The Directorate of Entrepreneurship and Innovation is thrilled to announce that the Hatchlab Research Centre (HRC), the Technology Business Incubator at SRM University-AP, has been chosen as the Implementation Agency for the “Gen-Next Support for Innovative Startups (GENESIS)” initiative. This decision, made by the Ministry of Electronics & Information Technology (MeitY), Government of India, marks a significant milestone for HRC and highlights its commitment to fostering innovation and entrepreneurship.
The GENESIS scheme emerges as a strategic umbrella initiative by MeitY aimed at nurturing and supporting startup ecosystems in Tier II and Tier III cities across India. HRC is among the 50 selected implementation agencies tasked with facilitating this vision, backed by a total budgetary allocation of ₹490 crores. This funding will be instrumental in providing vital resources and infrastructure for startups, ensuring they have the necessary support to thrive in a competitive landscape.
Prof. Sidharth Shankar Tripathy, Director of Entrepreneurship & Innovation of SRM AP, said, ” This announcement is a tribute to the soaring entrepreneurial spirit that is visible among the students, faculty and even the staff of our young entrepreneurial university. What makes this achievement even more special is that it was announced at an appropriate juncture time when SRM University-AP had declared the academic year 2023-24 as the “Year of Entrepreneurship & Innovation.With this new responsibility, we look forward to contributing to the success of startups and innovators across India!”
The HRC’s selection comes at a fortuitous time, as SRM University-AP has declared the 2023-24 academic year to be the “Year of Entrepreneurship & Innovation.” This initiative aims to foster a culture of creativity and entrepreneurial spirit among students, providing them with the tools and support needed to transform their ideas into viable business ventures.
The GENESIS scheme is designed to enhance the startup ecosystem in smaller cities, enabling entrepreneurs outside of metropolitan areas to access essential services, mentorship, and funding opportunities. By selecting HRC as an implementation partner, MeitY acknowledges the centre’s potential to drive impactful change and support innovative startups in the region.
As HRC embarks on this new journey, it promises to create a robust framework that encourages collaboration, knowledge sharing, and the development of sustainable business models among emerging entrepreneurs. The centre will facilitate various programs, workshops, and resources designed to equip startups with the skills, network, and funding requisite for success.
With this prestigious recognition, SRM University-AP’s Hatchlab Research Centre is poised to play a pivotal role in transforming the entrepreneurial landscape, paving the way for a more inclusive and diverse startup ecosystem across the nation.