Government recognised body TCOE will facilitate Rs 24 crore funding from Entrepreneurship Venture Capital (EVC) to institutions developing patent in India in the field of mobile apps and Internet-based products.
"EVP and TCOE have partnered with EVC for funding innovations in the field of mobile applications, Internet of things and Internet of everything. It has been done with aim to reduce funding gap that comes in the way on innovation," Telecom Centers of Excellence Director RK Pathak told PTI.
The EVC has Rs 24 crore venture capital fund for the project that will be invested in projects across public and private institutions through TCOE under Innovation in Mobile App Development Ecosystem (I-MADE) framework.
"I-MADE is 5-year program, under which 11 institutions were selected to be part of Phase I. One hundred institutes will be selected to be a part in Phase II of the program and Phase III will include up to 35,000 institutions," Pathak said.
EVC is a USD 50-million fund focused on early stage enterprise software, Internet and mobile companies that target the education market or companies created from intellectual property technology transfer from colleges and universities.
"India has 315 million students - the largest in the world. The goal of I-MADE is to give students in India the tools, training and mentorship to launch 1 million apps and as many startups," EVC Managing Partner Anjli Jain said.
Besides funds, EVC will also provide mentorship to researchers to market and establish their product.
"We will complete phase I in next one and half months. By end of this year we will reach out to 100 institutions under phase 2," TCOE Deputy Director Anurag Vibhuti said.