ROURKELA: The Foundation for Technology and Business Incubation (FTBI) at the National Institute of Technology (NIT), Rourkela, has signed an MoU with Mahanadi Coalfields Ltd (MCL) for a funding support of Rs 4.65 crore to promote start-ups.
The pact aims at additional focus on women and tribal entrepreneurs to help build more inclusive and sustainable economies. FTBI’s initiatives have been making significant impact with several tech-based start-ups gaining investor confidence.
The MoU was signed in the presence of NIT-R director Prof K Umamaheshwar Rao, MCL general manager (CSR) Bichitrananda Behera, and FTBI president Prof Manoj Kumar Mishra.
The MoU seeks to promote science and technology-driven enterprises, create employment opportunities, and leverage innovative advancements from NIT-R’s students, faculty, and other entrepreneurs incubated at FTBI.
The funding will also support the establishment of laboratories, procurement of equipment, and the organisation of start-up events. Plans are underway to build two specialised labs tailored for deep tech start-ups.
Since its inception in May 2016, FTBI has supported innovative ideas, processes, and products from NIT-R stakeholders and external entrepreneurs. Operating from a 9,500 sq mt multi-storey facility, including 6,000 sq mt of air-conditioned space, FTBI offers state-of-the-art infrastructure such as equipped labs, furnished offices, communication facilities, convention centres, and administrative support.
FTBI CEO Chiranjibi Samal said over 70 start-ups have been incubated so far, with three securing Series A funding. Success stories include Coratia Technology Pvt Ltd and Datoms (formerly Phoenix), both achieving valuations exceeding `100 crore while Coratia’s rise in just three years has been exceptional.
The FTBI has witnessed a sudden increase in start-up activity post-Covid-19, establishing itself as a prominent incubation hub in Odisha. It now ranks second only to KIIT’s incubation centre in Bhubaneswar, which was founded in 2007.