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To be able to achieve sustainable progress, any modern business needs regular interventions in specific areas such as manufacturing process and product development. Moreover, for developing new products economically and for exploring new avenues in marketing, entrepreneurs are supposed to have an inclination towards constantly attempting to discern the market pulse and completion. In short, they need to be innovative and tech-driven, in order to succeed and sustain.
With a view to promote technology-intensive and knowledge-driven enterprises in the nation, the Government of India has established the National Science & Technology Entrepreneurship Development Board (NSTEDB). This institution is managed by the Department of Science & Technology. It works with business organizations that focus on scaling up and transforming market-ready technological innovations by fostering innovative entrepreneurship.
The aim of the i-STED programme is to create an inclusive socio-economic progress by addressing challenges related to specific industry domain. This is done by connecting innovative solutions and interventions of Science and Technology with contemporary entrepreneurial opportunities. This would make it possible to offer value added services to end customers under affordable pricing. Good market outreach, large-scale employment, new sustainable enterprises, and sustainable wealth creation will be facilitated, thus fostering socio-economic development.
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Major Objectives of NSTEDB
The key objective of the programme is identifying the issues and challenges present in specific industries or areas and their solutions on the basis of innovative strategies and technological interventions. Such solutions have to align with business opportunities for generating socio-economic progress. Projects that fall under this programme focus on demonstrating better avenues to generate jobs associated with the suggested technological solutions and create sustainable enterprises. Creating a sizeable impact within a time frame of 5 years is also an objective of these projects.
The following are a few of the broad objectives of the project:
- Identifying and addressing major problems and challenges related to specific industry sector / geographical zone or society / cluster including semi-urban and rural regions. This includes gaps in innovation for marketing value chain.
- Utilising validated and fully developed technologies sourced from varied fields such as existing clusters, conventional sectors, technology providers, R & D institutions, etc. that have good market potential.
- Exploring and fostering entrepreneurial opportunities in systematic way that facilitates commercially applying different services or products developed using the above technologies.
- Enhancing performance of the prevailing enterprises by systematically applying innovative Science & Technology interventions.
- Facilitating and performing different informational services associated with entrepreneurship promotion.
- Serving as a policy advisory institution related to entrepreneurship.
- Networking the agencies of academic institutions, Research & Development organisations, and support system for fostering entrepreneurship as well as self-employment through the use of Science & Technology, focusing on backward areas as well.
- Promoting and developing high-level entrepreneurship related to Science & Technology manpower and self-employment by making use of Science & Technology.
Eligibility Requirement for Submitting Proposals
Indian institutions or organisations that do have ‘not for profit’ status and profit institutions that are promoted by Government organisations or national financial institutions, banks, and technical consultant bodies having high credibility out of extensive work accomplished and proven history of promotion and development of technology-based services may submit the i-STED proposal. It is essential that the organisation that applies meets the following requirements:
- Regular employees with training, having experience in the specific technology domain.
- Comprehensive and functional training infrastructure, technology validation, and expertise in the proposed field. Infrastructure comprises of computing facilities, demonstration space, audio-visual hall facility, and training halls.
- Prior experience working in the field of Science & Technology-oriented enterprise creation.
Organisations that do not have the above said qualities but still want to participate may partner with other relevant institutions that possess the required facilities and expertise.
Eligibility Conditions that are Mandatory
- Domain experience: At least three years of experience in project execution related to popularizing innovation via enterprise and entrepreneurship promotion. Organisation needs to have successfully carried out projects having similar goals and suggested budget estimate.
- Functional experience: The organisation must be functional for a minimum of three years according to the date of establishment or registration.
- In-house Skills: It must be equipped with a full-time employees team consisting of qualified personnel with necessary work experience in relevant fields. Experience in market-related processes and entrepreneurship is desirable as well.
- Financial Status: A minimum of Rs.50.00 Lakhs turnover as per the organisation’s balance sheet with regard to the last financial year.
Who Will be Benefited by the Programme?
Educated, skilled, and young potential entrepreneurs who have the drive either to start or scale up an enterprise of their own by making use of technological and innovative interventions are likely to be benefited. So are those entrepreneurs having the potential of impacting the industry and region, and having the potential of scaling up.
Project Proposal Framework and Design
It is possible for an organization or one applicant who partners with other business organisations with relevant facilities and expertise to initiate a project under this programme. The proposing organisation can identify some technologies (with a limit of 5) that have to be taken up in the project with proper analysis, survey, and care.
Project should be formulated in accordance with the programme’s application format. It has to be worked out as per execution model activity, conceptualized framework, and resources needed for meeting the objectives and target of the suggested project. The overall budget estimate has to be realistic; it may vary according to the canvass of project, type of the technology, outcome and targets in the plan put forward.
Mechanism of Implementation
The following steps need to be undertaken by the applicant organisation:
- A comprehensive plan to execute the project in quarterly and annual manner
- Selection and finalisation of the core team and nodal person
- In-depth sensitisation of the project for targeting industry, domain, or region with sufficient stakeholder evaluation
- Strategise and carry out the plan for a systematic solution deployment having societal approval
