II. Sourcing of funds to support the start-ups in meeting fund shortages /
working capital :
The Department of Information Technology, Ministry of Communication and Information Technology, Govt. of India has sanctioned a grant of Rs. 0.80 crores to support start-ups in ventures addressing IT / IT Enabled services through seed money.
The Department of Science & Technology, Govt. of India has sanctioned grants to the tune of Rs 15 lakhs for seed support to start-ups in Technology based incubation ventures.
FITT ploughs back each year a part of the operational surplus for the specified purpose of supporting incubator activities. The support includes funds for infrastructure/equipment/software as well as recurring expenses in the initial stages, particularly for student-faculty promoted start-up companies in technology based venture.
III.Networking with Investment companies for Equity investment in TBI
Resident companies during early stage / further rounds of funding
FITT has established linkages with M/S Beacon Ventureast Global Fund for considering proposals for funding either or both “initial seed capital” and “venture capital” to start-up faculty-student led TBIU resident companies. Through an MoU executed for the purpose, FITT is also attempting interactions amongst TBI resident companies and portfolio companies of M/S Beacon Ventures for furthering the business interests in each.
