Innovation and Start up Policy

Vision:

Foster an ecosystem of innovation on campus, inspiring and supporting the pursuit of creative ideas.

Mission:

Empower students and faculty members to unleash their creativity, and leverage innovation-based projects to contribute towards achieving national sustainable goals. Through these initiatives, we aim to instill a sense of social responsibility among our students.

Objectives:

Ø  Encourage and empower students to cultivate their ideas and transform them into viable and impactful products, services, or platforms.

Ø  Provide comprehensive support and guidance to students, facilitating their entrepreneurial journey from ideation to implementation.

Ø  Empower faculty members and students through a range of engaging activities such as brainstorming sessions, workshops, and trainings, equipping them with the necessary skills and mindset to excel in the entrepreneurial landscape.

Ø  Establish state-of-the-art infrastructure and facilities that create an enabling environment for innovation and startups, offering resources and spaces that foster collaboration, experimentation, and growth.

Ø  Strengthen collaborative efforts with industry, academic institutions, government agencies, and private partners to leverage their expertise, resources, and networks, nurturing the development of successful innovators and startups.

Ø  Foster an inclusive and diverse community that encourages interdisciplinary collaboration, embracing a wide range of perspectives and experiences to fuel innovation and drive social impact.

By embodying these objectives, we strive to create an ecosystem that not only promotes entrepreneurial spirit but also propels the next generation of innovators towards creating sustainable solutions and contributing to societal advancement.

1. Strategies and Governance

a. The policy is primarily based on the guidelines outlined in the National Innovation and Start-Up Policy provided by the Ministry of Education, Government of India.

b. The main focus of this policy is to implement the "Startup Action Plan" of the Government of India through various activities conducted by the Institution's Innovation Council (IIC).

c. The institute shall constitute committees to formulate detailed guidelines for conducting various activities related to innovation, startup, and entrepreneurship management.

d. These committees, after extensive discussions on various aspects of innovation and startups in Higher Education Institutions (HEIs), shall develop guidelines for the execution and promotion of idea-prototype-product generation, filing of intellectual property rights, formulation of policies for revenue sharing systems, standards for technology transfer and commercialization, equity sharing, and other relevant matters.

e. The policy guidelines aim to enable institutions to actively support their faculty, staff, and students in participating in innovation and entrepreneurship-related activities. This encouragement seeks to inspire students and faculty to explore start-ups and entrepreneurship as viable career options.

f. The institute shall provide opportunities for regional startups and extend facilities to outsiders. It shall also promote startups and innovation in rural areas and provide mentorship to new higher educational institutions in establishing startup and innovation ecosystems on their campuses.

g. The institute shall develop strategies for international partnerships to establish international innovation clusters and foster innovation through international mentorship programs, faculty development programs, and research collaborations.

h. Sub-committees shall be formed by the institute to organize various activities such as the Kalam Program for IP Literacy and Awareness (KAPILA), Smart India Hackathon (SIH), Drug Discovery Hackathon (DDH), Atal Ranking of Institutions on Innovation Achievements (ARIIA), and YUKTI- National Innovation Repository.

i. The institute shall actively promote faculty members and students to raise funds from diverse sources, reducing dependency on external funding and bringing in investments through government entities such as DST, DBT, MHRD, AICTE, TDB, TIFAC, DSIR, CSIR, BIRAC, NSTEDB, NRDC, Startup India, Invest India, MeitY, MSDE, MSME, and others.

j. The institute shall also seek funding from private industries, startups, and academic institutions by providing mentorship, consultancy services, and other forms of support to foster innovation and entrepreneurship.

k. Investment in entrepreneurial activities shall be included in the institutional financial strategy. A minimum of 1% of the total annual budget of the institution shall be allocated to fund and support innovation and startup-related activities through the creation of a separate "Innovation Fund."

2. Startups Enabling Institutional Infrastructure

a. The institute shall establish a dedicated facility, such as a pre-incubation or incubation center, within its premises to support the development and execution of student and faculty ideas and prototypes.

b. Following the guidelines of the Ministry of Education (MoE) Innovation Cell, the institute can establish various cells, including an Innovation Cell, Entrepreneurship Development Cell, Startup Cell, Idea Cell, and Student Club, among others.

c. The pre-incubation center facilities shall be accessible 24x7 to students and faculty from all disciplines and departments within the institution.

d. The institution may provide mentoring and other relevant services through the pre-incubation or incubation units in exchange for fees, equity sharing, or on a zero-payment basis, depending on the mutually agreed terms.

e. The institute shall offer mentoring and other relevant services through the pre-incubation or incubation units in exchange for fees, equity sharing, or on a zero-payment basis. The specific details regarding equity sharing in startups supported by these units will be determined based on the nature of services provided by these units.

