POLICY FOR INNOVATION AND ENTREPRENEURSHIP DEVELOPMENT CENTRE

MUTHOOT INSTITUTE OF TECHNOLOGY AND SCIENCE

Innovation and Entrepreneurship Development Centre (IEDC)

The Innovation and Entrepreneurship Development Centre (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 IEDCs are established in academic institutions (science colleges, engineering colleges, universities, management institutes) having requisite expertise and infrastructure.

The mission of the IEDCs is to “develop institutional mechanism to create entrepreneurial culture in academic institutions to foster growth of innovation and entrepreneurship amongst the faculty and students”.

Objectives of the IEDCs:

• To act as an institutional mechanism for providing various services including information on all aspects of enterprise building to budding S&T entrepreneurs.
• To create Entrepreneurial culture in the Parent Institution and other institutions in the region and to promote the objectives of NSTEDB, including programmes related to women and weaker sections of the society.
• To inculcate a culture of innovation driven entrepreneurship through student projects.
• To catalyse and promote development of S&T knowledge-based enterprises and promote employment opportunities in the innovative areas.
• To respond effectively to the emerging challenges and opportunities both at national and international level relating to SMEs and micro enterprises.

Functions of IEDCs:

• To organise Entrepreneurship Awareness Camps, Entrepreneurship Development Programmes, Faculty Development Programmes and Skill Development Programmes in the college/institution for the benefit of S&T persons.
• To initiate five innovative student projects each year for new innovative product development.
• To organize Business Plan Competitions every year.
• To guide and assist prospective entrepreneurs on various aspects such as preparing project reports, obtaining project approvals, loans and facilities from agencies of support system, information on technologies, etc.
• To arrange interaction with entrepreneurs and create a mentorship scheme for student entrepreneurs.
• To facilitate creation of entrepreneur’s club in each college to foster culture of entrepreneurship amongst students.
• To act as a Regional Information Centre on business opportunities, processes, technologies, market, etc. by creating and maintaining relevant data bases.
• IEDCs would also sensitise the management of the institutions regarding the importance of entrepreneurship and integrate their activities with the Host Institutions.

Terms and Conditions under which IEDC is working are mentioned below.

• Muthoot Institute of Technology and Science will work to spread the message of Innovation, Incubation and Entrepreneurship among students in the college/region.
• Muthoot Institute of Technology and Science should ensure delivery of their roles expected from IEDC under the Startup Boot camp initiative/ (Youth Entrepreneurship program)YEP of Government Of Kerala, before implementing any policy decisions related to the centre.
• There will be annual review of the activities and progress of the IEDC, and the centre should submit an Activity report to this effect.
• The IEDC of Muthoot Institute of Technology and Science will continue to be under the mentoring of Kerala Startup Mission and report to Kerala Startup Mission, its progress till such time when the college gets recognized by the Department of Science & Technology as an approved IEDC under the National Science and Technology Entrepreneurship Development Board.
• The Financial assistance can be used for Conducting workshops, seminars,  Hackathons and other such Entrepreneurial Activities which may be helpful for the IEDC centre.
• The assistance may not be used for sponsorship, infrastructure creation, advertisements and PR activities.
• Rough Outlay of the utilization may be like
  • Capex: 15%
  • Travel : 10%
  • Incidental/ Miscellaneous :10 %
  • Conducting & Participation (Maker session, Events, Workshops and Seminars) : 60%
  • Marketing : 5%
• The IEDC/EDC/TBI shall function as independent unit within the parent institution.
• The funds for the Startup boot camp shall be disbursed from TBI through the IEDC to the Bootcamp .The funding will be capped at an amount of Rs 2 lakhs and shall be against an equal investment by the institute. An account will be maintained separately by the IEDC.
• The fund utilization report will be prepared on a quarterly basis by the boot camp EC in consultation with the IEDC nodal officer and shall forward it to Kerala Startup Mission.

SUGGESTED MODEL FOR FUND UTILIZATION
Organize min 10 programmes Phase I (not more than 1 lakhs / year )

• Honorarium to the speaker 2500-10000
• Programme coordinator 1500
• Collect Rs 15 as registration fee from students
• Prepare the report
• Give news Coverage
• lnvite your superiors for inauguration
• Organize the programmes on holydays
• Develop a peer team
• Make good student team to organize the programme
• 2 or 3 programmes may be hands training programmes

Organize frequent meeting on holidays or free hours. For the selected students from phase 1 (not more than 50000)

• Select fifty students
• Duration 1 to 1.5 hrs
• Call small innovators
• Spend upto Rs 2000/per programme
• Organize min 15 such programmes
• Honorarium 250/- for the coordinator per programme

Industrial visit( not more than 20000)

• Maximum 7 members
• No sight seeing
• Min 2 Industries have to visit in one day
• Can spend 3000/per programme
• Cash should be spent only for TA
• One brain storming after each visit by the members
• Min five programmes

Prototype development (not more than 20000)

• Maximum of 5000/per project
• Min. Three student and a teacher is required
• Teacher is responsible for the money
• Maximum of five projects
• Project should be innovate
• Have to be select through a defined process
• Have to invite application
• Make panel for evaluation and presentation
• Final selection is through presentation only
• Project contest (not more than 10000)
  TA for students
• Only TA not food
• Accommodation for students & Teachers

Maximum of 5000
Documentation charge: Max. 5000
Other Expenses: 5000
Honorarium to the nodal officer: 10000
Special Programs of KSUM

• Creating lot Space < 45000
• EDI workshop < 25000

IEDC Committee

• Mr.Vipin Vijayan – Nodal Officer
• Mr.Alvin Thariyath (Department coordinator, ME)
• Ms. Sneha Joseph (Department coordinator, CE)
• Ms. Babitha George (Department coordinator, Basic Science)
• Dr Cerene Mariam Abraham (Department coordinator, CS)
• Ms.Dhanya Sudarsan (Department coordinator, CS)
• Ms. Meera Sivadas (Department coordinator, EEE)
• Dr Arunkant A Jose (Department coordinator, ECE)