Andhra Pradesh government which is planning to develop a world class incubation centre at Tirupati has released Rs 10.50 to University of Austin.
University of Texas , Austin is participating in the development of IC2 (Innovation, creativity and capital) facility at Tiruapati. The payment is made towards IC2 development. University of Texas , Autin has set up IC2 institute long back in 1977 and is internationally well known.
Andhra Pradesh chief minister Chandrababu Naidu has formulated a vision with a theme ‘one entrepreneur in every family’ and to make AP the most innovative society. To bring in the new innovative technologies and seek the leadership position in the innovation, the state government has adopted a mission mode approach. To achieve three entities Innovation Society, eGovernance Authority, Electronics and IT agency have been set up.
Now, to make the incubation centre set up at Tirupati and Visakhapatnam, Andhra Pradesh government has released Rs 23.50 crore, out of which Rs 10.50 would be paid to Austin University.
The remaining money will be spent on development of 11500 sft space at Vizag Sunrise Tower, and 5000 sft of space at Tirupati Incubation tower (Rs 4.50). The society will acquire 2 acres of land MIT Superfab Lab at Vizag (Rs 4cr). Construction of 30,000 sft in the 2 acres of land being acquired in Vizag (Rs 4 cr) to setup the FAB lab. The state has recently formulated a policy to attract investment to the tune of $2 billion in IT, $ 5 billion in Electronics and software with an aim to provide 5 lakh jobs by 2020.