The ICFAI University Tripura is going to set up Incubation Centre by the implementation of New Generation Innovation Network (NGIN) of the Directorate of Information Technology of the state government. A MOU has been signed between the Directorate of Information Technology and the ICFAI University yesterday in this regard.

The MOU signed by Dr. Naresh Babu N, Director of IT and Dr. A Ranganath, Registrar of the ICFAI University. To support the start-up initiatives of Tripura, the state government has framed an ecosystem that promotes innovation in educational institutions. The University will encourage the students, researchers and alumni of the University by providing necessary counselling support for innovative concepts and will help them to solve local problems with the help of appropriate IT/ITES based solutions. For each project, the team will be getting funding to formulate a business model for becoming entrepreneurs. The government also will provide financial assistance for setting up and operating of Incubation Centre in the University.

The students, research scholars and alumni will be encouraged to generate new innovative ideas by which they can become entrepreneurs to develop business enterprises. The University is going to setup the Incubation Centre with required infrastructure for the implementation of the scheme very soon with the grants received from the Directorate of IT, Government of Tripura. Monitoring of the scheme will be jointly done by Directorate of Information Technology of Government of Tripura at State level and the University at the institution level respectively.