The Centre for Entrepreneurship, Technology Incubation and Business Acceleration has been established in NITIE Mumbai under the aegis of the Ministry of MSME Govt of India.
The main objective of the Centre will be to promote the Entrepreneurial Spirit among the students and undertake cutting edge research on contemporary issues for MSMEs. The Centre will also serve as a nodal emplaned agency for MSMEs in India to conduct study tours for students, organize workshop and training programs for the MSMEs clusters.
The specific objectives of the Centre are as follows
- Incubation of innovative ideas/technology in the potential sectors including Agro and rural based industry.
- To provide a platform for speedy commercialization of technologies developed by host institutions or with the assistance academic and R&D institution of the country or Internationally.
- To promote a networking between the academics, industry, development and financial institutions.
- To provide value added services viz., legal, financial, technical and IPR etc. to incubates.
- To promote new technology/knowledge-based enterprises and aid in New Enterprise creation.
- To promote business program to encourage entrepreneurship.
- To undertake research on policy evaluation and design policies for the MSMEs in India
The Centre will be eligible for funding 10 selected ideas with a grant of up to Rs. 15 lakh per idea. Further, Each innovative business idea will be given an additional seed capital of Rs 1. core by the Ministry of MSMEs as well as 50,000 US dollar grant for commercialization by UNIDO under its flagship FLCTD program.
Additionally, the center will also fund a) under the design scheme of Ministry of MSMEs up to Rs.1.5 lakh for each project of a student and 12-24 lakh for a small group of MSMEs units for designing and prototyping. b) Under the lean manufacturing Scheme up to Rs 36 lakh to train mini-cluster of 4 or more units for adopting lean manufacturing practices.
The Centre will be jointly managed by NITIE Mumbai and India SME Forum the knowledge partner of the Ministry of MSMEs.
Currently, the activities of the Centre are coordinated by Prof. Mainak Mazumdar and Prof. Utpal Chattopadhay.