SIDBI launches incubation centre

Joins hands with IIT Kanpur to facilitate entrepreneurship development, technology transfer and augmentation of grassroot innovation.

Recognising the importance of innovation and fresh technological inputs for the micro small and medium enterprises (MSME) sector, the Small Industries Development Bank of India (SIDBI) has joined hands with the Indian Institute of Technology, Kanpur, to establish an Incubation Centre.

The centre located at IIT-K campus, is christened as 'SIDBI Innovation and Incubation Centre' (SIIC) and has a corpus fund of Rs 2 crores.

SIIC is the key nodal Centre for activities like entrepreneurship development, business incubation of new start-ups, intellectual property rights, technology transfer, and augmentation of grassroot innovation.

It is visualised as a business support ecosystem that leverages the knowledge and skills of the faculty, students, alumni and the vast physical and knowledge resources of IITK.

"SIDBI, as the apex development financial institution, has always worked to nurture entrepreneurship in the MSME sector, and also to strengthen the existing MSMEs to face the emerging challenges of globalisation and competition. SIIC is another step in the same direction from our side," informed B Seth, deputy managing director, SIDBI, while talking to Business Standard.

Review of each incubate company is done regularly where business development, marketing issues and financial aspects are discussed in detail and company's needs are worked out.

Subsequently, if required, experts in different areas of business development are invited to SIIC and networked suitably for their help.

These are from among successful entrepreneurs, venture capitalists, marketing consultants, financial experts. SIIC funds the incubates for attending fairs, workshops and other events like PAN-IIT, where they get ample opportunity for marketing their products and business networking.

SIIC also has names like the University of McMaster, Canada, and University of Essex, United Kingdom, which have shown interest in entrepreneurs exchange programmes.

National Entrepreneurs Network (NEN) of Wadhwani Foundation, Bombay; The Boston Pledge, USA; National Innovation Foundation (NIF), Ministry of Science and Technology are partnering with SIIC for different entrepreneurial development programmes.

SIIC has also created an Entrepreneurship Cell under the umbrella of which, extensive programs on entrepreneurship awareness and development are being conducted by the students of IIT-K.

Putting a step forward, SIIC has recently formulated a Faculty Entrepreneurship Policy to encourage faculty members to start enterprises. It is expected that value addition would be scaled up significantly, once faculty promoted companies start incubating. Four such companies are already in the pipeline.

Some of the units which have already graduated from SIIC include Handshake Infotech Pvt Ltd.

The company offers software solutions with focus on applications in the areas of e-commerce, supply chain management and radio frequency identification and applications.

Another unit called Zion Technology Labs Pvt Ltd is working in the area of anti-piracy solution for music, video and software industry.

The units which are currently under the incubation include those working on weather insurance and financial risk management for weather based risks, customising and commercialising library automation software for large and medium libraries, designing of innovation solutions through latest technologies for both customers and industrial applications and those working on web based social networking to name a few.

The centre also provides off-the-shelf help to researchers of the institute in respect of their queries regarding patentability, patent search and facilitates patent filing. During the last financial year more than 20 patents were filed by the same. It is expected that by March this year, more than 100 patents will be filed.

To spur entrepreneurship among campus community and augment enterprise promotion among new start-ups, SIIC frequently organises workshops, entrepreneurship awareness talks (EATS) by the successful entrepreneurs and regularly collaborates with different organisations of national and international repute.

The building of the incubation centre is wirelessly networked and looking to the need for extensive marketing and demos to the clients, all incubate units have been provided with high-end laptops. A solar energy alternative for the power is proposed, which is in the process of being installed.

Keeping in view the emerging challenges and opportunities for the MSME sector, SIDBI proposes to significantly scale up the activities of SIIC so that more numbers of incubate companies can be promoted and the centre can be upgraded to a state-of-the-art innovation, incubation and enterprise development centre.