Collaboration with IIM Bangalore and Department of Science & Technology to support the winning teams with funding close to Rs 3.5 crores
Bangalore, September 8, 2016: Texas Instruments Incorporated (TI), along with Indian Institute of Management Bangalore (IIMB) and the Department of Science and Technology (DST), announced that the registration for the challenge is going live for the 2016 India Innovation Challenge on mygov.in portal, https://mygov.in. Registrations will close on September 30, 2016.
Registrations for India Innovation Challenge are open to engineering students across all recognized institutes of India. This platform allows engineering students from colleges and universities across the country to display their ideas and concepts that have the potential to solve pressing problems across various sectors and to help bring positive change to the lives of millions of people. This contest aims to propel the government's 'Make in India' initiative through student start-ups and contribute to the country's manufacturing ecosystem.
Texas Instruments has been organizing Innovation Challenge since 2009. The last six editions of the contest have witnessed innovative and out-of-the-box thinking from participants to create cutting-edge solutions to real-world problems. The challenge, which lasts for ten months, will include the top teams who will be able to get their start-ups incubated at IIMB's reputed incubation center, the Nadathur S. Raghavan Centre for Entrepreneurial Learning (NSRCEL).
TI will provide technical resources and guidance throughout the challenge, including tool support and mentoring to design, make prototypes and to create the final product. DST will provide funding of INR 3.5 crore to the student start-ups, which will go toward the product development fund of INR 1.5 crore and seed fund of INR 2 crore for the top teams to incubate their start-ups. The Challenge will be provided a platform through MyGov, which can reach out to large number of citizens.
The contest follows TI's efforts toward industry-oriented and hands-on engineering education to foster innovation in students. Annually, TI trains a large number of engineering students on state-of-the-art technologies through labs, workshops and integration of TI technology into engineering coursework and curriculum.
"At Texas Instruments India, we believe in fostering student innovations through our university programs. These programs strive toward inculcating experiential learning amongst engineering students and help strengthen the education community as a whole. TI has seen great talent in the past six years through our design contests. We are proud to host it this year along with our associations with IIMB, DST and MyGov. We are thankful to each of our partners to make this a collaborative and resourceful platform to mentor young engineering minds, helping them incubate and build their start-ups in the manufacturing ecosystem," said Sanjay Srivastava, Director - University Program, Texas Instruments India.
Commenting on the partnership, Mr. Gaurav Dwivedi, CEO, MyGov, said, "MyGov is excited to partner with DST and TI India to help bring talented minds to one platform and be part of mentoring sessions with IIMB and DST to encourage government's Make in India program. MyGov will help connecting with the best minds from the engineering colleges across India to present their start-up ideas and help them make their dreams to reality by nurturing the best idea that has the potential to bring a change in the lives of millions."
Professor Suresh Bhagavatula, Chairperson, Entrepreneurial Ecosystem Development, at IIM Bangalore, said, "IIMB sees an exciting opportunity through this collaboration with TI on the Innovation Challenge by coming across unique entrepreneurial ideas from the best talents of the country and helping them incubate the ideas and transform them into successful enterprises. We would like to welcome the students to register and experience the entire process of helping them make their dream a reality."
"DST plays a pivotal role in promoting science and technology in the country. Collaborating with TI and its India Innovation Challenge provides tremendous thrust to the development of technology among young engineering students. With IIMB offering their expertise with business mentoring and incubation support, we aim to take another step forward to encourage students, to bring fresh ideas, solutions to one table. Considering the association with MyGov will also help take the challenge to next level", said Mr. H.K. Mittal, Advisor and Head, NSTEDB, DST, GOI.
About Texas Instruments
Texas Instruments semiconductor innovations help 100,000 customers unlock the possibilities of the world as it could be - smarter, safer, greener, healthier and more fun. Our commitment to building a better future is ingrained in everything we do - from the responsible manufacturing of our semiconductors, to caring for our employees, to giving back inside our communities. This is just the beginning of our story. Learn more at www.ti.com.
About IIMB & NSRCEL
The Indian Institute of Management Bangalore (IIMB) builds leaders and entrepreneurs through holistic, transformative and innovative education. An EQUIS accredit school, IIMB is an acknowledged hub of academic activity in India and globally. IIMB's research centers include the Centre for Public Policy, the Nadathur S Raghavan Centre for Entrepreneurial Learning, the Centre for Financial Markets & Risk Management, the Centre for Corporate Governance & Citizenship, the Centre for Software & IT Management, and the Centre for Supply Chain Management.
The N S Raghavan Centre for Entrepreneurial Learning (NSRCEL) incubates start-ups and provides free mentoring for budding entrepreneurs. NSRCEL currently incubates 18 start-ups - perhaps the largest number for an incubation center in an academic institution. In 2015-16, NSRCEL conducted 400 mentoring sessions and 34 events. Through its rapidly growing open mentoring initiatives, it is conservatively estimated that NSRCEL may have directly impacted in excess of 10,000 entrepreneurs, aspiring entrepreneurs or other participants in the ecosystem since it was established in 2000.
The Department of Science and Technology (DST), set up in 1971 by the Government of India plays a pivotal role in promotion of science & technology in the country. The department has wide ranging activities ranging from promoting high end basic research and development of cutting edge technologies on one hand to service the technological requirements of the common man through development of appropriate skills and technologies on the other.
One of the mandates of DST is to support innovations, science and technology based entrepreneurship development and technology business incubation activity through National Science and Technology Entrepreneurship Development Board (https://www.nstedb.com/). The board engages with academic and R&D institutions and also partners with leading industries to promote entrepreneurship across the country.
MyGov is a novel initiative taken by the Government of India to build a crucial partnership between Citizens and Government with the help of technology for materialising the real potential of India. Through this platform, the Government encourages public participation towards Good Governance by seeking ideas, suggestion and creative talent of citizens. MyGov's focus is to empower citizens to work hand in hand with government to channelize their collective energy into constructive nation building.