Why in News ?
A brochure featuring Entrepreneurs in Residence (EIR) programme under the National Initiative for Developing and Harnessing Innovations (NIDHI) programme was launched by DST Secretary Professor Ashutosh Sharma at the National Get-Together of NIDHI-EIR Family.
What is Entrepreneurs in Residence (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 30000 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,
- 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.
- To expand their networks and get critical feedback on their ventures in order to promote their entrepreneurial career goals and aspirations.
- This program is important in that it creates a pipeline of startups with a focus on young budding entrepreneurs.
- How it helps Atmanirbhar Bharat ?
- The goal of achieving Atmanirbharta starts with translation of knowledge, innovation, capacity building, workforce, Industries, and markets.
- It is a whole chain starting from the knowledge and goes on to markets.
- 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.
National Initiative for Development and Harnessing Innovations
An umbrella program is pioneered by the Department of Science & Technology (DST), Government of India, for nurturing ideas and innovations (knowledge-based and technology-driven) into successful startups.
- To take forward student innovations in IEDC / NewGen IEDC programme to commercialization stage.
- To promote student startups and accelerate the journey of idea to prototype by providing initial funding assistance.
- There are 8 components of NIDHI. It support each stage of a budding startup from idea to market.
- NIDHI GCC – Grand Challenges and Competitions for scouting innovations
- NIDHI – PRomoting and and accelerating Young and Aspiring Innovators and Startups
- NIDHI-Entrepreneur In Residence (NIDHI-EIR)-Support system to reduce risk
- Startup-NIDHI
- NIDHI-Technology Business Incubator(TBI)-Converting Innovations to start-ups
- NIDHI-Accelerator-Fast tracking a start-up through focused intervention
- NIDHI-Seed Support System (NIDHI-SSS)-Providing early stage investment
- NIDHI Centres of Excellence (NIDHI-CoE)-A World class facility to help startups go global
Need for the initiative
- The challenge that the young student innovators face is to raise the initial funding for his/her startup.
- NIDHI connects and strengthens all the links of the innovation chain from scouting to sustaining to securing to scaling to showcasing, because a chain is only as strong as its weakest link.
- The key stakeholders of NIDHI includes
- Various departments and ministries of the central government, state governments,
- Academic and R & D institutions, mentors
- Financial institutions, angel investors, venture capitalists, industry champions and private sectors.
Source : PIB
Topic
Prelims : About the Scheme
GS II : Government policies and interventions for development in various sectors and issues arising out of their design and implementation
Current Affairs Compilation : 3 September 2020