Bhubaneswar, July 24: The Indian Institute of Technology here has invited applications from entrepreneurs at its newly established Start-up Centre.

The Union human resource development ministry has selected the IIT as one of the country's 10 institutes that can offer infrastructure for incubation of start-ups, including expert guidance, to establish these centres.

The institute authorities invited applications from individuals, teams, registered firms, subsidiaries or ancillary units of established firms with commercially viable ideas to set up their units at the centre.

The Start-up Centre aims to promote new technology, knowledge and innovation-based start-ups developed by new entrepreneurs.

Institute director R.V. Ravikumar said: "The selected entities will be categorised as funded or self-financed based on the proposal's potential to benefit the community," said institute director R.V. Ravikumar.

Under the initiative, the institute will provide furnished or semi-furnished space according to the entity's requirement with Internet, electricity and water facility. The selected individuals or teams will also be allotted hostel space. An IIT, Bhubaneswar, official said they would provide the start-ups with laboratory and workshop facilities. They will also be allowed to use the library apart from mentoring guidance from experts.

All these facilities will be available on payment basis according to the rules of the institute, the official said. "The rates will differ from start-up to start-up depending on their infrastructure requirement. We are yet to work out the details," he said.

The institute will fund at least 10 selected individuals, teams, registered firms or their ancillaries with Rs 2.5 lakh in phases, which is called "seed fund". Other selected start-ups will be accommodated as self-financed entities. The institute will help the entrepreneurs avail bank loans as well.

The selected start-ups will initially be accommodated for a one-year period, which may be extended without funding, on approval from the ministry.

The start-ups are expected to deliver working prototypes, models or services. They will also be required to get copyrights for their innovation. The new entities should be converted into registered firms and established entities should be scaled up, according to guidelines laid down by the human resources ministry.