023.

"This would be a first-of-its-kind technological innovation centre in the region which would boost innovations leading to entrepreneurship and self-employment," he said.

According to NIT Srinagar, IIEDC has been promoting innovations and entrepreneurship within and outside the campus. The centre is facilitating industry-academia interactions and the transfer of knowledge in order to increase the technology quotient in the businesses operating within the region.

The centre is also being developed as an industrial interface organization to promote technological innovations. IIEDC was established with the mandate to provide
technical as well as financial assistance to the student's startups, idea generators, and casual grass-root innovators, Start-ups, and entrepreneurs of the region.
"Greenovator Incubation Foundation" had the main object to promote research,social welfare, innovations, commerce, art, science, sports, education, and the
protection of the environment or any such other object provided that the profits, if any of the other income is applied for promoting only the objects of the company.

Greenovator would also support the state and central departments and agencies in solving multiple problems like the conservation of water bodies, air pollution, and
other such challenges faced by the citizens of the region. The Greenovator would have its own hierarchy, headed by a CEO, followed by a Manager, Executive officer,
Technical officer, Accountant, and office assistant besides a governing council.
Technology Business Incubation or Inclusive TBI (i-TBI) is a three-year duration
initiative supported by the Department of Science and Technology (DST) for educational institutions, idea-generators, innovators and entrepreneurs to support
the innovative ideas, startup initiatives and promote self-employment and job creation through incubation.

The built-up area for the centre has been identified at NIT Srinagar. DST will provide the necessary funds to establish the infrastructure of i-TBI. The coworking space would be provided to startups for incubation facilities, prototyping laboratories, meeting rooms, recreational facilities etc. Apart from office space,
financial assistance as seed money would be given on a case-to-case basis with equity, as per the DST guidelines.

The students, innovators and entrepreneurs will take up innovative ideas and projects and with mentoring support from the academia, try to build their startups.
The motive of the centre is to enable and build a network between academia, investors, mentors, industries and other institutions.
Saad Parvez said, "This would be India's first incubation centre based on green technologies. Other than the softer aspects of GreenTech going with the theme of
valley, the proposed incubator would address some of the challenges that could not only change the socio-economic status of the valley, but also lead to innovations
that could be utilised in other markets increasing chances of inter-state trade and commerce."
The mission of the Greenovator would be to offer linkages and act as an effective interface, with the industry to foster, promote, and sustain the commercialisation of
Science and Technology in the Institute for mutual benefits. This would also be India's first Green Technologies incubation centre and would offer infrastructure,
industry networking, as well as mentorship to prospective entrepreneurs.