Kochi: KSUM supports startups at Cusat

KOCHI: The Kerala Startup Mission (KSUM) has come forward to support the Centre for Innovation, Technology Transfer and Industrial Collaboration (CITTIC) at the Cochin University of Science and Technology (Cusat), by offering to set up a Fabricated (Fab) Lab space free of cost in order to develop student startups. CITTIC, which already has an incubation space of 5,000 square feet for student startups, is now planning to scale up its operations.
“Based on a proposal submitted by CITTIC to the state government, we received a grant of Rs 1 crore to establish a Technology Business Incubator (TBI) on the campus. In an incubation space of 5,000 square feet, a TBI was set up in 2017. TBI facilitates the process of converting innovative ideas of students to successful business ventures by providing professional support, business advices, prototype development and exposure to entrepreneurial networks. We are the first university in the state to possess such a facility,” said CITTIC director Sam Thomas.
“Now, KSUM is sponsoring a Fab Lab free of cost in an incubation space of 1,000 square feet with mentoring and funding support for startups,” he said.
KSUM chief executive officer Saji Gopinath said that machinery was being procured to set up the Fab Lab at CITTIC. “It is expected to be ready by June 15,” he said.
“Successful transfer of new technologies from research laboratory to commercial sector has many benefits which include creation of wealth, new jobs and new solutions to various issues in the society. Universities across the globe have played a major role in transferring technologies through commercialization and encouraging the formation of high quality university centric startups,” said Thomas.
“Since its inception, 43 student startups have been incubated at TBI in CITTIC. Three incubators scaled up and made a successful exit after developing into startup companies. At least five incubators received financial assistance from KSUM. Many incubators have already acquired paying customers,” he said.
With the objective to promote an entrepreneurial culture among students from the beginning of their study programmes, CITTIC regularly organizes entrepreneurial awareness programmes and expert talks. Also, Cusat has implemented the student entrepreneurship policy by which students registering startups with TBI are eligible for grace marks up to 4% and attendance up to 20%.