1. The National Science & Technology Entrepreneurship Development Board (NSTEDB) sanctioned fund to the value of Rs. 40,00,000/= (Rupees Forty Lacs Only) for establishing Innovation and Entrepreneurship Development Centre (IEDC) in Vinayaka Mission’s Kiruapananda Variyar Engineering College (VMKVEC), Salem and the duration of the project is five years, the split up of which is as follows:
| YEAR |
PURPOSE |
AMOUNT ALLOTTED |
TOTAL AMOUNT |
| I |
Student projects
(Rs. 1 lac each for 5 student projects) |
Rs. 5,00,000/= |
Rs. 11,35,000/= |
| Contingency |
Rs. 2,00,000/= |
| Non – Recurring expenses |
Rs. 4,35,000/= |
| II |
Student projects(Rs. 1 lac each for 5 student projects) |
Rs. 5,00,000/= |
Rs. 7,65,000/= |
| Contingency |
Rs. 2,65,000/= |
| III |
Student projects
(Rs. 1 lac each for 5 student projects)
|
Rs. 5,00,000/= |
Rs. 7,00,000/= |
| Contingency |
Rs. 2,00,000/= |
| IV |
Student projects
(Rs. 1 lac each for 5 student projects)
|
Rs. 5,00,000/= |
Rs. 7,00,000/= |
| Contingency |
Rs. 2,00,000/= |
| V |
Student projects
(Rs. 1 lac each for 5 student projects)
|
Rs. 5,00,000/= |
Rs. 7,00,000/= |
| Contingency |
Rs. 2,00,000/= |
| TOTAL |
Rs. 40,00,000/= |
The National Science & Technology Entrepreneurship Development Board (NSTEDB), functioning under the aegis of Department of Science & Technology, is an institutional mechanism to help promote knowledge driven and technology intensive enterprises. The Board, having representations from socio-economic and scientific Ministries/Departments, aims to convert "job-seekers" into "job-generators" through Science & Technology (S&T) interventions.
Innovation and Entrepreneurship Development Centre (IEDC) is established to promote techno-entrepreneurship for generation of wealth and employment by S&T persons. The mission of the IEDC is to "develop institutional mechanism to create entrepreneurial culture in academic institutions to foster growth of innovation and entrepreneurship amongst the faculty and students ".
Objectives of the IEDC:
1. To act as an institutional mechanism for providing various services including information on all aspects of enterprise building to budding S&T entrepreneurs.
2. To create Entrepreneurial culture in the Parent Institution and other institutions in the region and to promote the objectives of NSTEDB, including programmes related to women and weaker sections of the society.
3. To inculcate a culture of innovation driven entrepreneurship through student projects.
4. To catalyse and promote development of S&T knowledge-based enterprises and promote employment opportunities in the innovative areas.
5. To respond effectively to the emerging challenges and opportunities both at national and international level relating to SMEs and micro enterprises.
Functions of IEDC:
1. To organise Entrepreneurship Awareness Camps, Entrepreneurship Development Programmes, Faculty Development Programmes and Skill Development Programmes in the college/institution for the benefit of S&T persons.
2. To initiate five innovative student projects each year for new innovative product development.
3. To organize Business Plan Competitions every year.
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 and create a mentorship scheme for student entrepreneurs.
6. To facilitate creation of entrepreneur's club in each college to foster culture of entrepreneurship amongst students.
7. To act as a Regional Information Centre on business opportunities, processes, technologies, market, etc. by creating and maintaining relevant data bases.
8. IEDCs would also sensitise the management of the institutions regarding the importance of entrepreneurship and integrate their activities with the Host Institutions.
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