Technopark was started in 1995, the very first IT-park in the country and there were only a very few companies here until 2000.
In 2005, there was a global conference in Delhi organised by the Department of Science and Technology, Government of India and Infodev, a World Bank group that promotes innovation and incubation activities all over the world. This Conference became the inspiration to start a business incubation centre in Kerala.
If Technopark is successful, it is only because of the home grown companies, and not MNCs. That is the major reason to have an incubation centre, which could motivate people from the state to start their own companies. Otherwise, it is difficult for a start up to get funding and mentoring. Thus, Technopark- TBI was formed, the first Technology Business Incubator (TBI) approved by DST in India outside a university campuses. Now, Technopark Technology Business Incubator (T-TBI) is a joint initiative of Technopark, Trivandrum and the Department of Science and Technology (DST), Government of India. During the initial stage TBI was allotted Rs. 5.9 Crore (Rs. 59 million). The amazing fact is that, in a year’s time, 20 companies incubated at T-TBI.
When a business idea is accepted at TBI, the entrepreneurs are asked to register their company with TBI and then to prepare a business plan. Once they come up with the business plan, TBI sit with them to discuss the plan and modifications, if necessary, are made. If the expert committee agrees with the idea and the plan, TBI goes ahead with it.
T-TBI have two types of incubation programs. One is the business incubation centre and the other is the technology incubator. Companies that are in the services sector without a proper product idea is included in the business incubation centre. All the technology companies with innovative ideas that can be patented come under the technology incubator. Those who come with innovative ideas are called innovators and others are entrepreneurs.
So far, 350 innovations have been scouted at T-TBI, but the incubation centre has funded 48 innovations. Most of them are successful and are selling their products today. At present, T-TBI have 60-65 innovative ideas, which would be send to the expert committee of the Government of India.
The business incubation centre of TBI has incubated 200 companies so far. Only 4 per cent failed, and 96.49 per cent are successful start-ups. This is a world record as the average success rate is 50 per cent. The success rate is high because of the right ecosystem Technopark provides for these young enthusiastic entrepreneurs.
