Innovation Voucher Programme rolled out in NIFT-TEA College of Knitwear Fashion in Tiruppur
Under the programme entailing providing financial grants to transform ideas into market-ready solutions through structured support, startups promoted by the Atal Incubation Centre (AIC) attached to NIFT-TEA was sanctioned funding.
Innovative ideas with grants up to ₹2 lakh is provided under Voucher A for converting ideas into working prototype and up to ₹5 lakh under Voucher B for commercialisation support.
The IVP encourages MSMEs and startups to utilise the services of a knowledge partner for furthering their innovative enterprises at the stage of pre-development and product or process development activities.
Funding of ₹5 lakh each was extended to Water Might Technologies India Pvt Ltd, and Retro Wovens Pvt Ltd, while Endless Innovus Solution and Sri Balu Tex received ₹2 lakh respectively for their startups.
The funding followed a Memorandum of Understanding signed between NIFT-TEA and Entrepreneurship Development and Innovation Institute, Government of Tamil Nadu, earlier this month.
Addressing an awareness programme on the occasion, R. Ambalavanan, Director, EDII-TN, urged students to embrace entrepreneurial ventures.
Mr. Ambalavanan joined the Institution Dean V.R. Sampath, Academic Chairman P. Moghan, and Chief Mentor Raja Shanmugam in highlighting the importance of entrepreneurship and innovation in shaping young minds.
Mr. Ambalavanan advocated the Five E concept - Economy, Efficiency, Effectiveness, Environment, and Ethics as a guiding framework for successful entrepreneurship, and urged prospective entrepreneurs to utilise the AIC for make successful forays in developing startups.
C. Shaunmugaraj, State Programme Manager of EDII, dwelt on leadership qualities and entrepreneurship, and elaborated on schemes fostering entrepreneurship among young minds.
The MoU, alongside fostering a culture of entrepreneurship among students, will equip them with the necessary skills and knowledge to excel in their chosen field, Principal of NIFT-TEA P.P. Gopalakrishnan said.
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