Union Education Minister virtually inaugurates Gyan Circle Ventures, a MeitY funded Technology Business Incubator

Union Minister for Education Ramesh Pokhriyal inaugurated the Gyan Circle Ventures, a MeitY funded Technology Business Incubator (TBI) of Indian Institute of Information Technology, Sri City (Chittoor), Andhra Pradesh through video conference here on Thursday.

Amit Khare, Secretary, Higher Education, Ajay Prakash Sawhney, Secretary, MeitY; Satish Chandra, Special Chief Secretary HE, Government of Andhra Pradesh; Bala M.S. Chairman, Board of Governors, IIIT Sri City Chittoor; Srinivasa C. Raju, Chairman, Sri City; Prof. G. Kannabiran, Director, IIIT Sri City Chittoor and senior officials of the Ministry were present on the occasion, as per the press statement from the Ministry of Education.

Speaking on the occasion Ramesh Pokhriyal 'Nishank' said that innovation is the engine that powers this progress of the nation. "We need to foster innovation and entrepreneurship to ensure that we are self-sustainable and remain as a leader, at the cutting edge of science and technology," he said.

The Minister said, it is centers like these, 'Gyan Circle ventures' which have the potential to instill entrepreneurship in young minds and steward them to become successful innovators.

Keeping up with the spirit of entrepreneurship, in 2020, IIIT Sri City is launching the TBI, Gyan Circle Ventures. Gyan Circle Ventures would function as a Technology Incubation and Development of Entrepreneurs (TIDE 2.0) incubation center as approved by the Ministry of Information Technology (MeitY), Pokhriyal Informed.

He further informed that the incubator would leverage the institutions' entrepreneurial spirit via utilizing its intellectual capital and engage in using emerging technologies such as Artificial Intelligence (AI), Block-chain, Cyber Physical Systems (CPS), Cyber Security, Internet of Things (IoT), Robotics, etc.

Pokhriyal said that the Gyan Circle Ventures will serve as a hub for innovation and startups by providing support, in various phases, via investments, infrastructure and mentoring. Notably, the TBI would have an Advisory Committee comprising leading Industrialists, entrepreneurs and technical experts. It would enable incubatees to leverage these expert mentors and networks from both academia and the industry.

The Minister expressed hope that the incubator will serve as a catalyst for the advancement of society-conscious entrepreneurship and fuel job creation.

( With inputs from ANI )