NewGen IEDC

India has witnessed a remarkable upsurge in enterprises that are both technology-driven and knowledge-based. The explosive growth in startups and new ventures, particularly in conventional sectors like IT and ITES, has been significant. This rise has shifted student preferences away from traditional campus placements, highlighting the need for support in launching innovative ventures. Recognizing this demand, the Department of Science and Technology initiated the New Generation Innovation And Entrepreneurship Development Centre (NewGen IEDC) to empower young entrepreneurs with the skills needed to adapt to an innovation-driven culture.

New Generation Innovation And Entrepreneurship Development

The NewGen IEDC is a program launched by the National Science and Technology Entrepreneurship Development Board under the Department of Science and Technology, Government of India. It fosters innovation and entrepreneurship among young minds in the Science and Technology sectors. With robust guidance, mentorship, and support, the program seeks to transform innovative academic projects into potential commercial ventures.

Through the help of trained faculty in entrepreneurial skills, NewGen IEDC also aims to foster a thriving entrepreneurship culture within host institutions. Accordingly, it promotes the transformation of job seekers into job creators, encouraging students to pursue entrepreneurship. For more insights, explore the "To promote knowledge-based and technology-driven startups by harnessing the minds of the youth and their potential for innovation in an academic environment."

Objectives of NewGen IEDC

To channel the energy and insights of youth towards becoming active contributors to economic development.
To promote the development of innovation-driven and knowledge-based enterprises and generate new employment opportunities, particularly for students.
To nurture an environment that embraces innovation and entrepreneurship.
To provide institutional support, offering budding Science and Technology entrepreneurs comprehensive services related to enterprise development.

Features of NewGen IEDC

The program spans five years, implemented within an educational institution.
It supports up to 20 new projects annually, emphasizing high degrees of innovation and commercial potential.
Projects can be multidisciplinary, executed by student teams from various academic levels.
The projects should demonstrate significant commercial viability to evolve into potential startups.

Functions of NewGen IEDC

Offering support, motivation, and mentorship to students for developing and commercializing innovative ideas.
Launching a set number of student-led innovative projects annually.
Organizing Business Plan Competitions, Innovation Camps, and Hackathons, facilitating active industry and alumni involvement.
Providing guidance on preparing project reports, obtaining necessary approvals, loans, and information on current technologies.
Facilitating interaction with bankers, entrepreneurs, professionals, and prospective clients while creating a mentorship scheme for student innovators.
Encouraging the formation of entrepreneur clubs or E-Cells to foster a culture supportive of entrepreneurship among young individuals.

Consider the benefits of integrated programs like the Scheme for Innovation and Agri-Entrepreneurship Development, which align with the NewGen IEDC objectives.

Criteria for Institution Selection

Institutions must be recognized universities or colleges offering courses in Engineering, Science, or Technology at or above the degree level for at least five years. For colleges, affiliations and recognition by relevant bodies are essential. Private institutions must be supported by registered trusts or societies and recognized by AICTE or universities.
Access to qualified faculty across various disciplines and a solid Research and Development base linked to industry-related activities.
At least two faculty members must have undergone Entrepreneurship training through the DST sponsored Faculty Development Programme.
A minimum of 5000 sq. ft. of space for housing NewGen IEDC, along with facilities like water, electricity, and internet connectivity.
Availability of laboratories, workshops, computational facilities, and a well-stocked library with journals and books.
Experience in Entrepreneurship Development, Industry-related activities, Consultancy, Testing, and Product Development.

Budget and Funding

Funding Mechanism & Financial Guidelines

Host Institutions should submit proposals to establish NewGen IEDC per EDII guidelines in Ahmedabad. Financial assistance covers establishment and operational costs for a maximum of five years. For additional details, see the Entrepreneurship Development and Employment Generation EDEG Scheme.

Non-Recurring Grants

The NSTEDB provides limited financial assistance, capped at INR 25 Lakhs, for establishment costs including furnishing, purchasing computers, library resources, and prototyping equipment.

Recurring Grants

Institutions receive yearly recurring budgets for up to five years, supporting student-led projects. The maximum number of projects supported annually is outlined below:

Year	First	Second	Third	Fourth	Fifth	TOTAL
Number of Projects	10	15	20	20	20	85

Serial Number	Budget Head	Amount in INR Lakhs Per Annum (Maximum Project)	1	2	3	4	5
1	Prototype Development Grant at INR 2.50 Lakhs per Project	25	37.5	50	50	50
2	Recurring Expenditure	10	10	10	10	10
	TOTAL	35	47.5	60	60	60

Recurring costs cover mentor honorariums, coordinator expenses, and various administrative costs, including travel and board meetings. Explore other schemes like the Trade Related Entrepreneurship Development Assistance Scheme TREAD for further financial assistance options.

The Prototype Development Grant of INR 2.5 Lakhs per project is allocated to cover expenses such as:

A maximum of INR 25,000 for mentor guidance per project team.
A maximum stipend of INR 25,000 per student group.
INR 2 Lakhs for raw materials, prototype development, and consultant fees. Additional costs beyond this amount are to be borne by students or the institution.

For similar programs, consider the Dairy Entrepreneurship Development Scheme, which complements NewGen IEDC’s goals in nurturing innovation in specific sectors.

Lastly, explore rural-targeted programs like the Rural Entrepreneurship Development Program, which aligns with the broader mission of fostering entrepreneurship across varied demographics.

Back to Learn

Frequently Asked Questions

Common questions about NewGen IEDC: Fostering Innovation in India.

NewGen IEDC (New Generation Innovation and Entrepreneurship Development Centre) is a program launched by the National Science and Technology Entrepreneurship Development Board under the Department of Science and Technology, Government of India. It aims to promote innovation and entrepreneurship among science and technology students, and support the creation of startups through guidance, mentorship, and resources.

The key objectives of NewGen IEDC are to direct the energy and knowledge of youth towards economic development, promote innovation-driven and knowledge-based enterprises, create employment opportunities for students, inculcate a culture of innovation-driven entrepreneurship, and provide information and services to budding science and technology entrepreneurs.

NewGen IEDC supports a maximum of 20 new student projects per year that have a high degree of innovation and commercial viability. It provides funding for prototype development, recurring expenses, mentorship, and guidance on various aspects of starting a business.

To set up NewGen IEDC, an institution must be a university, deemed university, premier institute, or college offering engineering, science, or technology courses at the degree level or above for at least 5 years. It must also have qualified faculty, research and development facilities, experience in entrepreneurship development, and dedicated space for the center.

The Department of Science and Technology provides a one-time non-recurring grant of up to INR 25 lakhs for setting up the center, and recurring grants for project development, training, travel, and other expenses for up to 5 years, with a maximum of 20 projects supported per year.

For each student project, a maximum of INR 2.5 lakhs is provided as a Prototype Development Grant. This includes honorarium for mentors and students, and costs for raw materials, prototype development, and external consultants.

The key functions of NewGen IEDC include supporting and mentoring students in identifying, developing, and commercializing innovative ideas, organizing business plan competitions and innovation camps, assisting with project approvals and loans, facilitating interactions with industry experts and potential customers, and fostering an entrepreneurial culture on campus.

NewGen IEDC aims to spread the message of entrepreneurship and create a culture that embraces innovation-driven entrepreneurship on campus. It facilitates the creation of entrepreneur's clubs or E-Cells in the institution and organizes events that involve industry and alumni.

The essential features of NewGen IEDC include its implementation as a five-year program in an educational institution, supporting a maximum of 20 new projects per year that are multi-disciplinary, innovative, and commercially viable, executed by student teams from different levels, and aimed at potentially becoming startups.