Pact signed to spur innovation, bamboo industries
Source: Chronicle News Service

Imphal, May 20 2024: KIIT-Technology Business Incubator (KIIT-TBI) and Manipur Technology Innovation Hub (MTI-HUB) signed a Memorandum of Understanding (MoU) with South Asia Bamboo Foundation (SAbF) to promote innovation, entrepreneurship, and sustainable development at MTI-HUB.

According to a statement issued by SAbF, the partnership aims to support budding entrepreneurs and promote use of bamboo as a sustainable resource in various industries.

India, the second richest country in the world in terms of bamboo genetic resources, boasts 137 indigenous and 11 exotic species of bamboo.

The Northeastern states and West Bengal alone account for more than 50 per cent of the country's bamboo resources.

With its potential to create economic value and employment opportunities, bamboo can significantly benefit farmers, artisans, traders, and industries of all scales, pointed out the state.

Informing that key objectives of the partnership include startup support and mentorship, innovation and research, resource sharing and establishment of Bamboo Technology Innovation Hub, and community engagement, it expressed that the partnership will help aspiring entrepreneurs access comprehensive incubation programme that includes mentorship, training, and funding opportunities.

The organisations will collaborate on research projects to explore innovative uses of bamboo and other sustainable materials, contributing to environmental conservation and economic growth.

By leveraging their combined resources, the partnership aims to create a supportive ecosystem for startups and establish a Bamboo Technology Innovation Hub, and engage with local communities to raise awareness about the benefits of bamboo and sustainable practices, encouraging community participation in related projects.

The Manipur Technology Innovation Hub (MTI-HUB) is an initiative of the department of IT, implemented by KIITTBI in Bhubaneswar.

KIIT-TBI and MTI-HUB provide comprehensive support to startups, including mentorship, funding, and access to a network of industry experts, with a mission to empower entrepreneurs and drive economic growth through innovation in the North Eastern states.

On the other hand, South Asia Bamboo Foundation (SAbF) is a non-profit trade association registered under the Indian Trust Act.

SAbF facilitates the exchange of information on the environmental, socioeconomic, biological, and cultural aspects of bamboo in South Asia.

By fostering global communication and creating new partnerships and alliances, SAbF aims to advance the use of bamboo and support the efforts of bamboo practitioners worldwide, particularly in South Asia.

The organisation works closely with various NGOs and aligns its initiatives with the United Nations' Sustainable Development Goals (SDGs), the statement added.

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