An Electropreneur park incubation program was initiated by the Ministry of Electronics and Information Technology for the development of Electronic System Design and Manufacturing (ESDM) industry. Businesses participating in an incubator program are provided with required tools and infrastructure to assist them with business growth and development. This programme would take the lead in promoting R&D, innovation and entrepreneurship in the area of the ESDM sector in the country. Let us look in detail about Electropreneur Park in this article.
To know about the Electronics Development Fund
Setting up of the Electropreneur Park will aspire to contribute to the development of the ESDM with the following objectives:
- To enable the creation of Intellectual Property within the country for maximizing the domestic value add and diminishing the external dependence in the sector.
- To assist during the development process, prototyping, and commercialization for the products that are produced through the scheme for India and other growth markets.
- To create more employment opportunities at various levels.
- To create long term partnership with the strategic sectors.
- The park must aim at the objectives in line with the ESDM vision of the country as outlined in the NPE and other policy documents.
- To emphasis must on Product Development and IP creation to result in increased domestic value addition.
- To demonstrate unique integration of academia, industry, government and other incubation eco-system elements.
- To provide with training and development of incubators to create more electropreneurs.
- To focus in terms of target technology and products to be CAREL products.
Also read about – Modified Special Incentive Package Scheme (M-SIPS)
Benefits of the Programme
- Benefits and assistance extended to each incubatee will be under the observation of STPI. The DU and other professional agencies as deemed necessary by the STPI.
- The selection of Incubatees would be carried out through a transparent and open process.
- Individual incubatee would be subjected to evaluation periodically.
- During the evaluation, the progress of the proposed ideas/project/product would be rated. Any deviations shall be recorded. In case major deviations which would result in failure of the proposed idea/project/product, the support and facility extended to incubatee would be revoked.
- Equity in the incubate companies, as per prevailing incubator norms, will be offered for mentors, operating team and Electropreneur Park stakeholders, which would exercise the first right of refusal.
- An incubatee can avail the Scheme subject to clearing the evaluation criterion or processes.
- As and when required, a professional audit firm would be engaged by the STPI for audit works.
- A Project Monitoring Group chaired by the DG-STPI must be formed.
- STPI will report the progress of the project from time to time to Deity or land Project Review and Steering Group (PRSG) constituted by DeitY.
- The progress of the project to be monitored periodically by STPI along-with University of Delhi, & IESA and reported to Deity on a regular basis.
Business Plan Proposal
The innovative startups working in electronic product development can make a business plan proposal which must contain the below following:
- Executive Summary
- Strategic Vision/ Value Proposition
- Market Analysis
- Product, Technology, IP Strategy
- Go To Market and Competitive Strategy
- Current Status
- Management Team
- Financial Plan
- Organizational and Equity Structure
The users will have to undertake the following steps to make a business plan proposal through the Electropreneur Park portal.
Step 1: The user must access the official portal Electropreneur Park to get registered under the portal.
Step 2: Click on the “Apply” tab on the homepage of the portal.
Step 3: It will be re-directed to the application form page where the user needs to fill the form details.
Step 4: The following fields are mandatory that are to be filled by the User to apply for the proposal under the Electropreneur Park:
- Applicant Name
- Email address
- Phone number
- Upload Business Plan Proposal
- Name of the Company
Step 5: After completion, the application form will be submitted successfully and application form will be forwarded to the respective Designated Officer. Kindly note down the Reference Number generated for future reference.
Release of Grant
The grant is for the particular project as approved by DIT and would be subject to the terms and conditions. The grant amount to be spent only for the project within the stipulated time. Any portion of the grant which is not presently needed for expenditure for the approved purposes would be duly surrendered to the DIT. At the conclusion of the project. OIT will be free to sell or dispose of the assets which are the property of OIT and grantee institution would render to OIT necessary support for facilitating the sale of these assets. Sale proceeds of the components, prototype, pilot plan project etc. fabricated as a result of the development of the project arising directly from funds granted by the Department of Information Technology would be remitted to DIT.
Note: In case of any dispute on, any matter, related to the project. during the course, of its implementation. the ejection of Secretary, OIT. would be final and binding on the institute