Technology Business Incubation

The Institute is committed to develop a novel framework for sustainable business ecosystem to promote innovation and nurture entrepreneurship. To impart impetus to innovation eco system, the Institute has established “RCOEM Technology Business Incubators Foundation”, a section 8 company in Dec 2016. The institute has established “Center for Invention, Innovation, Incubation & Training (CIIIT)” in 2019 ; estimated cost Rs. 23.50 Cr with Tata Technologies for promoting technology based startups. The center provides tools ,technology and services support for Design and Engineering, Virtual Verification and Analysis and Product Lifecycle Management.

The Institute is also selected as a host institute for implementing ministry of MSME, GoI schemes:

• i. MSME HI/BI Scheme:
• ii. ASPIRE : “A Scheme Promoting Innovation, Rural Industry & Entrepreneurship”, Received funding of Rs. 39.25 Lakhs and created “RCOEM MSME ASPIRE Innovation and Product Design Centre” with Multi equipment Calibrator,3D Printer, Rapid PCB prototyping , 6.5 Digit DMM, arbitrary waveform function generator, Spectrum analyzer for Product Design, Development and Testing in Electrical & Electronics Product Design and Testing.

To foster eco system for innovation, the RCOEM TBI emphasizes on inculcating students for entrepreneurial process, year around conduction of Entrepreneurship Development Programs, Design Thinking, Ideation Workshops, Pitch Your Idea, Business Plan Competitions, Transpreneur, ChangeMakers etc. More than 50 programs have been organized in last two years.
Through RCOEM TBI Foundation, dedicated faculty and alumni groups provide all necessary support for new venture creation, product development, technology commercialization, seed funding, networking and value added support services.
Providing courses on Creativity and Innovation, Innovation and Entrepreneurship in association with Industry Mentors.
The Institute has provided a seed funding of Rs. 30 Lakhs to 09 startups in last 03 years .
The institute provides six months RCOEM TBI Foundation Startup Internship Scheme to all the final semester students. The above scheme is utilized by 10 students in last 03 years and resulted in 04 startups and 02 business establishments.
The RCOEM TBI is incubating 18 ideas and 07 start-ups have entered in commercialization phase.

Objectives:

• To build a strong eco-system for nurturing innovation and Startups in the region that will drive sustainable economic growth and employment
• New Venture Creation: To inculcate entrepreneurship and new venture creation based on innovative technology.
• Technology Commercialization: to provide a platform for speedy Commercialization of technologies developed in the host institution or industry and R&D institution of the country.
• Interfacing and Networking: to provide networking between academia, industry and financial institution.
• Value Addition: to provide value added services viz. legal, financial, technical, IPR, etc. to incubate.

RCOEM TBI Incubation Support

Physical infrastructure:

• Fully furnished Office Space
• Shared resources: Meeting rooms, Conference rooms
• Office productivity equipment: Fax, Photocopier, Shredder, Scanner, Projector
• Access to Innovation and Design Center and RCOEM Labs Equipment and software tools

Funding Support:

• Preincubation Phase: Rs. 3.00 lakhs
• Incubation Phase : As per requirement
• Facilitation for Government funding programs (*Subject to eligibility and selection process.)

MSME HI/BI :

• “Support for Entrepreneurial and Managerial Development of SMEs through Incubators”.
• Max Support : Rs. 6.5 lakh.
• Sector: Manufacturing and Process Industries

ASPIRE :

• A Scheme Promoting Innovation, Rural Industry & Entrepreneurship
• Sector: Agriculture and allied
• Max.Support : Rs. 4.0 lakh.

Advisory and coaching:

• Mentoring
• Trainings and workshops
• Free advisory from Experts- legal, CA, IP,CS.

Network:

• Facilitation for business, professionals and expert network
• Facilitation for investors network
• Showcasing opportunities

Ecosystem advantage:

• Experiential learnings in incubator
• RCOEM ecosystem- technical resources and interactions, students, library
• Media visibility
• Address for incorporation
• RCOEM -TBI Foundation