India is witnessing an upsurge of technology-driven and knowledge-based enterprises. Whether it is the field of conventional business or in IT and ITES, a sudden spurt in the number of new ventures or start-ups has taken the country by surprise. Technology and Innovation are playing a major role in this process. It is as if all of sudden people, especially the young ones are no longer afraid to dream an idea and work actively to convert their ideas to commercially viable business.
While a few years back, the conversion of idea to product might have sounded a distant dream, with both technology and market being uncertain, things certainly have changed now. More and more technocrats, students with practically no experience or industry experienced professionals are giving shape to their business ideas. It is as if the Silicon Valley story is reincarnating itself in India.
Encouraged by the motivating ecosystem students are no longer giving preference to campus placements and are going for deferred placement to give a chance to their dream projects. It has however been seen that initial support to the start-ups has been one of the deterrent in the process of the launch. Students (their parents) have already incurred a heavy expenditure for the payment of tuition fees and subsistence and are cash strapped.
Anticipating this movement and to empower the younger generation to acclimatize themselves to innovation and entrepreneurship culture, the Department of Science and Technology has initiated a programme called New Generation Innovation And Entrepreneurship Development Centre (NewGen IEDC). NewGen IEDC has a mission to “promote knowledge based and technology-driven start-ups by harnessing young minds and their innovation potential in an academic environment”
In view of this, the National Science & Technology Entrepreneurship Development Board (NSTEDB), Department of Science & Technology (DST), has taken an initiative of introducing this scheme for setting up “New Generation Innovation & Entrepreneurship Development Centres (NewGen IEDCs)” being implemented by Entrepreneurship Development Institute of India (EDII), Ahmedabad. In the year, 2017-18 and 2018-19 i.e. first year and second year of this project, the program received an overwhelming response and through robust screening and selection process, 14 NewGen IEDCs (2017-18) and 12 NewGen IEDCs (2018-19) have established in various parts of the country.