To harness brilliant ideas of students and to promote self-hosted successful business projects, ITS Engineering College is spending a big amount on research as well as seed funding, entrepreneurship development and project-based and technology-based learning. With the establishment of NewGen IEDC, ITS Engineering College, all undergraduate students, post graduate students, doctoral students, alumni and faculties would be entertained to convert their business ideas into successful commercial or social ventures.
Dr. Vikas Singh, Executive Director, ITS – The Education Group, motivating the student to submit their innovative business ideas
NewGen IEDC, ITS Engineering College offers integrated, customized Innovation-Based Incubation support services for potential high investable entrepreneurs and enterprises. It scouts for innovative entrepreneurs, builds on ideation leading to develop a business concepts, provides skills and competencies trough capacity building training programs towards building effective enterprises.
Scale New Heights using the incubation eco system present at ITS Engineering College
Even the Indian government has also formed separate ministries for Entrepreneurship skills enhancements like Ministry of Micro, Small and Medium Enterprises (MSME) and New Generation Innovation and Entrepreneurship Development Centre (NewGen IEDC) to cater innovative and impactful ideas and help students to move ahead in their career and achieve their dreams. If the student has a impactful idea that meets the threshold set forth by this bunch, then Seed funding is a no strings attached grant under MSME guidelines. Only few selected colleges in North India are under this scheme.
Highly motivated young graduates and post graduates, who want to start companies while still in their colleges, have such an increasing number of resources to tap into that exist just for them. Students that want to learn how to build companies can apply to an increasing number of fast-track programs that allow them to gain valuable early stage operating experience.
Investing in technology for universities in India may conjure up images of laptops and tablets being delivered to masses, but the greatest ROI in higher education technology comes from software rather than hardware. So, to cater this side of technical education, colleges have technology-based Industry Oriented Labs, also known as Centre of Excellence, to support students for technical aspects which they will need to introduce fresh ideas. Some of the top companies who have setup such labs are Apple iOS, R Systems, Syscom, ITB & SALT, National Instruments, Rockwell Automation, eYantra and SMC pneumatics. Entrepreneurship Development can assist students in the early stage development of your business start-up or social enterprise; invest in market research, or to develop a prototype.
NewGen IEDC at ITS Engineering College is an organization geared towards speeding up the growth and success of startup and early stage companies. NewGen IEDC has a mission to “Promote knowledge based and technology-driven start-ups by harnessing young minds and their innovation potential in an academic environment”. In view of this, the National Science & Technology Entrepreneurship Development (NSTEDB), Department of Science & Technology (DST), has taken an initiative of introducing this scheme for setting up “New Generation Innovation & Entrepreneurship Development Centers (NewGen IEDCs)” being implemented by Entrepreneurship Development Institute of India (EDII), Ahmedabad. In this initiative DST is providing a grant of Rs. 2.87 Cr. over a period of 5 years.
ITS Engineering College has become The Entrepreneurial Hotspot. Striving to inculcate Entrepreneurial thought process, ITS Engineering College guides its students to start their own businesses (startups) when they complete their programs. “The college has NewGen IEDC, Start-up Cell & Business Incubation Centers in the campus in collaboration with the Department of Science and Technology and also with the Ministry of Micro, Small & Medium Enterprises. In fact, Once the prototype is ready, the college supports them in getting their patents/intellectual property registered. Also, if the student is looking to start the business for a scalable and marketable idea, the college also provides seed funding. The college supports the entire business activity, including space, power, equipment and logistic requirements,” says Mr. Sohil Chadha, Vice Chairman, ITS – The Education Group (Estb. 1996). He adds “We strongly believe in combining the futuristic subjects with the traditional ones and imparting a skill-based curriculum crucial to succeed in today’s world.”
With good technological inputs we get tremendous ideas. So here at this level, education industry has introduced a concept of Entrepreneurship Development. Entrepreneurship Development Cell (EDC) in educational institutions is formed to develop institutional mechanism to create entrepreneurial culture in academics and to foster technology based entrepreneurship for generation of wealth and employment for students.
So in Nutshell the objective of Entrepreneurship Development Cells in Colleges is to develop spirit of Entrepreneurship among the Students, Creating Awareness Programmes, Mentoring Students, Assisting in getting financial support for Start-ups.