IIMB, Texas Instruments join hands for Innovation Challenge

Texas Instruments Incorporated (TI) on Tuesday announced that it was partnering with Indian Institute of Management Bangalore (IIMB) and Department of Science and Technology (DST) to launch the India Innovation Challenge 2016.

TI and IIMB Bangalore signed a Memorandum of Understanding to encourage innovation and entrepreneurship among engineering students. The initiative aims to propel the government’s ‘Make in India’ initiative through student startups and to contribute to the country’s manufacturing ecosystem.

Top teams in the innovation challenge will get a chance to incubate their startups at IIMB’s reputed incubation center - 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.

The DST will provide funding of Rs 3.5 crore to the student startups, which will go toward the product development fund of Rs 1.5 crore and seed fund of Rs 2 crore for the top teams to incubate their startups. Student engineers with the best products in the challenge will receive business mentoring from IIMB though the incubation process.