New Delhi, July 21 – The Department of Science and Technology (DST) and Department for Promotion of Industry and Internal Trade (DPIIT) have recommended substantial funds to the Sona Incubation Foundation (SIF) to support startup development. The DST has proposed a grant of Rs 5 crore, complemented by a 20 per cent contribution from the Sona College of Technology. Additionally, the DPIIT has recommended Rs 2 crore as part of the ‘Startup India Seed Fund’ for the incubator. SIF aims to select startups nationwide, offering funding and equity participation, focusing on sectors like wearable technologies, healthtech, and industry automation. The project, endorsed under the NIDHI iTBI programme, seeks to bolster Salem’s standing in the startup ecosystem, providing essential resources and mentorship to budding entrepreneurs. This initiative fosters innovation and positions Salem as a key player in the global startup landscape, stated Sathya Murthy V, head of Sona Incubation Foundation. The incubator’s state-of-the-art facilities include labs, coworking spaces, and industry connections, aiming to transform the region’s startup scene.
Sona Incubation Foundation Secures Rs 7 Crore in Grants for Startup Development in Salem, India
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