FTBI, NIT Rourkela receives a funding of Rs. 1 crore from MSME, Government of India

Rourkela: Ministry of Micro, Small and Medium Enterprises, Government of India has awarded a grant of Rs. 1 crore to Foundation for Technology and Business Incubation (FTBI), NIT Rourkela for establishment of The Livelihood Business Incubation Centre (LBI) under the ASPIRE scheme. LBI will be setup at FTBl, NITR to foster holistic development of young entrepreneurs in social and rural sectors of the region.
The Livelihood Business Incubator (LBI) will be an interface to mobilise the young talent, educate and train them in vocational and scientific applications of the vocation and generate livelihood synergistically with the demands of the economy of the place, with promotion and adoption of social business methods. The proposed LBI will focus on Science, technology and innovation (STI) not only for livelihood development of local communities, improvement of economic state of the region, generating economic benefits, but also for anticipating and responding to societal needs of the region.

On this achievement, the Professor-in-Charge (PIC) of FTBI, Dr. Debayan Sarkar (Associate Professor, Department of Chemistry, NIT Rourkela,) congratulated the FTBI management team and said – “This has been a good achievement arising out of the continuous efforts of FTBI Team for the last 5 years since its inception. We keep trying to bring the maximum benefit possible to our incubated companies, creating an enabling environment for them to conduct business. We have plans for more funding, more laboratory, and more investment for our companies. We hope to keep up the good work and take FTBI NIT Rourkela to greater heights!”
The objective of LBI is to set up business incubators so that eligible youth of the region can be adequately incubated in various skills and be provided the opportunity to set up their own business enterprises through skill development training, mentoring and facilitation for funding etc. This project will enable setting up of workshops, laboratories and other amenities for the benefit of the trainees, aspiring entrepreneurs and existing members of the FTBl ecosystem in the NIT Rourkela.
Apart from this announcement we would like to inform you that FTBI, NITR has invited applications for granting up to INR 7 lakhs and INR 4 lakhs under the Ministry of Electronics and IT TIDE 2.0 programme (“Scheme”) for two categories of Start-ups; INR 7 lakhs for start-ups with products, prototyping in advance stage and INR 4 lakhs for start-ups in ideation phase and working on prototypes. The details of the application are available on – https://www.ftbi-nitrkl.org/tide-2-0

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