3. Nurturing Innovations and Startups

a. The institute shall permit the licensing of Intellectual Property Rights (IPR) from the institute to startups. Students and faculty members who intend to initiate a startup based on technology developed or co-developed by them or owned by the institute should be allowed to obtain a license for the technology under favorable terms, such as equity in the venture, license fees, or royalty payments, to alleviate early-stage financial burdens. In return for the services and facilities provided, the institute may acquire an equity/stake in the startup/company ranging from 2% to 9.5%, based on factors such as brand usage, faculty contribution, support provided, and utilization of the institute's IPR.

b. The institute shall allow students to take a break for a semester/year (or longer, as determined by a review committee constituted by the institute) to work on their startups and subsequently rejoin academic activities to complete their courses. Student entrepreneurs may earn academic credits for their efforts in creating an enterprise. The institute shall establish a review committee to assess the progress of student startups and consider granting appropriate academic credits.

c. The institute shall establish a streamlined process and mechanism to facilitate the easy creation and nurturing of startups for students (undergraduate, postgraduate, and Ph.D.) and faculty members, as well as for potential startup applicants from outside the institute.

d. The institute shall provide access to facilities within a mutually agreed time frame for the execution of ideas and prototypes. Additionally, collaborations with external laboratories shall be developed to provide access to facilities that may not be available on campus.

e. Mentoring and support from legal experts shall be provided to facilitate the easy creation of startups, copyrights, and patent registrations.

f. Students, faculty, and staff shall be permitted to work on their innovative projects, set up startups, or work as interns/part-time employees in startups incubated in recognized Higher Education Institutions (HEIs) or incubators while pursuing their studies/employment.

g. Student entrepreneurs shall be considered for attendance, scores, and credits for their work on innovative prototypes and business models.

h. Student inventors shall be given the option to choose a startup in place of their mini project, major project, seminars, or summer training.

i. The institute, with proper permission, shall allow students' startups that are under incubation or engaged in entrepreneurial ventures to use the institute's address for registration purposes.

j. Faculty and staff members may be granted a sabbatical, unpaid leave, casual leave, or earned leave for a semester/year (or longer, as decided by the authorities and review committee) to work on startups and subsequently return to their positions.

k. Faculty, students, and staff members establishing startups as a full-time endeavor shall be permitted to utilize the resources of the institute.

l. The institute shall establish links with other seed fund providers, angel funds, venture funds, or even set up its own seed fund once incubation activities mature.

m. Interdisciplinary research and publications related to startups and entrepreneurship shall be encouraged and promoted by the institute.

4. Product Ownership Rights for Technologies Developed at the Institute

a. The institute shall take equity/shares in startups/companies in exchange for providing services and facilities such as space, infrastructure, mentorship support, seed funding, and assistance with accounts, legal matters, and patents. The specific equity/share allocation will be determined based on factors such as the brand used, faculty contribution, and support provided, as per the decision of the authorities and review committee.

b. Faculty members, while receiving their full salary from the institute, will have their ownership in startups decided by the authorities and review committee.

c. Participation in startup-related activities shall be considered a legitimate activity for faculty members, in addition to their teaching responsibilities, research and development projects, industrial consultancy, and management duties. Such participation will be taken into account when evaluating the annual performance of the faculty.

d. When significant institute facilities or funds are utilized, or when Intellectual Property Rights (IPR) are developed as part of the curriculum or academic activities, the IPR shall be jointly owned by the inventors and the institute.

e. Inventors and the institute can collaborate to license the product/IPR to commercial entities. The inventors shall receive a royalty split in the appropriate proportion, as determined by the institutional Intellectual Property Rights (IPR) and Startup committee.

f. When significant institute facilities or funds are utilized, or when IPR is developed as part of the curriculum or academic activities, the IPR shall be jointly owned by the inventors and the institute.

5. Organizational Capacity, Human Resources, and Incentives

a. The institute shall actively promote faculty members who have prior exposure and interest in startups and innovation by providing them with training and upskilling opportunities.

b. The institute shall periodically invite external subject experts to deliver guest lectures, providing strategic advice and bringing in skills and knowledge that may not be available internally.

c. Faculty and staff members shall be encouraged to undertake courses on innovation, entrepreneurship management, and venture development to enhance their capabilities in these areas.

d. The institute shall develop an incentive policy to motivate faculty members to generate Intellectual Property (IP), initiate startups, and become entrepreneurs.

e. A performance matrix shall be established to evaluate the annual performance of faculty members, taking into account factors such as IP generated, prototypes developed, and innovation grants obtained.

f. In order to attract and retain the right individuals, the institute should develop academic and non-academic incentives and reward mechanisms for all staff members and stakeholders who actively contribute to and support the entrepreneurship agenda and activities.

g. The reward system for staff members may include provisions such as dedicated office and lab spaces for entrepreneurial activities, reduced teaching loads, awards, and specialized training programs.

h. Recognition of stakeholders may involve offering them the use of facilities and services, devising strategies for shared risk, and providing opportunities for their participation as guest teachers or fellows, among other possibilities.

i. A performance matrix should be developed and implemented for evaluating the annual performance of faculty and staff members, providing a structured framework for assessment.

