KOCHI: As part of boosting the startup ecosystem, the university has come out with RUSA STARTUP GRANT-2021 which will see eligible entrepreneurs bagging investments from the Rs 50 lakh fund. According to Dr Bijoy Antony Jose, deputy coordinator, CUSAT- TBI, the objective is to help students, researchers and potential innovators convert their innovative ideas into full-fledged ventures.
“CUSATECH Foundation is a section 8 company formed by the university for entrepreneurship development, employability enhancement and to promote innovation. Twenty four startups under various domains like electronic hardware, bio-technology, marine science, polymer and software applications bagged investments in the 2020 call,” he said.
As of now, Rs 40 lakh has been approved as a grant in multiple instalments, added Dr Bijoy. “This year’s grant will be disbursed under two heads namely Product grant and Idea Grant. Product grant is for start-ups who are already in operation. They should have completed their prototype or MVP and should be seriously looking at going to the market. This grant will cover expenses towards final product development, product launch, market promotion, scaling up production etc. The maximum amount is limited to Rs 10 lakh. No tie-up with the university is needed to apply for this grant,” said Dr Bijoy.
One of the best parts about availing of the grant and incubating at Cusat is that the startups can use the software, electronic and biotech facilities at the TBI, he said. “They will also get access to department lab equipment. Core technology-oriented startups are a great fit while the brand new RISE Fablab setup Idea grant has been reserved for potential startups comprising the faculty, staff or students of the university,” he added.
According to him, the screening of the applications will be done by an expert panel set up by the Vice-Chancellor. “It comprises industry and academic experts,” he added. The application can be submitted via email to tbi@cusat.ac.in on or before 31st October 2021.
Contact Dr Sam Thomas, co-cordinator : 9846152127.
Startup Timeline
2011 - The concept of Centre for Innovation Technology Transfer and Industrial Collaboration as a Technology Business Incubator
2013 - Student entrepreneurship policy implemented
2014 - Physical incubation on a small scale
2015 - Became the first university incubation centre in Kerala to receive C1crore assistance from the Kerala government
2016 - The 4,000 sq ft furnished TBI established as CITTIC
2019 - MoU with KSUM for FABLAB
2020 - Startup grant for Cusat Incubates
2021 - Second TBI RISE and Biotech Incubator with RUSA support commissioned
2021 - Nw 10,000 sq ft facility sanctioned