Gyan Circle Ventures | UPSC

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Gyan Circle Ventures | UPSC

Gyan Circle Ventures | UPSC

      HEADLINES:

Union Education Minister virtually inaugurates Gyan Circle Ventures, a MeitY–funded Technology Business Incubator at IIIT Sri City

      WHY IN NEWS:

Gyan Circle Ventures supported by MeitY will provide support for innovators and startups, in various phases via investments, infrastructure and support.

MINISTRY? :-Ministry of Education
SYLLABUS COVERED: GS 3 : Startups : Education : Infrastrucure

      LEARNING: 

For PRELIMS go through aim , significance and the funding pattern.

For MAINS what are the hurdles in bridging the gap between education and start ups ? Let us dive in !

      CONTEXT: 

GYAN CIRCLE VENTURES

  • Gyan Circle Ventures (Centre for Innovation and Entrepreneurship Development at IIITS (CIEDI), a Section 8 Company) is the Technology Business Incubator of IIIT Sri City.
  • The primary purpose of the incubator is to encourage building the institutions’ entrepreneurial spirit via utilizing its intellectual capital.

AIM

  • This is to promote deep-tech entrepreneurship through financial and technical support to incubators engaged in using emerging technologies such as IoT, AI, Block-chain, Robotics etc.
  • Broad areas include – manufacturing, education, Smart Cities, etc.

FUNDING

The center is funded by Ministry of Information Technology (MeiTy) under TIDE 2.0 as a Group 2 Centre.

FEATURES

  • Gyan Circle Ventures located in IIIT Sri City provides valuable facilities to incubatees and startups.

The incubatees of GCV gets access to:

Gyan Circle Ventures _ UPSC

OTHER RESOURCES

  • The incubatees can leverage the expertise of Mentors from both academia and the industry.
  • Being an incubatee in a TBI which is a part of an esteemed high quality technical institution has additional perks.

Startups need manpower and they have an opportunity to hire brilliant young minds from IIIT Sri City, either as interns or as full time employees.

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

E-CELL

  • IIIT Sri City has been part of Ministry of Education’s Innovation Cell and established Institute Innovation Council.

IIIT Sri City has established an Entrepreneurship Cell (E-cell) to support and enable students to create innovative ideas and convert them into business opportunities.

  • E-cell trains students on how to be successful entrepreneurs with social responsibility.

ORGANIZERS

  • Indian Institute of Information Technology Sri City (IIITS), is an institute of national importance established in 2013 by MHRD Government of India.
  • The institution is in partnership with Government of Andhra Pradesh and Sri City Pvt Ltd.

IIITS aims to develop solutions to real-world problems and create a positive impact in our day-to-day lives.

  • The Institute encourages undergraduate students to actively take part in research through a merit-based BTech Honours program.
  • Students who participate in the program work on a particular area under a faculty or group of faculties for a period of 2 years.
  • They earn the Honours degree by producing research publications or Intellectual property or a software/hardware product.
  • IIIT Sri City promotes a culture of innovation and entrepreneurship to help faculty and students to fulfil their potential .

SIGNIFICANCE

  • This leads to development of new technologies and business opportunities as well as enable economic and social development in the region.
  • Gyan Circle Ventures invites potential entrepreneurs and startups that are building cutting edge technology solutions to real world problems.
  • TIDE 2.0 by MeiTy was initiated to promote tech entrepreneurship through financial and technical support to incubators.

These incubators will be engaged in using emerging technologies such as IoT, AI, Block-chain, Robotics etc.

  • Gyan Circle Ventures will serve as a hub for innovation and startups by providing support, in various phases, via investments, infrastructure and mentoring.
  • It would enable incubatees to leverage these expert mentors and networks from both academia and the industry.

      IASbhai WINDUP: 

  • 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.

  • Gyan Circle ventures’ which have the potential to instill entrepreneurship in young minds and steward them to become successful innovators.
SUGGESTED READING : http://www.iiits.ac.in/innovation-tbi/gyan-circle-venture-tide2/ 
     SOURCES: PIB | Gyan Circle Ventures | UPSC

 

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