About NewGen IEDC Scheme
NGI NewGen IEDC provides 2.5 Lakhs for Students as Start-up Grant-in-aid. Student from First to Final year pursuing of Science and Engineering Degree at Nehru Group of Institutions can avail. The Scheme is Supported by NSTEDB, Department of Science and Technology, Government of India, New Delhi with Grant of Rs.2.87 Crores and hosted by Nehru Group of Institutions, Coimbatore, Tamil Nadu.
Nehru Group of Institutions is one among the 26 Academic Institutions in India & Only Institution in Coimbatore selected by DST for Implementation of NewGen IEDC. It is a 5-year programme that supports more than 100 Student Innovative Ideas with a Grant-in-aid of Rs.2.5 Lakhs per Idea in a year to develop Innovative Idea into a Prototype. The prototype developed will be supported for Marketing, Commercialisation and Scale-up as Business through NIDHI Scheme for Grant-in-aid up to Rs.10 Lakhs on Competitive basis.
Objectives of NewGen IEDC
1. To channelize the knowledge and energy of youth towards becoming active partners in the economic development process .
2. To catalyze and promote development of knowledge-based and innovation-driven enterprises and promote employment opportunities amongst youth specially students .
3. To inculcate a culture of innovation driven entrepreneurship .
4. To act as an institutional mechanism for providing various services including information on all aspects of enterprise building to budding S&T entrepreneurs.
Functions of NewGen IEDC
2.To initiate targeted number of innovative student projects each year for new product development.
3.To organize Business Plan Competitions/Innovation Camps/ Hackathons with active involvement of industry and alumni.
4.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, technologies information, etc.
5.To arrange interaction with entrepreneurs, bankers, professionals, potential customers and create a mentorship scheme for student innovators 6. To facilitate creation of entrepreneur’s club / E-Cells in the college to foster culture of entrepreneurship amongst students.