The New Generation Innovation and Entrepreneurship Development Centre (NewGen IEDC) is an inspiring initiative launched by the National Science and Technology Entrepreneurship Development Board (NSTEDB) under the Department of Science & Technology (DST), Government of India. Implemented by the Entrepreneurship Development Institute of India (EDII) in Ahmedabad, the NewGen IEDC program aims to cultivate the spirit of innovation and entrepreneurship among young science and technology students. It encourages and supports the creation of start-ups by providing guidance, mentorship, and financial assistance to academic institutions where students undertake innovative projects with the potential for commercialization.
Eligibility Criteria:
To be eligible for the NewGen IEDC, an institution must meet the following requirements:
- Institution Type: The institution should be a University/Deemed University or a premier Institute/College offering Engineering, Technology, and Science courses at the degree level or above for a minimum of 5 years.
- Faculty Training: The institution must have at least two faculty members trained in Entrepreneurship through the sponsored Faculty Development Programme.
- Dedicated Space: The institution should have a minimum dedicated space of about 5,000 square feet to house the NewGen IEDC.
How to Apply:
If your institution meets the eligibility criteria and wishes to establish a NewGen IEDC, follow these steps to apply:
Step 1: Obtain Information and Guidelines
Visit the official website of the National Science and Technology Entrepreneurship Development Board or the Department of Science & Technology to access detailed information and guidelines about the NewGen IEDC program. Familiarize yourself with the objectives, benefits, and the application process.
Step 2: Prepare the Proposal
Prepare a comprehensive proposal outlining the intent and plans for the NewGen IEDC. Describe how the centre will foster innovation and entrepreneurship, including details about the programs, workshops, mentorship, and support services offered to the students. Highlight the potential impact of the proposed activities on the students and the surrounding community.
Step 3: Financial Planning
Develop a detailed financial plan for establishing and operating the NewGen IEDC. Specify the non-recurring expenses (one-time establishment cost) and recurring expenditures required for five operational years. Ensure that the budget aligns with the maximum financial assistance limits of Rs. 25 lakhs for non-recurring expenses and Rs. 10 lakhs for recurring costs.
Step 4: Submit the Application
Submit the proposal and financial plan to the designated authority handling NewGen IEDC applications. Ensure that all necessary documents and information are provided as per the guidelines.
Step 5: Evaluation and Approval
A panel of experts will thoroughly evaluate the submitted applications. If your institution’s proposal meets the criteria and aligns with the program’s objectives, it may receive approval to establish the NewGen IEDC.
Benefits of NewGen IEDC:
The NewGen IEDC program offers a range of benefits to the selected institutions:
- Financial Assistance: Approved institutions will receive up to Rs. 25 lakhs for non-recurring expenses and up to Rs. 10 lakhs for recurring payments over five operational years.
- Encouragement for Innovation: The program fosters a culture of innovation and creativity among science and technology students, inspiring them to develop new and groundbreaking ideas.
- Mentorship and Guidance: Students can access expert mentors and guidance, helping them refine their projects and business ideas for successful implementation.
- Start-up Support: NewGen IEDC encourages and supports the creation of start-ups, helping students turn their innovative projects into viable commercial ventures.
The New Generation Innovation and Entrepreneurship Development Centre (NewGen IEDC) is a significant step towards nurturing the entrepreneurial spirit among science and technology students in India. The program empowers young minds to translate innovative ideas into real-world solutions and successful businesses by providing financial assistance, mentorship, and support. If your institution meets the eligibility criteria, I’d like you to please take advantage of the opportunity to participate in this transformative initiative that contributes to the growth of India’s innovation ecosystem.
