In next academic year onwards, pre-incubation and incubation support will be provided to initiate start-ups for students and faculty members for a period of one year which can be extended further if it is required.
Strategies and Governance
- The promotion and development of entrepreneurship is one of the most important aspects of the KIT strategy.
- The implementation of the entrepreneurial vision at the institute shall be carried out through mission statements instead of strict control system.
- Investing in activist entrepreneurs shall be part of the institutional financial strategy. A minimum of 1% of the total annual budget of the institution is granted for financing and supporting activities related to innovation and startups through the creation of a separate “Innovation Fund”.
- The importance of innovation and the entrepreneurial agenda should be institute-wide known and promoted and emphasized in institutional programs such as conferences, invitations, workshops, seminars, etc.
- The pre-incubation facilities must be a separately registered entity or a Special Purpose Vehicle (SPV) under the Business Registration Act with an independent governance structure.
- KIT shall adhere to the AICTE – NISP guidelines from time to time.
Institutional Infrastructure Support
- The establishment of a pre-incubation and facilities to stimulate innovations and start-ups at KIT shall be undertaken.
- KIT shall create facilities within its facility to support pre-incubation (e.g. IIC according to MHRD Innovation Cell guidelines. EDC, IEDC, NewGen IEDC, innovation cell, startup cell, student clubs,) and incubation/acceleration by mobilizing resources from internal and external sources.
- This pre-incubation/incubation facility must be accessible 24/7 to students, staff and teachers from all disciplines and departments of the institution.
- The KIT shall provide mentoring and other relevant services through the pre-incubation/incubation units for a fee and (or) on a zero payment basis. The methods of sharing shares in startups supported by these units depend on the nature of the services offered to these units.
Institute will provide financial assistance based on slab and available fund of total budget for innovation, entrepreneurship and start-up initiatives.
- Institute will seek fund from government funding agencies like DST, DBT, MHRD, CSIR, AICTE, MHRD etc. and other non government agencies.
- KIT may also link start-ups to other providers of seed funds / angel funds / venture capital or can set up a seed fund itself once the incubation activities end under Corporate Social Responsibility (CSR) as per Section 135 of the Company Act 2013.
- The institute generate the funds through sponsorship and donations. For promoting innovation and entrepreneurship, alumni network will also formed.
- Student Clubs would be established to organize various competitions, workshops, training programs etc. It will enable students to perform well in upcoming activities with design thinking.
- To create awareness among students, program will be arranged on case studies of failure start-ups in teaching methods.
- Industry linkage would be adopted for research initialization and promotion related to science and technology.
- KIT shall conduct the following activities towards the student Entrepreneurship Support every year:
- Start- up Boot camp:
The main goal of the boot camp is to frame ideas with potential feasibility and provide a unique platform for enthusiast and aspiring entrepreneurs to understand and evaluate the entire process of setting up a start-up business. Mentors help students refine and refine their business idea to adapt it to current market demand. Entrepreneurs from different fields are invited to share and motivate students. Mentoring sessions will be organized to stimulate the entrepreneurial spirit of students. Such events help the students to build their connections within the Start-up ecosystem.
This competition is aimed at all students with a passion for Start-ups. Business Marathon provides a platform where people from different backgrounds come together and work around the clock on an idea they usually believe in.
Accommodation will also provided within the campus to faculty members and students those who are involved for startup development for a period of time.
- The experts committee of start-up and innovation policy will be formalized to implement action plans and review the status of start-ups regularly.