An incubation centre will be inaugurated at NIFT TEA Knitwear Fashion Institute in nearby Tirupur to nurture entrepreneurs.
The institute is among the 10 selected by NITI Aayog for setting up Atal Incubation Centre under Atal Innovation Mission (AIM) scheme and it would focus on developing product technologies of functional garments, its chairman C M N Muruganandam said in a press release.
"The business incubator would be named AIC-NIFTTEA Incubation Centre for Textiles and Apparels and would be inaugurated next month," he added.
The "AIM" was meant for the purpose of innovation and entrepreneurship promotion in India through various initiatives and NITI Aayog would provide a grant-in-aid of up to Rs. 10 crore for a period of five years to the Atal Incubation Centers (AIC).
The grant would cover the capital and operational expenditures to set up the centre, which would nurture innovative start-up businesses in their pursuit to become scalable and sustainable enterprises.
It is planned to have 10,000 sq.Ft building to establish the incubation facilities comprising product development, training, conferencing and incubatee work space, in which budding entrepreneurs who want to create to start-ups in the areas of textiles and apparels could be enrolled as incubatee and nurture their innovative ideas.
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