Tamil Nadu - Coimbatore   

Entrepreneurs urged to be `India independent'

Staff Reporter

COIMBATORE: Young innovators should focus on developing their business independent of geographical boundaries, said the Managing Director of Elgi Equipment, Jairam Varadaraj, here on Saturday.

Inaugurating the Innovator Identification Camp 2006 of the Vellore Institute Technology - Technology Business Incubator (VIT-TBI), he said businesses should be "India Independent" to be successful.

"Entrepreneurship is a fundamental requirement, the fundamental block" for all, be it the employees or those who start an enterprise. And, aspiration is the fundamental driving factor, he said.

Speaking at the inaugural, the Chancellor of the university, G. Viswanathan, said that many start-up companies faced problems while raising funds to commence activities. Seed-funding mechanism was available at the TBI, supported by the Technology Development Board of the Department of Science and Technology. Any individual or team could submit their idea and a business plan at the TBI and selected projects would get funding assistance ranging from Rs. 1 lakh to Rs. 20 lakh.

Initiative

The Vice-Chancellor of the university, P. Radhakrishnan, told The Hindu that the TBI was started in 2003 and a dozen projects were now being incubated. The projects could be incubated up to three years and extended if need be.

The VIT-TBI was selected by infoDev (an agency funded and supported by the World Bank) to execute a project under its Incubator Development initiative.

The objective was to develop a business eco-system that would focus on creating a dynamic platform to generate higher value across the entire incubation process.

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