Professor Ashutosh Sharma, Secretary, Department of Science and Technology, released a report on the visit of the National Science and Technology Entrepreneurship Development Board (NSTEDB) to assist in Innovation, Entrepreneurship, and Incubation.
Launching the report, Secretary Sharma of DST said, “The Department of Science and Technology (DST) through the National Science and Technology Entrepreneurship Development Board (NSTEDB) has played a key role in promoting and nurturing the startup ecosystem through a network of incubators. Have played The last five years have been significant in terms of results, as is evident from the report. “
NSTEDB chief Dr. Anita Gupta said,
“The efforts made by NSTEDB and DST during the last 5 years to support innovation-driven entrepreneurship and incubation activity in higher educational institutions have been significant and have also increased in speed and scale.”
The National Initiative for Developing and Harnessing Innovation (NIDHI), launched by NSTEDB, has coordinated programs like Startup India and Standup India and has been instrumental in activating the innovation value chain under the guidance of incubators. It has played an important role in strengthening academically-led innovation and startup ecosystems in the country over the last 5 years.
This task includes setting up a network of technology business incubators, innovation discovery, supporting ideas for prototyping, enabling innovators as startups, provision of timely seed funding to incubated startups and mentoring start-ups, partnerships and Supporting through network etc. were included.
These efforts have been made in all geographical areas of the country. In addition, 3,681 startups have been nurtured under incubation and 1992 intellectual property has been created through a network of 153 incubators created by DST. Further, the highlights of the Impact Report include – In the last five years, 61,138 direct jobs have been created (cumulative) and economic assets of Rs 27,262 crore have been created.
The overall efforts of DST have ignited the spirit of innovation and entrepreneurship across the country. DST has played an important role in bringing global recognition to award-winning and nurtured startups through this ecosystem.
The report also mentions five times the increase in funding from angel, venture capital and other stakeholders by seed funded startups. Overall, NSTEDB has leveraged the technological strengths of higher education institutions to startups through a network of educational incubators.
NSTEDB has seeded and supported these incubators, which has given success to these startups.
The funding program, the collective power of the DST incubator network and its startups were tested during the COVID-19 crisis. Various solutions were supported through the Center for Augmenting War with Health Crisis (Kavach) program to deal with the crisis.
The report was launched in the presence of the DST-supported incubator community and the NSTEDB team.