PSG Technology receives seed fund support

PSG Technology receives seed fund support

PSG Science and Technology Entrepreneurial Park (PSG-STEP) of the PSG College of Technology has been sanctioned Rs. 1 crore as seed fund support to extend financial support to start-up companies by the Technology Development Board of the Department of Science and Technology.

PSG-STEP will extend financial support to start-up companies along with the infrastructure support to cater to early stage requirements in Product Development, Testing and Trials and Test Marketing, according to a college release.

The park, established in 1998, in association with the DST, IDBI and ICICI, promotes technology-based enterprise in the areas of software, electronic products, hi-tech mechanical products, eco-friendly textile products and bio-technology, using the core strengths of the college.

PSG-STEP has so far assisted more than 100 start-ups. The total workforce employed number more than 1,000. It has bagged the “Best STEP” award from the Ministry of Science and Technology.

Six PSG-STEP assisted companies have attracted angel and venture capital funding for strategic expansion and have later on been acquired by U.S. based companies for market expansion.

The seed fund support is expected to focus on projects that are unable to attract commercial investors in the initial stage of development and thereby encourages and fosters technological entrepreneurship. It will be extended to projects that are in high-risk areas and directed towards commercial realisation of innovative technologies.