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TREC-STEP through the Department of Science and Technology and Department of Scientific Industrial Research, Government of India’s sponsored funding schemes supports early stage innovative ideas/products/process in successful development of prototypes/process models and also in commercialization. The two major funding schemes at TREC-STEP for innovative ventures are as follows:
DSIR Innovation Fund
DSIR Technopreneur Promotion Programme TePP was a novel nationwide initiative providing financial support to develop the innovative ideas of the citizens of India. TREC-STEP was the first DSIR Technopreneur Promotion Programme Outreach Centre in the country. Under this DSIR Technopreneurship Promotion Programme (TePP), TREC-STEP identifies the innovators, conducts technology vetting for the innovations by experts in the field and provides comprehensive mentoring and financial support to fructify new product/process ideas into actual prototypes and process models.The meritorious innovators are then facilitated to become successful entrepreneurs,
up scaling to marketable levels, through TREC-STEP’s business incubation processes and eco-system.
TREC-STEP has developed a network of very dynamic and resourceful technology experts, ‘the Technology Angel Networks’, who constantly provide technology development support to innovators / start-ups. This Technology Angel Network consists of faculty members from NIT, Regional Research Institutions and Excellence Centres such as Coal Research Centres, Bharathidasan University, etc. depending on the innovators/ventures requirements.
Nearly 40 innovators have been identified and developed and most of them have become performing technology start-ups. TREC-STEP DSIR TePP Innovators have so far won 13 National awards and 2 International awards for their innovative ideas.
It is a great success that 13 of the TREC-STEP TePP grantees have scaled up as successful start-up companies, which have created wealth, jobs and tax revenues.
Currently the programme is being renewed by DSIR. DST Incubation Fund
Technology Development Board and National Science and Technology Entrepreneurship Development Board, Government of India, supported Seed Capital Funding Support for highly innovative ventures of young technocrats:
On addressing the crucial fund requirements of the young technocratic entrepreneurs, TREC-STEP with the support of Technology Development Board and National Science and Technology Entrepreneurs Development Board, shall provide up to Rs. 50 lakhs support as seed Incubation Fund support for select industries. TREC-STEP might treat this as an equity or loan depending upon the venture requirements. The incubation fund support shall cover all activities which hitherto not eligible for funding from conventional funding agencies such as banks and venture capitalists. Areas such as technology development, product development, training, marketing visits, marketing promotion, consultancy, software including margin for loans can be considered under incubation fund support. However, the venture should be promoted in TREC-STEP premises. As a tax exempt for Service Tax benefit, TREC-STEP is a major attraction for any start-up entrepreneur for starting his venture.