Navrachna Foundation for Entrepreneurship Development

In their own words

Navrachna Foundation for Entrepreneurship Development a subsidiary of “I.T.S. Engineering College” is a platform to assist and enable young entrepreneurs to initiate the commercial exploitation of technologies developed by them. It also enables budding entrepreneurs toshowcase and test their abilities to run a start-up business. The center provides a range of resources that empower students, faculty & staff to pursue entrepreneurial achievements to improve people’s lives, drive the economy & help innovators bridge the gap between inventors and venture capitalists.We have different government-supported incubation schemes ➢ The Entrepreneurship Development Cell (EDC) is a section of the organization that works to promote entrepreneurial competencies & inculcate entrepreneurship this cell organized more than 50 Entrepreneurship Development Programs to motivate and promote technical competencies since 2014. This cell works with a constant support of Department of science & Technology, Govt. of India under DST-NIMAT project.➢ Business Incubator (BI) by Ministry of Micro, Small & Medium Enterprises (MSME) and Government of India. The grant of 43 lakhs has been approved by the Department of Science & Technology (DST), Government of India. Under “Support for Entrepreneurial and Managerial Development of MSME through Incubators” scheme of MSME Govt. of India students can get funding support up to a maximum Rs. 15 Lakh per idea for prototypedevelopment from Govt. of India through Business Incubation Centre. ➢ NewGen IEDC by Department of Science & Technology (DST), Govt. of India has been established at I.T.S Engineering College, Greater Noida which has a mission to promote knowledge based and technology-driven start-ups by harnessing the power of young minds and their innovation potential in an academic environment. Also, the grant of 2.87 crores has been approved by Department of Science & Technology (DST) Govt. of India.➢ Startin UP scheme 2020 by the initiative by Govt. of Uttar Pradesh has been established at premises in November 2022, to support budding startups. In this scheme we have 3 grants for Product (17,500/- sustenance grant for a year, up to 5,00,000/- for prototyping grant and 7,50,000/- for marketing and seed assistance grant) and 2 grants for (in a year avail 2,00,000/- for Event including all quarters and 2,00,000/- for Indian Patent and up to 10,00,000/- for overseas patent).Vision: - To be a leading startup platform for job creators. Mission: - Motivate, Train, Incubate and Startup. Objective: - ➢ To create & ideate an eco-system for promoting startups for students and alumnus of I.T.S Engineering College.➢ To support startups to be self-sustainable within 1000 days. ➢ To create in-house operational startups promoted by I.T.S Engineering College. ➢ To provide end to end mentorship for potential startups. Local/ regional innovation ecosystem ➢ Strong network of stakeholders: NFED has established connections with various stakeholders, including local and regional businesses, investors, academic institutions, research centers, government agencies, industry experts, mentors, and entrepreneurs.➢ Enhanced physical and digital infrastructure: NFED provides access to well-equipped workspaces, laboratories, and prototypingfacilities to support the development of new products and services. NFED has also developed a robust online platform to connect entrepreneurs with resources, mentors, and potential investors.These resources provide entrepreneurs with the infrastructure they need to turn their ideas into reality.➢ Funding mechanisms and support programs: NFED offers a variety of funding opportunities for startups in various stages of development.NFED also provides mentorship and coaching programs to help entrepreneurs refine their business plans, secure funding, and navigate the challenges of starting and growing a business.These programs provide entrepreneurs with the financial and non-financial support they need to succeed.➢ Culture of innovation and collaboration: NFED has fostered a culture of open communication, idea sharing, and collaboration among entrepreneurs, mentors, and industry experts.NFED has also organized events, competitions, and hackathons to promote creativity, problem-solving, and innovation within the ecosystem. These activities help to create an environment where new ideas can flourish. ➢ Leveraging existing strengths and resources: NFED has utilized its strong connections with I.T.S. Engineering College to provide access to academic expertise, research facilities, and student talent.NFED has also drawn upon the expertise of faculty members, researchers, and alumni to serve as mentors, advisors, and potential investors for startups.These resources provide NFED with a strong foundation upon which to build its innovation ecosystem.

Published by the organisation on its Startup India profile. Not verified by us.