IIT-BHU, UBI to establish centre to support startups

Varanasi: Indian Institute of Technology (BHU) Varanasi and Union Bank of India will sign a Memorandum of Understanding for establishing a joint incubation centre with an aim to provide opportunity for students, fintechs, and startups to learn and engage in innovation. IIT(BHU) director Prof Pramod Kumar Jain on Tuesday said that the partnership between IIT(BHU) Varanasi and UBI signifies the collaboration between academia and industry to create an environment conducive to innovation and entrepreneurship. The center aims to create a vibrant atmosphere for innovation, nurturing the next generation of technological advancements and social impact initiatives, he added.Following several rounds of brainstorming with officers of theUBI the idea of a joint incubation center was crystallized, said dean (research and development) of the institute Prof Vikash Kumar Dubey. Recently, UBI officials, including general managers- Girish Joshi, Rajiv K Jha, deputy GM Subhrajit Guha and others held a meeting with Prof Jain for giving the final shape of the incubation centre.As per their planning, the innovation centre will be based at the IIT (BHU) with support from the Ideation Innovation & Incubation (I-3) Foundation (I3F), a section eight company which is an umbrella organization at IIT (BHU). The main goal of this centre is to create a platform for technological advancements and value creation in society. It will focus on key areas such as software development, quantum computing, cyber security, IoT, and data analytics. One of the centre’s priorities is product life cycle innovation, which involves improving efficiency in design, manufacturing processes, and sales for specific industries and products. This approach will help businesses streamline their operations and deliver better products and services. The Innovation Centre will also concentrate on value creation for society by leveraging technology-based solutions in sectors like health, education, and sustainability. By utilizing the expertise available at the IIT (BHU) and collaborating with industry stakeholders, the centre aims to address pressing societal challenges. Skill development is another important aspect of the incubation centre. It plans to provide training programmes for youth in collaboration with institutions and fintech companies, focussing on areas such as app development and web design. Additionally, it will actively support women entrepreneurs by promoting micro industries and facilitating innovative processes and marketing ideas.