To provide the students with a risk free environment, so that they can develop their ideas and remain aloof from the financial pressure through seed funding, the Centre for Innovation (CFI) in IIT Madras has generated a mock incubator, namely NIRMAAN. CFI is a student-run innovation lab at IIT-Madras which helps students get an environment suitable to develop their ideas and make them market ready.
Through the CFI, the student’s motto remains to ‘walk in with an idea, and walk out with a product’, but after the initiation of NIRMAAN the students can now build a prototype and leave it at that. They need to improve that prototype so that after they finish their college years they get ready as marketable products and provide financial benefits in return to the university which was incubating the student’s idea for so long.
After thorough registration and selection procedures got over back in September, a total of twenty-nine projects have been selected for the NIRMAAN. The seed funding of Rs. 2 lakh is being provided to every team working on successful review of the idea by the faculty team. These funds are getting concentrated through alumni grants, corporate sponsors and institute funds.
The twenty nine teams that are presently working in line with the NIRMAAN programme are on process of innovating innovative products such as a light based wearable that would be an alternative to alarm clocks and portable paper strips which would detect milk adulteration. Various student managers of CFI are planning to explain the concept to various other colleges and two institutions have already showed interest in the idea.