Faridabad/ Alive News: The Entrepreneurship Development Institute of India (EDII) working under the aegis of National Science and Technology Entrepreneurship Development Board, Department of Science and Technology, Government of India has given a funding of Rs 2.67 crore to Manav Rachna International University to accelerate its activities for encouraging research, innovation and entrepreneurship among students.
The project on establishment of New Generation Innovation and Entrepreneurship Development Center is being implemented by EDII which is an autonomous and not-for-profit institute ,sponsored by apex financial institutions like IDBI Bank, ICICI Bank, State Bank of India and IFCI Ltd. It is also backed by various government ministries and the Department of Science and Technology. Manav Rachna Research Innovation and Incubation Centre (MRRIIC) has been catering to the needs of students and faculty members who are inclined towards research, innovation and novel ideas. Over the past seven years, it has helped them develop professional entrepreneurial ability and mind-set to set up their own enterprises.
The MRRIIC plans to fund about 100 start-ups over the next five years, said CS (Dr.) Monika Goel, who leads the Business Incubation initiatives at Manav Rachna. The centre provides complete mentorship for entrepreneurship development including ideas generation, financing, prototype development, regulatory approvals, marketing plans etc. Each project approved by a board of experts will get about Rs 2.5 lakh and a timeframe of 18 months to incubate, develop a prototype and commercialise the venture. MRRIIC is in the process of entering into MoUs with bankers and venture capital firms to provide seed funding for commercial applications. “We want to encourage both engineering and non-engineering students across various departments to convert innovative and creative business ideas into successful enterprises,” said Goel.
A New-Gen Innovation and Entrepreneurship Development Centre (IEDC) is being set up to provide working spaces for budding entrepreneurs. “Students will be provided the latest prototyping equipment and software for developing their business ideas. The New Gen IEDC will encourage, facilitate, promote and safeguard scientific investigations and research,” said Goel.
“We have a policy on intellectual property protection so that innovators can translate their creative works into patented products. This provides a pool of mentors and brings together experts in technology, legal, finance and related matters. Besides, our institutions also organise events to help companies in networking and showcasing their technologies”, informs Dr. Prashant Bhalla, President, Manav Rachna Educational Institutions.
