SGS corpus for techies to translate ideas into biz

Chennai, Mar 13 (UNI) City-based SGS Technologie Ltd, an IT company, has launched 'SGS-Technologie Incubation Scheme' (SGS-TIS) with a corpus of Rs 25 lakh to help young technology enthusiasts to translate their ideas into business.

SGS Executive Director Satish Das said in a statement today that top three ideas would be provided seed funding from the SGS-TIS corpus based on merits of each project plus a minimum 15 per cent stake in their respective ventures and infrastructure support.

The opportunity is thrown open to all as a contest to attract the best ideas through online submission site www.dreamzhunt.com.

The company would assign an experienced business mentor to help people with winning ideas to launch the business and guide on product and business strategies. It will also assist and fund the projects based on their progress.

The initiative was aimed at young software developers, business executives and college students aspiring to execute their ideas.

These could be cool software, unique technology or even a business model in the areas of internet/web 2.0, mobility, business intelligence systems, network utilities and smart PC tools.

The online site has already received around 100 submissions, he added.

He emphasised they were not venture capitalists (VC). Though VC funding was available, it took a lot of effor-to tap them.

''The initiative is to discover and develop technological ideas by collaborating with young techies ambitious to translate ideas into business,'' he added.

The short listed ideas would be screened for relevance, feasibility and potential. Industry experts would select the top three winning ideas at a grand finale at Chennai in May.

The top ten ideas would be paid an all-expenses trip by the company, he added.

UNI