Ministry of Science and Technology''s Technology Development Board (TDB) will launch a 'Knowledge to Wealth' initiative with mobile phone giant Nokia next month to encourage entrepreneurship among students in the country.

"The project will be launched within a month or so. We have already singed an agreement with Nokia for it. To start with, it will be implemented in 30 engineering colleges. Later on, it will be taken up in other colleges which have entrepreneurship promotion cells," TDB secretary Harkesh Mittal said on the sidelines of a workshop here.

Under the project, Nokia would set up Mobile Application Labs in all the 30 colleges and DST would support 60 students from each of these colleges, by paying Rs 5,000 per student per month.

Stating that the initial project cost would be Rs 4.5 crore, he said Nokia would invest Rs 3.5 crore while TDB would put in Rs one crore.

A committee has been set up with representatives of DST, DBT and Nokia to select students for the programme, he said.

"The idea behind the programme is to encourage the spirit of entrepreneurship among students. Once a student can convert his knowledge to wealth , he already becomes an entrepreneur," he said.