Technology Incubation and Development of Entrepreneurs (TIDE)
Introduction to MeitY
Ministry of Electronics and Information Technology (MeitY) took an initiative to launch Technological Incubation and Development of Entrepreneurs (TIDE) scheme in the areas of Electronics and ICT in the year 2008 to assist Institutions of Higher learning to strengthen their Technology Incubation Centres and thus enable young entrepreneurs to initiate technology startup companies for commercial exploitation of the technologies developed by them.
The objectives of the proposed scheme are
- Set-up / Strengthen the Technology Incubation Centres and thus nurture technology entrepreneurship development
- Promote product-oriented research and development
- Encourage and accelerate the development of indigenous products and packages
- Bridge the gap between R&D and commercialization.
The incubation centers provide a host of services to new enterprises and facilitate linkages that are congenial for their survival and growth. The centres also established network with Angel Investors and Venture Capitalists who provide mentoring and financial support to the start ups; enable them to mature over a period of 2-3 years; and commercialize their activities. The involvement of the faculties of the institute in the technology start-up activity reinforces teaching and research, strengthens linkages between education and industry, and also better aligns education to meet market requirements.
Selection of incubatees under TIDE Scheme:
The selection is done on the basis of a detailed techno-commercial proposal, including a business plan, submitted by prospective entrepreneur(s). The proposal is evaluated on its technical merits and commercial viability by a committee of experts who would recommend the level / duration / and terms of support to the prospective entrepreneur(s).
The support is provided:
- On approval of the same by the Management Board of TIDE, and
- On formation of the Company and signing an agreement with TIDE. The TIDE centre regularly monitor the progress of the Company.
Providing financial support to the incubating companies – Rs 125 Lakhs (@ Rs 25 lakhs per company). The grants under the proposed scheme would be subject to the enclosed terms & conditions.
The TIDE centre will provide operating space to the selected companies, nurture them and mobilise technical / mentoring / managerial / financial / administrative / legal and other support as required by them.
Support for the Incubated Companies
- The TIDE Centre will provide operating space to the selected companies on rent for a period of up to 2 years (extendable by one year).
- Each company selected for incubation would get financial support, in the form of soft loan, of up-to Rs. 25 lakhs over two (or three) years period (subject to satisfactory performance). The amount of loan would be up to a maximum of 80% of the project cost of the incubating company. The loan can be used for equipment and consumables essential for the implementation of the project, subsistence allowance of the promoters, staff salaries and other contingencies.
- At the end of two (or three) years, the company will have to return half of the financial support given to the company as per institute’s policy and the remaining 50% can be given as equity to the TIDE centre, which can be encashed at the time of valuation.
Seed supported Beneficiaries
|Companies||Name of Founders|
|Learnitude Technologies Private Limited||Sanat Kumar Panda, Bishnu Mohan Panda, Priyanka Panda, Smruti Ranjan Mahamansingh, Saswat Kumar Panda, .|
|Innovadors lab Pvt Ltd||Sipra Hota, Kumar Devabrata|
|Hellodoctor 24x7 Pvt Ltd||Shrabani Mitra, Sanjay Kumar Das,|
|Roboticwares Pvt. Ltd.||Gaurav Srivastav, Jaideep Singh Mehta, Gautam Kumar, Kushal Nahata, Alok Goel, Thomas Carl Heinz Jakob Ogilvie|
|Ajatus Software Private Limited||Girish Prasad Sahu, Janmejaya Mohapatra|
|Maiestas Technologies Pvt. Ltd||Sruti Kanta Mishra, Nirmala Mishra|
|INNOVATE AGRO & INFO TECH PVT. LTD||Dipak Kumar Sahu and Srirangam Saikrishna Prasad.|
|Fabonix Technologies Pvt Ltd||Dhiraj Choudhary, Ashutosh Patra, Manjeet Kumar and Anurag Kumar.|
|Evolutionary Algorithms Pvt. Ltd||Nikita Agrawal, Gourav Singhal and Meenakshi Singhal.|
|SlickAccount Pvt Ltd||BIBHU DATTA DASH,
JYOTIRMAYA DHAL, SANMAYA KUMAR DHAL
|SakRobotix Lab Pvt Ltd||Subhashree Swain, Sakyasingha Mahapatra, Dharmaditya Patnaik|
|PINALY WEBSOFT PRIVATE LIMITED||Amit Kumar Mohanta and Preeti Mahato|
|Allonline Teleservices pvt. Ltd||Sunil Kumar Mohapatra and Debi Prasanna Nayak.|
|IOKE AUTOMOTIVES PVT. LTD||Samit Ranjan, Deepak Kumar Behera, Subhranshu Sekhar Bhoi|
|Flyingedge Solution Pvt. Ltd||Manas Ranjan Kar, Sugat Satapathy and Abhimanyu Patra|
|DIFFION consulting LLP||Mugdha Vinayak Lele, Natasha Dipen Kothari, Jayant Anand Lakhkar and Nilay Jayant Lakhkar|
|ORDUINO LABS PVT. LTD||CHANDRA SEKHAR ROUT, SOUBHAGYA RANJAN DAS,