Chennai: IT company SGS Technologie Ltd has launched the SGS-Technologie Incubation Scheme (SGS-TIS) with a corpus of Rs25 lakh to help young techies wanting to kick-start their technology ideas into a business.
The top three winning ideas will be provided seed funding from the SGS-TIS corpus based on the merit of each project plus a minimum 15-per cent stake in their respective ventures and infrastructure support.
In addition, SGS Technologie will assign an experienced business mentor to help the owner of the idea initiate and lead the business and guide him on product and business strategies. SGS has also committed to further assist and fund the projects based on their progress and help tap into investors for commercialisation.
The initiative is aimed at young software developers, business executives, and college students wanting to implement 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.
According to executive director Satish Das, though are venture funds are available to fund ideas, it takes time and effort of tap them. "As an established company, we are seeking new ideas as well. This initiative is to discover and develop winning ideas by collaborating with young techies who would like to translate their ideas and grow it into a business while leveraging our experience and infrastructure. It's a win-win opportunity."