KLE-CTIE Hubballi Disburses Rs 3.1 c Grant From MeitY To 11 Startups

KLES' Centre for Technology Innovation and Entrepreneurship (CTIE) in Hubballi, Karnataka, has disbursed grant-in-aid to 11 startups as part of the Tide 2.0 scheme initiated by the Union Ministry of Electronics and Information Technology (MeitY). 

The MeitY has chosen 51 incubators under the "Technology Incubation and Development of Entrepreneurs (TIDE) 2.0" scheme with the aim of fostering technological entrepreneurship.

How much was the Grant Allocated to the Startups?

Under the Tide 2.0 scheme, the ministry has allocated a generous sum of Rs 3.1 crore to KLE CTIE to provide support to startups. This funding enables KLE CTIE to assist 20 tech startups to date, and they are aiming to support 10 or more startups by the end of the current financial year.

The Vice-Chancellor of KLE Technological University, Ashok Shetter, emphasized the significance of this initiative and its positive impact on the startup ecosystem.

“The ministry allocated Rs 3.1 crore to KLE CTIE to support startups. KLE CTIE has supported 20 tech startups so far, targeting 10 or more startups by the end of this financial year,” Dr Shetter said.

Recognition for KLE CTIE

MeitY received an impressive total of 264 investment proposals from 41 Tide 2.0 centers across the country. Out of these proposals, 72 were shortlisted for further consideration. Shivayogi Turmari from KLE CTIE said it was selected as one of the supporting centers for the investment scale-up program under the Tide 2.0 scheme. KLE CTIE played a crucial role in nurturing and empowering startups in the tech sector.

What is Tide 2.0 scheme?

The Tide 2.0 scheme is a visionary initiative by the Union Ministry of Electronics and Information Technology. Its primary objective is to encourage and support tech entrepreneurship in the country. 

MeitY selected 51 incubators under the `Technology Incubation and Development of Entrepreneurs (TIDE) 2.0’ scheme to promote tech entrepreneurship.

By selecting 51 incubators nationwide, MeitY aims to provide a nurturing environment for startups and enable them to thrive in a competitive landscape. 

Enhancing the Startup Ecosystem

The grant disbursed by KLE CTIE will enable these budding ventures to accelerate their growth, develop innovative solutions, and establish a strong foundation for long-term success. Furthermore, the mentorship and guidance provided by KLE CTIE will play a crucial role in shaping the startups' trajectory. Through this comprehensive support system, KLE CTIE aims to create a vibrant and conducive ecosystem that empowers entrepreneurs and drives technological advancements.

What are the Future Prospects?

With the successful implementation of the Tide 2.0 scheme, KLE CTIE is poised for further growth and expansion. The support provided to startups will not only contribute to their individual success but also enhance the overall economic landscape of the region. As KLE CTIE continues to support more startups and achieve its target of assisting 10 or more startups in the current financial year, the impact of their efforts will be felt beyond Hubballi, benefiting the state and the country as a whole.