Boosting innovation and entrepreneurship is important and Tamil Nadu is on board with this initiative. The state’s Industries Minister TRB Raja recently awarded grants to 14 promising startups under the Industrial Innovation and Scale-up Programme of the State Industrial Promotion Corporation of Tamil Nadu (SIPCOT). The initiative is essentially aimed at supporting startups as well as Micro, Small and Medium Enterprises (MSMEs).
The selected startups come from various sectors, highlighting the diverse innovation potential in the state. The startups selected under this initiative include Fabheads Automation, Jidoka Technologies, Tomgo Agro Machines, Suzhiyam Industrial Machines, Welkinrim Technologies, Unibose Technology, Raptee Energy and Yali Aerospace. The companies come from various sectors including industrial automation, aerospace, defence, sustainability and urban tech.
The grant is tailored to support startups that are in the development stage. An evaluation committee, including officials from SIPCOT and Tamil Nadu Startup Innovation Mission (TANSIM), identified and selected the startups eligible for the grant.
The grant reflects SIPCOT’s commitment to foster deep tech solutions. It aims to support product development, pilot deployment, pilot manufacturing and product commercialization. The SIPCOT Board of Governors has approved SIIC grants totaling Rs 380 crore for 2023.
SIPCOT has also set up Industrial Innovation Centres in Hosur and Sriperumbudur industrial estates with an investment of Rs 335 crore. The centres have been developed in partnership with Coimbatore Innovation Business Incubator (CIBI). The centres provide startups with access to co-working spaces and product labs. Currently, the two centres are home to 12 and 22 startups and SMEs respectively.
This grant marks an important step in supporting startups in Tamil Nadu, a state that is now positioning itself as a leader in a new wave of industrial innovation.
