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.
NewGen IEDC will aim to inculcate the spirit of innovation and entrepreneurship amongst the young S&T students, encourage and support start-up creation through guidance, mentorship and support. The programme will be implemented in academic institutions. 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.
Objectives of NewGen IEDC:
1. To channelize the knowledge and the energy of youth towards becoming active partners in the economic development process
2. To catalyze and promote development of knowledge-based and innovation-driven enterprises and promote employment opportunities amongst youth specially students
3. To inculcate a culture of innovation driven entrepreneurship
4. To act as an institutional mechanism for providing various services including information on all aspects of enterprise building to budding S&T entrepreneurs.
Salient features of NewGen IEDC
1. It is a five-year programme to be implemented in an educational institution
2. A maximum of twenty new projects would be supported in a year
3. The projects should be students’ projects with a high degree of innovation and commercial viability
4. As far as possible, the projects may be multi-disciplinary in nature and should be executed by teams consisting of students drawn from various levels
5. The projects should also have a high degree of commercial viability to lead to possible startup by students.
Functions of NewGen IEDC
1. To motivate, support and mentor students for identification, development and commercialization of their innovative ideas
2. To initiate targeted number of innovative student projects each year for new product development
3. To organize Business Plan Competitions/Innovation Camps/Hackathons with active involvement of industry and alumni
4. 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.
5. To arrange interaction with entrepreneurs, bankers, professionals, potential customers and create a mentorship scheme for student innovators
6. To facilitate creation of entrepreneur’s club / E-Cells in the college to foster culture of entrepreneurship amongst students