NewGen Innovation and Entrepreneurship Development
Centre (NewGen IEDC)
The NewGen Innovation and Entrepreneurship Development Centre (NewGen IEDC) is being promoted in educational institutions to develop institutional mechanism to create entrepreneurial culture in S&T academic institutions and to foster techno-entrepreneurship for generation of wealth and employment by S&T persons. The NewGen IEDCs are established in academic institutions (science colleges, engineering colleges, universities, management institutes) having requisite expertise and infrastructure.
NewGen IEDC seeks –
“To promote knowledge based and technology-driven start-ups by harnessing young minds and their innovation potential in an academic environment”
Objectives of the NewGen IEDCs:
To channelize the knowledge and the energy of youth towards becoming active partners in the economic development process.
To catalyze and promote development of knowledge-based and innovation-driven enterprises and promote employment opportunities amongst youth specially students.
To inculcate a culture of innovation driven entrepreneurship.
To act as an institutional mechanism for providing various services including information on all aspects of enterprise building to budding S&T entrepreneurs.
Functions of NewGen IEDCs:
To motivate, support and mentor students for identification, development and commercialization of their innovative ideas.
To initiate targeted number of innovative student projects each year for new product development.
To organize Business Plan Competitions / Innovation Camps / Hackathons with active involvement of industry and alumni.
To guide and assist prospective entrepreneurs on various aspects such as preparing project reports, obtaining project approvals, loans and facilities from agencies of support system, information on technologies, etc.
To arrange interaction with entrepreneurs, bankers, professionals, potential customers and create a mentorship scheme for student innovators.
To facilitate creation of Entrepreneur's Club / E-Cells in the college to foster culture of entrepreneurship amongst students.
Criteria for Selection of an Institution to Set up a NewGen IEDC
The parent institution should fulfill the following criteria:
The institution should be a University/Deemed University or an Institute/College offering Engineering, Technology, Science courses at degree level or above for at least 5 years. In case of a college/institute, it should be duly recognized and affiliated and while in case of the private institutions, it should be promoted by a Trust or a Society registered under relevant Acts besides being recognized/affiliated to AICTE/Universities.
Qualified and dedicated faculty in various disciplines with a good Research & Development base and background in industry related activities should be available.
Availability of two faculty trained in Entrepreneurship through DST sponsored Faculty Development Programme.
Minimum dedicated space of about 5000 square feet for housing the NewGen IEDC and the startups promoted through it, with the availability of utilities like electricity, water, telephone installation and internet connectivity.
Availability of workshops, laboratories and computational facilities.
Library with a good collection of books and journals.
Experience in Entrepreneurship Development and Promotion and Industry related activities such as Consultancy, Product Development, Testing, Calibration etc.