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Background

India is witnessing an upsurge of technology-driven and knowledge-based enterprises. it is the field of conventional business or in IT and ITES a sudden spurt in the number of new ventures or start-ups has taken the country by surprise. Technology and Innovation are playing a major role in this process. It is as if all of sudden people, especially the young ones are no longer afraid to dream an idea and work actively to convert their ideas to commercially viable business.

While a few years back, the conversion of idea to product might have sounded a distant dream, with both technology and market being uncertain, things certainly have changed now. More and more technocrats, students with practically no experience or industry experienced professionals are giving shape to their business ideas. It is as if the Silicon Valley story is reincarnating itself in India.

Encouraged by the motivating ecosystem students are no longer giving preference to campus placements and are going for deferred placement to give a chance to their dream projects. It has however been seen that initial support to the start-ups has been one of the deterrent in the process of the launch. Students (their parents) have already incurred a heavy expenditure for the payment of tuition fees and subsistence and are cash strapped.

Program

New Generation Innovation and Entrepreneurship Development Centre (NewGen IEDC) is the programme launched by National Science and Technology Entrepreneurship Development Board (NSTEDB), Department of Science & Technology (DST), Government of India and implemented by EDII, Ahmedabad. NewGen IEDC aims to inculcate the spirit of innovation and entrepreneurship amongst the young S&T students, encourage and support start-up creation through guidance, mentorship & support. NewGen IEDCs would be established in academic institutions where students will be encouraged to take up innovative projects with possibility of commercialization.

NewGen IEDCs would also spread the message of entrepreneurship and create a culture of entrepreneurship in the Host Institution (HI). With faculty already trained in the nuances of entrepreneurship, the presence of NewGen IEDCs in HI would create a vibrant entrepreneurial culture amongst the students. Few amongst the “Job-Seekers” would be converted to “Job-Generators” through the entrepreneurial route.

Project Budget

Funding mechanism & Financial guidelines:

For setting up of NewGen IEDC, eligible Institutions shall submit online proposals to EDII, Ahmedabad as per the prescribed proforma. Financial assistance to the selected institutions for establishment of NewGen IEDC, towards its non-recurring (as one time establishment cost) and recurring expenditure (Project Development Cost, Travel, Training and Contingencies, etc.) up to five full operational years would be provided. However, the financial assistance would be available in the project mode on a year-to-year basis, based on successful implementation of the NewGen IEDC project and review by the National Experts Advisory Committee.

Non-Recurring Grant:

NSTEDB will provide limited onetime non-recurring financial assistance, up to a maximum of Rs. 25.00 lakh. The non-recurring grant would be provided towards the establishment cost, furnishing of cubicles for start-ups, purchase of PC with printers, UPS, library books, journals, laptop, multimedia projector, office communication equipment and other equipment like 3D printers, prototyping equipment/software and shared equipment etc. The grant should NOT be used for purchase of land and building.

The host institution should provide the support of two members of the faculty, trained in entrepreneurship development through DST sponsored Faculty Development Programme (FDP) in entrepreneurship development, 5000 sq. ft of dedicated space, a counseling/meeting room, office furniture, facility of conference hall/ auditorium, telephone and internet connection etc

Recurring Grant:

The recurring budget will be provided for each year of operation for a maximum of five years. The maximum number of student project supported each year would be as follows:
The recurring cost would include the honorarium to mentors, honorarium to NewGen IEDC coordinator, travel, expense for advisory board and review meeting, contingencies and misc. expenditures.
The Prototype Development Grant of Rs. 2, 50, 000/- per project would cover the following expenditure:
a) A maximum amount of Rs. 25,000/- to the mentor for providing guidance to the project team
b) A maximum amount Rs. 25,000/- per student group as stipend
c) Rs. 2,00,000/- for cost of raw material, prototype development cost, external vendor/consultant cost.
In case the expenditure on item no (c) is more than the stipulated amount of Rs 2,00,000/- the additional expenditure will be borne by the student team/college/host institute.
The above funding is just indicative and may vary from case to case.