MUMBAI: Times Internet Limited (TIL) has launched a new mentorship programme under TLabs that aims to encourage new businesses in the field of technology, mobile and internet to develop their products. The applications are now open for the programme that will commence in February 2012.

TIL CEO Rishi Khiani said, "We want to make this a very high quality program, with very significant value addition to support entrepreneurs as well as the entire innovative ecosystem."

TIL will shortlist 10 business ideas that are innovative and marketable and help the entrepreneurs with an initial seed fund of up to Rs 1 million. The company will also offer mentorship by experienced and knowledgeable individuals of the industry through personal interaction once a week over dinner.

Entrepreneurs will also have rehearsal demos for the project before they ultimately present their ideas and come face to face with angel investors and venture capitalists with whom they can interact independently.

TIL director e-Commerce and technology Gautam Sinha said, "What sets the program apart is the access to TIL‘s infrastructure and domain expertise. This gives entrepreneurs at TLabs the edge over other start-ups right from the beginning."

Co-founder of one of the participating start ups Karthik Bettadapura said, "Being chosen by TLabs strengthens our belief in our product offering. The experience of the Indiatimes network‘s mentoring and the infrastructure support has already begun to show in the way we work and in the way we are perceived."