MDI, DST set up Technology Incubator

Gurgaon-based Management Development Institute (MDI) and Department of Science and Technology (DST) have set up a Technology Business Incubator on MDI’s premises at Rs 7 crore.

“This initiative will renew our efforts in entrepreneurship. We have a capacity of 30 startup companies at present and our focus will be on information, communication and technology (ICT) business,” said Rohit Prasad, associate professor, MDI Gurgaon.

The institute will give entrepreneurs basic office infrastructure free of cost for the first three years, after which the incubated company will graduate from the institute to its own premises. “This will include a subsidised rental and provision of other facilities required for a startup,” said Prasad.

The incubator – a 55:45 joint venture – is looking for a chief incubation officer and will connect to other incubators at the Indian Institute of Technology, Delhi and the other incubators in NCR.

H K Mittal, additional secretary, DST said, “People have to provide a job for themselves. For a country to develop, it has to create citizens who can provide employment.”