About IEDC Scheme
Manav Rachna International University has been selected to establish the NewGen Innovation and Entrepreneurship Development Centre supported and catalyzed by DST and NSTEDB, Govt. of India. For creation of 85 student startups over a period of 5 years, MRIU has been granted a funding aid of 2.87 Crores. Under the scheme, each student startup shall be given a funding grant of 2.5 Lac for prototype development and establishment of business.
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.
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.