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7.3 Institutional DistinctivenessNew Generation Innovation and Entrepreneurship Development Centre (NewGen IEDC) is the programme launched by National Science and Technology Entrepreneurship Development Board (NSTEDB), Department of Science & Technology (DST), Government of India. NewGen IEDC aims to inculcate the spirit of innovation and entrepreneurship amongst the young students, encourage and support start-up creation through guidance, mentorship and support.
SRITW is one of the 26 institutes selected as center under NewGen IEDC, which got sanctioned by government of INDIA and established on 13/11/2018. Its mission is to promote knowledge based and technology driven start ups by harnessing young minds and their innovation potential in academic environment. In this Institution, SRITW, NewGen IEDC would create a vibrant entrepreneurial culture amongst the students. NewGen IEDC will strive hard to convert JobSeekers to Job Generators through the entrepreneurial route.
SRITW is the only women engineering college in Telangana to have NewGen IEDC and receive a grant of 2.8Crores from Department of Science and Technology (DST). Prominent personalities from the industry take sessions with the students on a regular basis to acquaint them with contemporary best practices existing in the industry. Thereby produce globally employable graduates with adequately equipped entrepreneurial skills.
NewGen IEDC-SRITW organizes a series of events like Weekly Innovation Challenge, Project Expo, Start-up Awareness Drive, Tinker Camp, Ideation fest, Ideation fest, Innovision every year to instill the spirit of entrepreneurship among the students.
Objectives of NewGen IEDC:
To channelize the knowledge and energy of youth towards becoming active partners in the economic development process.
To catalyze and promote development of knowledge-based and innovation-driven enterprises and promote employment opportunities amongst youth, especially students.
To inculcate a culture of innovation driven entrepreneurship.
To act as an institutional mechanism for providing various services including information on all aspects of enterprise building to budding entrepreneurs
Functions of NewGen IEDC:
To motivate, support and mentor students for identification, development and commercialization of theirinnovative ideas.
To initiate targeted number of innovative student projects each year for new product development.
To organize Business Plan Competitions/Innovation Camps/ Hackathons with active involvement of industry andalumni.
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
To arrange interaction with entrepreneurs, bankers, professionals, potential customers and create a mentorshipscheme for student innovators
To facilitate creation of entrepreneur’s club / E-Cells in the college to foster culture of entrepreneurship amongststudents.
Salient features of NewGen IEDC:
It is a five-year programme to be implemented in an educational institution.
A maximum of twenty new projects per Institution would be supported in a year
As far as possible, the projects should be multi-disciplinary in nature and to be executed by teams consisting ofstudents drawn from various levels.
SRITW has produced more than 65 innovative projects, of which 30 products are commercialized and 7 productsconverted to start-ups. 8 are in progress.
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