The initiative also marks the beginning of the first regional technology business incubator (TBI) in the state.
According to KC Chandrasekharan Nair, CFO, Technopark, "the major objective of forming the EDC is to promote innovation and entrepreneurship on the campus. Another objective is to exploit and effectively convert the skills and expertise within the institute to create entrepreneurial ventures."
The IT park has already incubated over 70 startup technology companies at its incubation facilities in the past five years with a success rate of over 90 per cent, he added.
It had bagged the national award for the Best Technology Business Incubator for 2007 and a seed funding of Rs 2 crore by the National Science and Technology Entrepreneurship Development Board of the Department of Science and Technology.
"The entrepreneurship development activities of the LBS College will offer all support to spot and transform the innovative ideas among the students into marketable products and to incubate them in the TBI," said PT Rajan Nambiar, principal, LBS Engineering College.
The Technopark TBI will provide support needed for the entrepreneurship development activities including training faculty members and organising workshops and seminars.
