RTIH Clears Idea Labs, ₹2 Lakh Funding for Startups
The Idea Labs will support students and young entrepreneurs in developing ideas into prototypes, with a dedicated budget earmarked for the initiative.
Tirupati:The Ratan Tata Innovation Hub (RTIH) has approved the setting up of “Idea Labs” and a funding plan of up to ₹2 lakh per startup to strengthen the innovation ecosystem in the state.
The decisions were taken at the RTIH board meeting held in Tirupati on Wednesday. District joint collector Ronanki Govinda Rao attended as a director, along with IIT Tirupati director Prof. K.N. Satyanarayana and representatives from Adani Group, Amara Raja Group and other stakeholders.
The Idea Labs will support students and young entrepreneurs in developing ideas into prototypes, with a dedicated budget earmarked for the initiative.
The board also approved phased financial assistance to early-stage startups in exchange for equity, focusing on high-potential ventures.
It decided to expand research opportunities in coordination with the Department of Science, Technology and Innovation, with academic support from IIT and IISER Tirupati. Horticulture, food technology and green energy were identified as priority sectors.
Govinda Rao said the initiative aligns with the Chief Minister’s vision to promote startups and position the state as an innovation hub. Industry representatives assured support through mentorship and resources.