The current project aims towards establishment of a platform for increased participation, interaction and mutual co-operation between academia and industry. The focus of the proposal is converging technologies. The project aspires to evolve new strategies, products and services which can be commercialized and can be later taken up for university spin-off and start-ups. We have tentatively identified five major thrust areas for UIC in collaboration with our industrial partners viz. development of commercially viable phytochemicals, stem cells as cellular therapeutics, isolation and characterization of microbial enzymes for plant secondary metabolite extraction and development of value added food products, industry oriented amalgamation of in silico domain with biological data and establishment of nanomaterial synthesis facility for water purification solutions. Implementation of the different proposals under the proposed UIC-B project will be done by selection of motivated young researchers with an inclination towards innovation and entrepreneurship. These researchers would be mentored by faculty members and experts from the university and the industry. The proposals would be continuously assessed and evaluated and the findings would be used for efficient implementation of the project. The output/outcome of the project would be utilised for an industrial application project and also the potential to develop into a technology or prototype with through academic and industrial mentoring. The initiative would aim towards self-sustainability through endowments, royalty, financial support from government funding agencies and industries, consultancy charges and extension services.