Research Innovation Incubation Design Laboratory (RiiDL) Foundation, Somaiya Vidyavihar receives a grant of Rs. 5 crore from the State for establishing an Incubation Centre.
On Wednesday 3rd Oct 2018, the State announced grants for 16 incubation centres across Maharashtra. The objective of the initiative was to promote entrepreneurship in the state and provide them with a start-up ecosystem. Only three education institutions were selected from Mumbai. Somaiya RiiDL (Research Innovation Incubation Design Laboratory) Foundation, an initiative of Somaiya Vidyavihar was selected from the city. The other two institutions selected for the grant are NEERI & Mumbai University.
Somaiya RiiDl has been sanctioned a grant capital of Rs 5 crore by Maharashtra State Innovation Society, Department of Skill Development and Entrepreneurship, Government of Maharashtra.
Since its inception in 2010, RiiDL has incubated more than 70 Start-ups and receives an average of 2-3 start-up applications per week.
RiiDL has identified healthcare, food, agritech, embedded electronics and SMAC as the sectors of focus.
The funds received, will be used to scale up the existing incubation facilities and other expenses to support and develop the start-ups.
Somaiya RiiDL incubation Centre was developed to encourage innovation and entrepreneurship amongst students and other innovators. Several incubated companies have evolved and are working as independent organisations. Being on the campus the students get access to experts across subjects, guidance from professors and a safe environment to develop their ideas.
On receiving the grant, Gaurang Shetty, Chief Innovation Catalyst said "I believe that this grant will help us surpass our own limits and help us accelerate and scale our efforts to help innovators and start-up founders. We have been trying our best to create a community of innovators through our Maker Mela platform, which eventually becomes a pipeline for our incubation program. This support will help us to reach, grassroots innovators/entrepreneurs. "If you learn and work to surpass yourself quickly, things will start changing for you.'