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New Delhi, September 3, 2020
Department of Science & Technology (DST) Secretary Ashutosh Sharma on Wednesday launched a brochure featuring Entrepreneurs in Residence (EIR) under the National Initiative for Developing and Harnessing Innovations (NIDHI) programme.
“NIDHI-EIR program is an example of innovative tweaking of the fellowship processes that make it possible to be effective,” Prof Sharma said at the national get-together of the NIDHI-EIR Family.
The event was organized by Venture Centre, the National Implementation Partner for NIDHI- Entrepreneurs-in-Residence (EIR) programme of the DST.
“The goal of achieving Atmanirbharta (self-reliance starts with the translation of knowledge, innovation, capacity building, workforce, Industries, and markets. It is a whole chain starting from the knowledge and goes on to markets. The NIDHI-EIR Program conceived to inspire the S&T qualified youth in India to take up entrepreneurship as a viable career and help shape India's future and the economy,” he added.
Dr Anita Gupta, Head, NSTEDB, elaborated on the success of the NIDHI-EIR program highlighting that the two editions of the EIR programme has shown an overwhelming impact resulting in 65% conversion into start-ups.
“The current COVID situation has further given us time to facilitate the kind of offering and connect needed with industry to scale up the start-up ecosystem,” she added.
The brochure brought out by the Venture Centre provides details of EIRs current work and some highlights about them. It is also meant to be a directory of all EIRs. All contributing project execution partners are featured in the brochure. The brochure also has a summary number of results and impact.
Round 1 and 2 editions of the NIDHI-EIR program coordinated with roughly 12 Project Execution Partners (incubators) that host EIR fellows. These two rounds of EIR calls had representation from 225 EIR fellows from 22 states of India, 68% of the fellows were below 30 years of age.
A total of 146 companies have been formed with 65% conversion to start-ups, 711 jobs created, 65 patents, 45 trademarks, 19 copyrights created, 146 initial prototypes developed. DST’s investment in Round 1 and 2 of the calls amounted to Rs 874 lakhs and follow on funding raised by EIR fellows from non-NIDHI programs is Rs 2300 lakhs.
The EIR programme supports aspiring or budding entrepreneur of considerable potential for pursuing a promising technology business idea over a period up to 18 months with a subsistence grant up to Rs 30.000 per month with a maximum cap for total support of Rs 3.6 lakh to each EIR over a maximum of 18 months.
The programme aims to provide guidance to these aspiring entrepreneurs from experienced, innovative and highly successful entrepreneurs on the business concept strategy and insight into specific industries or markets.
It seeks to inspire the best talents to be entrepreneurs, to minimise the risk involved in pursuing start-ups and to partially set off their opportunity costs of high paying jobs.
The NIDHI-EIR programme provides tremendous opportunities for innovative entrepreneurs to expand their networks and get critical feedback on their ventures in order to promote their entrepreneurial career goals and aspirations. It creates a pipeline of start-ups with a focus on young budding entrepreneurs.