Innovation and entrepreneurship play a pivotal role in developing a vibrant ecosystem to support business ventures and are drivers of economic growth and sustainable development. One of the most resonant sectors for entrepreneurship is financial technology. With an estimated 24% CAGR of the Fintech market size by 2025, the growth of this sector is forecasted to increase even further over the coming years, implying enormous potential for entrepreneurs.

IIT Bhilai Innovation and Technology Foundation (IBITF) is initiating a new approach to advance innovation and entrepreneurship in the financial technologies sector in the country by establishing a Technology Business Incubator (TBI) at IIT Bhilai following a hub-spoke model.

In the “Hub-Spoke Model,” IIT Bhilai (Hub) will act as the mentor and resource center while synergizing and leveraging the potential of effective coordination amongst stakeholders/partnering organizations (Spokes) at the field level to enhance local innovation ecosystems.

The TBI at IIT Bhilai will host teams of faculty members, along with research scholars, developers, and scientists, both externally hired and from the student body, who will work towards developing technology-based solutions to solve looming problems from various sectors under the fintech domain. And in the next three years, it will emerge as the country's fintech solutions and innovations hub.

The partnering institutes (Spokes) will share their knowledge base, network, and resources with the TBI at IIT Bhilai in solving problems that will positively impact society and transform the fintech industry. The TBI at IIT Bhilai will undertake impactful projects and initiatives in collaboration with partner institutions and collaborators.