AP CM lays foundation for JNTU-Hoseo TBI

Hyderabad, Jan 23 (UNI) Andhra Pradesh Chief Minister Y S Rajasekhara Reddy today laid the foundation stone for the Jawaharlal Nehru Technical University-Hoseo Technology Business Incubator(TBI) first of its kind science and technology initiative in the country to facilitate innovation.

The joint initiative between the JNTU and Hoseo University supported by leading industrial gaints like the LG, Hyundai Motors and Samsung would help mould young engineering graduates into successful technology-led and knowledge-driven entrepreneurs, Dr Reddy noted while speaking on the occasion.

The JNTU had emerged stronger by collaborating with the South Korean University in setting up the TBI to support entrepreneurial process, helping to increase survival rates for innovative start-up companies by providing training to pre-final and final year students, Dr Reddy observed.

Pointing out that India had a great potential to become a world economic power playing a key role in the global economy in the next generation, Hoseo University Vice-Chancellor Dr Il Ku Kang said as international IT companies start increasing their business in India, it was siginificant that the TBI centre, a part of Hoseo University's long-term vision was set up in JNTU, Hyderabad, one of India's new economic zones. ''I strongly believe that the JNTU-Hoseo TBI Centre will be an international milestone, verifying the venture spirit, the driving force of Hosea University.

JNTU Vice-chancellor K Rajagopal said the resources and services open to entrepreneurs included provision of physical space, management training, evolving business plan, administrative services, technical support, business networking advice on intellectual property and sources of financing for around two to five years.

''TBI thus creates and nurtures new technology-based enterprises, provides a means to promote innovative firms and commercialise university research, create jobs through start-up companies and increase new firm survival and growth'', Dr Rajagopal explained.

Of the 3000 such incubators around the world, the US alone accounted for 1000 and China 200. While Israel had 28 incubators, Brazil, one of the ten emerging economies, had 130, he added.

UNI