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VIT-TBI has constituted 4 different Seed Support Systems for Start-up companies like the DST NIDHI PRAYAS, DST BIRAC SEED funds & MeitY EIR/POC, These schemes enable VITTBI to offer early stage financial support for deserving ideas / technologies requiring up scaling and related work.
VIT-TBI has over the period of years developed contacts with several affluent individuals who provide capital for business start-ups, usually in exchange for convertible debt or ownership equity. VIT-TBI connects its incubatees with Angel Investors as and when the company is ready to assimilate the funds effectively and grow.
Funding to the Startups is also arranged through various grants available from the government through various schemes. VITTBI constantly follows the updates from the government e.g. DST, DSIR, DBT, DIT, MSME, TIFAC and the like with respect to funding schemes and recommends appropriate schemes to the incubatees.
Quantum of Financial Assistance
Maximum : Rs. 50 Lakhs
TBI would enter into a proper agreement with the start-up unit before providing Financial Support (by way of Soft Loan)
As this scheme is applicable only for Incubatees of our TBI, the first logical step would be to apply for Business Incubation Support in our TBI.
VIT-TBI gives at most importance to mentorship and believes that the shared wisdom from experience can alleviate probable challenges in the journey of an entrepreneur. It therefore offers mentoring support through a mentor pool consisting of senior faculty from within the University and as well from Entrepreneurs, Business Consultants, Industry experts from its network. The incubatees are referred to relevant expertise as and when business coaching is required. Business coaching includes business modeling and business plan preparation and a host of other advisory support.
2nd March 2020
Experience of a mentee as told by Abhijit Nath, Co-founder, Pekhansa Pvt. Ltd.
“It was a great experience meeting with Dr Ashok Iyengar. We gained a lot of knowledge in the field of food processing & associated equipments. He gave us the total recipe for the preparation of panipuri in a very hygienic way. Today he taught us two methods of preparing panipuri one with extrusion and fusion method and the other with the ordinary method which can also extend the shelf life. He shared inputs about the varieties of wheat flour that we could use and taught us methods to control moisture and reduce the starch content in the wheat flour and maida apart from suggesting purchase of few critical equipments for our project.”
Access to Talent
Incubatees can hire student interns and also get access to manpower from VITTBI's network.
Soft Landing Support
Soft Landing Support to a German SME
Kramski GMBH, a German based SME is setting up a manufacturing unit named KRAMSKI Stamping and Molding India Pvt. Ltd., in Vellore. The company will be investing around Rs.10 crores and there is an employment potential for about 100 people. Considering the synergy, VITTBI has accepted the Kramski’s request for providing soft launching of their venturing in Vellore. VITTBI will offer a complete range of Business Incubation support to facilitate launch of this business. The activities of this company commenced on 31-12-07. Currently, it’s a Rs.30 Crores company employing 70 persons. The association continues!
Smithline Reinforced Composites FZC
A UAE based firm was inducted for Soft landing support to set up their manufacturing plant near Vellore. The company has acquired land and commenced activities from their Project office in our TBI.
GST Tax Exemption
Incubatees of VIT-TBI are now eligible for GST Tax Exemption for three years upto a maximum Rs.50 lakhs turnover per year as per the recent notification of Ministry of Finance, Government of India. For more information Please visit link