6. Creating an Innovation Pipeline and Pathways for Entrepreneurs at the Institute Level

a. Students shall be encouraged to generate ideas, engage in design thinking, and develop prototypes, as well as file Intellectual Property (IP), at an early stage of their academic career.

b. Students, faculty, and staff members shall receive education and training on various aspects of entrepreneurship, including business plan formation, revenue generation, angel investment, customer analysis, market surveys, and technology transfer.

c. Students shall be motivated to develop an entrepreneurial mindset through exposure to field visits, interactions with successful and failed entrepreneurs, and participation in brainstorming sessions focused on IP and innovation and entrepreneurship (I&E).

d. Practical-based learning approaches, including case studies and challenges, shall be provided to students and faculty members to foster a creative mindset and develop their entrepreneurial skills.

e. The institute shall establish connections between its startups and companies and the wider entrepreneurial ecosystem, providing support to students during the pre-startup phase. This may include networking opportunities, mentorship programs, access to resources and funding, and guidance on navigating the startup ecosystem.

7. Norms for Faculty Startups

a. Faculty members may have various roles in startups, including mentors, innovators, consultants, or entrepreneurs.

b. The institute shall establish practices to ensure mutual agreement among innovators regarding the maintenance of confidentiality for project information and novelty.

c. The institute shall also implement practices for agreement among innovators to determine the mutual sharing of benefits, authorship, and credits, aiming to prevent conflicts of interest.

d. Faculty members are not entitled to claim ownership of students' ideas, even if they have served as mentors. However, they are encouraged to file joint intellectual property or publish innovations as innovators, corresponding authors, or co-authors.

e. Faculty members shall adhere to all institutional research and ethical norms while conducting any project, whether as individuals or as part of a team.

Note: It's important to consult the specific policies and guidelines of the institution to ensure accurate information and compliance.

8. Pedagogy and Learning Interventions for Entrepreneurship Development

To achieve desirable learning outcomes in entrepreneurship development, a diversified approach shall be adopted, replacing traditional lecture-based delivery with cross-disciplinary learning through mentors, labs, case studies, games, and other innovative methods.

a. Student clubs, bodies, and chapters shall be established to organize competitions, boot camps, workshops, and awards. These entities shall also be involved in institutional strategy planning to enhance students' thinking and response abilities.

b. Institutes shall institute an annual "Innovation & Entrepreneurship Award" to recognize outstanding ideas, successful enterprises, and contributors who promote the innovation and entrepreneurship ecosystem within the institute.

c. Teaching methods shall incorporate case studies on business failures and real-life experiences shared by startup founders to create awareness among students. Failure should be openly discussed and debated to convey that it is a natural part of life, helping to reduce the social stigma associated with it. The acceptance of failure should be ingrained in the institute's philosophy and culture.

d. Innovation champions or coordinators shall be appointed from among students, faculty, and staff for each department or field of study to foster a culture of innovation.

e. Entrepreneurship education shall be imparted to students through curricular, co-curricular, and extracurricular activities, offering elective, short-term, or long-term courses on innovation, entrepreneurship, and venture development. Clear learning outcomes shall be defined for these courses.

f. The expertise of external stakeholders shall be integrated into entrepreneurship education to cultivate a culture of collaboration and engagement with the external environment.

g. At the beginning of each academic session, the institute shall conduct an induction program to educate newly admitted students about the importance of innovation and entrepreneurship and the available support systems.

h. Industry linkages and collaborations shall be leveraged to conduct research and surveys on technology trends, research opportunities, innovation, and market intelligence.

i. Study materials focusing on innovation, startups, and entrepreneurship shall be created or provided to students and faculty to enhance their skills and knowledge.

j. Students and faculty members with an entrepreneurial mindset shall be identified early in their academic careers and provided with appropriate guidance and support.

k. Mentoring shall be provided to students and faculty members in the development of products that address real-world challenges.

It is important for institutions to tailor their approaches and interventions based on their specific context and resources.

9. Collaboration, Co-creation, Business Relationships, and Knowledge Exchange

In the entrepreneurial agenda of the institute, stakeholder engagement is of utmost importance. Institutes should actively seek potential partners, resource organizations, micro, small, and medium-sized enterprises (MSMEs), social enterprises, schools, alumni, professional bodies, and entrepreneurs to support entrepreneurship and co-design programs.

a. To encourage co-creation, there should be a bi-directional flow and exchange of knowledge and people between institutes, including incubators, science parks, and other relevant entities.

b. Institutes should organize networking events to facilitate better engagement with collaborators. They should create opportunities for staff, faculty, and students to foster a constant flow of ideas and knowledge through meetings, workshops, collaborative spaces, lectures, and similar activities.

c. Mechanisms should be developed by the institute to capitalize on the knowledge gained through these collaborations. This can include research collaborations, joint projects, technology transfers, and commercialization of innovations.

d. Institutes should provide opportunities for faculty, staff, and students to connect with the external environment through formal and informal mechanisms such as internships, teaching and research exchange programs, clubs, and social gatherings. These interactions enhance the exposure and understanding of the external business ecosystem.

By actively engaging with external stakeholders and creating avenues for collaboration and knowledge exchange, institutes can foster a dynamic entrepreneurial environment that benefits all parties involved.