The Centre for Entrepreneurship Development and Incubation (CEDI) under the National Institute of Technology, Trichy, (NIT-T) has shortisted two innovative business projects for seed funding by the department of electronics and IT, Government of India.
The project ‘Trash’n’Cash’ and ‘Fixyard’ will get 25 lakh seed funding. CEDI has already incubated 10 innovative businesses in diverse areas in the last three years.
Out of the 17 business models in IT/Electronics – SMAC (Social, Mobile, Analytics and Cloud) areas that were received for seed funding, two ventures were selected through a two-stage process.
Trash’n’Cash was proposed by Recubitech private limited – a tech-driven start-up initiative by a group of young entrepreneurs. The initiative aims to collect different types of recyclable wastes, e-waste, etc. directly from households and reward users with either cashback or discount vouchers.
“The project aims at solving India’s ever-growing solid waste by tackling the problem at source,” said Saravanan, promoter of Recubitech.
Fixyard proposes to provide online solutions to automobile after-sales service and bring to the customers’ doorstep. Mechanics from the unorganized sector are converted from just self-employed mechanics to micro-entrepreneurs under the programme. The company focuses on organizing the unorganized sector in automobile after-sales service through standardization, unique brand identity and process innovation.
Director of NIT-T Mini Shaji Thomas said that CEDI is presently focusing on ventures in the IT & Electronics domain. It plans to support ventures in other areas such as defense, automobiles, agriculture, Smart Cities, among others.
“CEDI shall focus on the entire value chain of innovation and entrepreneurship development,” said director G Kannabiran, adding that it will include entrepreneurship development programmes for graduates and women, awareness camps and faculty development programmes.
“In addition, we have submitted proposal to set up a technology enabling centre to provide incubation–ready technologies through research and development. CEDI shall also support faculty startups as per the strategic plan,” he said.
Source: Times of India