- UPES Dehradun’s Runway Incubator Scheme secures funding from DST to support tech business start-ups
- UPES contributes Rupees 1.02 crore, while DST provides Rupees 3.88 crore for the incubator
- Incubator focuses on deep tech start-ups in AI, ML, Sustainability, and AgriTech
- Aims to offer seed support grants, comprehensive support, training, guidance, and access to advanced facilities
- Open to start-ups from nearby regions, fostering innovation and addressing global challenges
UPES Dehradun’s Runway Incubator Scheme: Fueling Tech Business Start-ups
The University of Petroleum and Energy Studies (UPES) in Dehradun has recently made headlines with the launch of its Runway Incubator scheme, aimed at funding tech business start-ups. This initiative has received a significant grant from the Department of Science and Technology (DST), Government of India, to establish an inclusive Technology business incubator (i-TBI) under the National Initiative for Developing and Harnessing Innovation (NIDHI) inclusive TBI (iTBI) scheme. Let’s delve deeper into the details of this exciting new venture.
Securing Funding for Innovation: UPES Runway Incubator
The Runway Incubator at UPES has been granted a substantial amount for setting up the technology business incubator. The university will contribute Rs. 1.02 crore, while the DST will provide an additional Rs. 3.88 crore. This funding will be instrumental in creating a nurturing environment for start-ups, particularly those focusing on deep technology solutions. The primary areas of interest for the incubator include Artificial Intelligence (AI), Machine Learning (ML), Sustainability, and AgriTech.
In a recent interview with Rahul Nainwal, CEO of Runway Incubator and Director of the UPES School of Business, he shared insights into the vision behind this initiative. The grant aims to empower aspiring entrepreneurs by providing them with the necessary resources and support to transform their innovative ideas into successful businesses. The incubator will serve as a hub for fostering cutting-edge technologies and sustainable solutions that can address global challenges.
Related Video
Empowering Entrepreneurs: UPES’s Approach to Innovation
UPES is committed to nurturing innovation and entrepreneurship through a multifaceted approach. The university aims to equip students with a diverse skill set that enables them to translate their concepts into viable business ventures. With the grant received for the Runway Incubator, UPES plans to ignite the spark of innovation among budding entrepreneurs and facilitate the development of solutions that can make a meaningful impact on society.
The grant will facilitate the following key initiatives:
1. Seed Support Grants:
UPES will offer seed grants to support innovative ideas, helping them evolve into prototypes and eventually disruptive start-ups.
2. Comprehensive Support for Deep Tech Start-ups:
The incubator will provide extensive support to start-ups specializing in deep technology, with a focus on AI, ML, Sustainability, and AgriTech.
3. Training and Guidance:
Budding entrepreneurs will receive essential training, guidance, and mentoring to navigate challenges, optimize strategies, and achieve sustainable growth.
4. Access to Advanced Facilities:
Start-ups will have access to state-of-the-art facilities including advanced labs, 3D rooms, co-working spaces, and recreational amenities to facilitate their growth and development.
Fostering Innovation: UPES Runway-iTBI’s Mission
The UPES Runway-iTBI aims to support start-ups that are at the forefront of technology innovation. By focusing on sectors like AI, ML, Sustainability, and AgriTech, the incubator seeks to nurture ventures that can drive significant advancements and address critical global challenges. The incubator will prioritize concepts that intersect technology with social, economic, and developmental issues, fostering solutions that create a positive impact.
In line with the vision of Atmanirbhar Bharat and the 5 I’s (Intent, Inclusion, Investment, Infrastructure, and Innovation), Runway-iTBI will extend its support to institutions and start-ups from neighboring regions, contributing to the growth and development of the tech ecosystem.
UPES’s Track Record in Supporting Start-ups
UPES has a history of supporting start-ups and fostering a vibrant entrepreneurial culture. Through initiatives like the Runway Incubator, the university has backed over 250 start-ups across various sectors such as EdTech, healthcare, fintech, AI/ML, and sustainability. Notable success stories include Cognecto, founded by UPES alumni Divyani Singh and Anshul Saxena, which secured INR 4 crore in funding for its AI-driven solutions in the mining and construction sectors.
Another remarkable start-up is PensionBox, founded by UPES alumnus Kuldeep Parashar, offering India’s first digital pension platform. This venture was featured on the Amazon Prime Video series Mission Start Ab and received Rs. 2 crore in funding from esteemed judges and investors.
The Runway Incubator at UPES continues to play a crucial role in propelling start-ups to success and contributing to the innovation ecosystem. With the launch of the new Runway-iTBI, the university is poised to further support and empower tech entrepreneurs on their journey to building impactful and sustainable businesses.
Links to additional Resources: