According to a recent report by The National Institute of Technology-Rourkela's (NIT-R), Foundation for Technology and Business Incubation (FTBI) Centre, two young start-ups have been selected for providing financial funding under the entrepreneurs-in-residence (EiRs) program.
NIT Rourkela and FTBI have opted Yarev Technology Pvt. Ltd. and Clavictor Academy Pvt. Ltd. as regional start-ups for financial support for a one-year duration.
The decision is made by NIT-Rourkela to support and create a strong ecosystem for Indian start-ups, also keeping in mind the vision of Atmanirbhar Bharat by Prime Minister Narendra Modi.
On this achievement, Prof. Animesh Biswas, chairman of FTBI, and director, NIT-Rourkela, shared his views, "I feel immensely proud with the innovations created by Yarev Technologies and Clavictor Academy and believe that more of such innovations would help our institute to secure a higher position in the Atal Rankings of Institutions and Innovation Achievements."
Yarev Technologies Pvt. Ltd. is a start-up produced by the FTBI with an aim to manufacture unconventional solutions dealing in home automation, water quality monitoring and water conservation, automated submersible starters, etc.
The latest development by the company is an automatic sanitizer dispenser (ASAR) that is the need of the hour to fight against the COVID-19 pandemic. It is a zero-touch dispenser for hand sanitizing, with the range varying between Rs 2,000 and Rs 7,000.
FTBI provides grants under the Product/Prototyping to the company start-up with funding of Rs. 7 lakh grant.
Clavictor Academy Pvt. Ltd. designed a mobile application with an objective for better learning of subjects and better performance by state board students in the approaching board and entrance exams.
The online education platform will help the students to learn easily who are unable to attend physical classes. It is aiming to launch additional features like data analytics to enhance students' engagement with the application. Animated video lectures will also be part of the application.
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Clavictor Academy also offers online doubt clearing facilities to help students clear their doubts. Students can also appear for regular assessments to check their performance progress and focus more on their weak areas.
The guardian can review the performance report, and the subject matter through a separate platform so that they can get a full update regarding their children’s performance.
It will also benefit Students living in rural areas with low internet speed, as the academy has designed an offline mode of study on their application.
Currently, Clavictor Academy is meeting the needs of students of classes 11 and 12, appearing for the Odisha Board.
It's expected that the academy will start online education services from October 2020, for 8th and 10th class students of Odisha Board. From the beginning, the company has fulfilled the needs of over 1500 students. Despite this funding program, seven other start-ups are chosen for induction at FTBI, NIT Rourkela.
The start-ups will also have office space, manufacturing units, and other amenities such as IT systems, legal services, and access to laboratories with guidance by NIT Rourkela faculty. Moreover, these start-ups will also be eligible for further funding rounds under several other schemes and programs organized by the FTBI, NIT Rourkela.
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