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VIT-TBI -Startup Contest-Nidhi-Prayas

Updated: Dec 22, 2018

Reward: Funding support

About VIT-TBI: The Technology Business Incubator (TBI) is an entity that helps new technology companies with all the resources / support needed for the new startup to evolve and grow as a mature business. Typically, BITs provide incubators, start-ups supported by an incubator, with the necessary infrastructure support, technology / prototype development support, research assistance, support for financing, business consulting assistance and do the necessary to succeed in this endeavor. . VIT-TBI is located inside the Institute of Technology of the University of Vellore. Thus, VIT-TBI exploits all the resources available on campus, such as access to a laboratory, workshops, development and test centers, computer resources, Internet access and especially human resources. In addition to these resources, VIT-TBI also has a network of prominent professionals, academics, bankers, venture capitalists and business people who can extend their support to these companies.

Nidhi-Prayas: In the current climate of innovation in India, there is support for the R & D of ideas and the marketing of products, especially for those provided by STEPs and TBIs promoted by NESTEDB of DST. However, the main objective of STEPs and TBIs is to take advantage of innovations and technologies for business creation by using the expertise and infrastructure already available from the host institution, whether it is act as a university, technical or management institution, or a technology and research park.

There is a profound lack of support for early stage prototyping in the country, which has led many innovators to lose interest in their projects in the absence of support at this critical time. Even start-up financing mechanisms in STEPs and BITs, although funded internally or by the government, tend to be more focused on marketing and the market side of the joint venture, rather than the development of the remaining intellectual sides of startups and incubator clients.

It is absolutely necessary to close the gap early in the financing of ideas / proofs of concept. Promoting and Accelerating Young Entrepreneurs and Technology Entrepreneurs (PRAYAS) is one of nine programs specifically designed to help young innovators turn ideas into proofs of concepts. This support will allow innovators to try their ideas without fear of failure, allowing them to reach the stage where they will have a ready-to-use product and will be willing to move closer to incubators for commercialization. NIDHI-PRAYAS can therefore be considered as a pre-incubation initiative and a source of development for incubators.

Thrust Areas of VIT-TBI:

VIT-TBI identified the following technology areas as promising sectors, taking into account market demands and industries located in and around the industrial cluster of the Katpadi - Ranipet - Vellore - Chennai - Bangalore region.

  • Bio- Technology based industries

  • Environmental friendly solutions and products for Leather industries

  • Automotive / Mechanical Engineering sector related products and services

  • Information Technology Products and Solutions

For more details visit the contest link below:

Contest link:

Category of contest: Entrepreneurship contest

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