Manav Rachna NewGen IEDC Supported and Catalyzed by NSTEDB Division Department of Science & Technology Government of India
GUIDELINES OF PROTOTYPE DEVELOPMENT GRANT
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. Under the NewGen IEDC scheme, each startup would be given a maximum of 2.5 Lac rupees for prototype development. •
The Prototype Development Grant of Rs. 2,50,000/- per project (Startup) would cover the following expenditures: 1. A maximum amount of Rs 25,000/- to the mentor for providing guidance to the project team. 2. A maximum amount Rs 25,000/- per student group as stipend. 3. Rs 200,000/- for cost of raw material, prototype development cost, external vendor/consultant cost. 4. In case the expenditure on prototype development is more than the stipulated amount of Rs 2, 00,000/-, the additional expenditure will be borne by the student team/college/institute.
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The sanctioned amount shall be disbursed to startups in phases. If the startup fails to exhibit appropriate utilization of funds, further disbursement of funds may be seized.
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The above funding is just indicative and may vary from case to case.
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The assets (like machines, tools, etc.) bought from the grant shall be the property of Manav Rachna NewGen IEDC and be retained by same after completion of the incubation tenure of incubatee.
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A Faculty advisor (Mentor) would be appointed for the incubatee by taking a mutual consent from the mentor and the incubatee.
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Appointed mentor shall be reported in detail by the incubatee about their current stage (every 2 months), only after which the next disbursement of funding shall be released.
Manav Rachna NewGen IEDC