Varanasi: Indian Institute of Technology (BHU) Varanasi and Union Bank of India are teaming up to establish a joint incubation center, providing an exciting opportunity for students, fintechs, and startups to learn and engage in innovation. The innovation center will be based at IIT (BHU), Varanasi, with support from the Ideation Innovation and Incubation (I-3) Foundation (I3F), a section 8 company is an umbrella organization at IIT (BHU), Varanasi . The main goal of this Innovation Centre is to create a platform for technological advancements and value creation in society. It will focus on key areas such as software development, quantum computing, cyber security, IoT, and data analytics. By encouraging innovation in these domains, the center aims to boost the growth and competitiveness of the Indian economy.
One of the center’s priorities is product life cycle innovation, which involves improving efficiency in design, manufacturing processes, and sales for specific industries and products. This approach will help businesses streamline their operations and deliver better products and services. The Innovation Centre will also concentrate on value creation for society by leveraging technology-based solutions in sectors like health, education, and sustainability. By utilizing the expertise available at IIT (BHU) and collaborating with industry stakeholders, the center aims to address pressing societal challenges and make a positive impact on communities. Skill development is another important aspect of the incubation center. It plans to provide training programs for youth in collaboration with institutions and fintech companies, focusing on areas such as app development and web design. These programs will equip young individuals with valuable skills, enabling them to contribute to the digital economy and participate in the ongoing technological transformation.
The scope of the joint incubation center extends beyond the mentioned areas. It will remain open to exploring other fields that show potential for innovation and efficiency improvement in the future. This flexible approach reflects a commitment to fostering an “Innovation First” mindset, encouraging a higher risk appetite and a culture that embraces innovative ideas. The establishment of this joint incubation center aims to have a significant social impact as well. It will drive sustainability-related innovations in sectors like agriculture and healthcare, tackling the challenges faced by these industries. Additionally, it will actively support women entrepreneurs by promoting micro industries and facilitating innovative processes and marketing ideas. There were several rounds of meetings with officers of Union Bank of India and the idea of a joint incubation center is crystallized after lot of brainstorming, Says Prof. Vikash Kumar Dubey, Dean (Research and Development) of the Institute. Recently, Mr. Girish Joshi, General Manager, Mr. Rajiv K Jha, General Manager, Mr. Subhrajit Guha, Dy General Manager and other officers of Union Bank of India had meeting with the Director, Prof. Pramod Kumar Jain for giving the final shape of the incubation center.
The Director of the Institute, Prof. Pramod Kumar Jain says that the partnership between IIT(BHU) Varanasi and Union Bank of India signifies the collaboration between academia and industry. By combining their strengths, the collaboration will create an environment conducive to innovation and entrepreneurship. This joint incubation center is expected to foster the development of cutting-edge solutions and contribute to economic growth and step towards “Innovate in India” and “Make in India” vision of the Prime minister. With its establishment, the center aims to create a vibrant atmosphere for innovation, nurturing the next generation of technological advancements and social impact initiatives.
–Press release
