A brochure featuring Entrepreneurs in Residence (EIR) under the National Initiative for Developing and Harnessing Innovations (NIDHI) programme was launched by DST secretary Ashutosh Sharma on September 2.

The brochure brought out by Venture Center, includes details of what the EIRs are working on and some highlights about them. All contributing project execution partners are also featured in the brochure and it also has a summary number of results and impact.

What is NIDHI-EIR programme?

National Initiative for Developing and Harnessing Innovations (NIDHI) of the Department of Science and Technology (DST) is an umbrella programme for nurturing ideas and innovations (knowledge-based and technology-driven) into successful startups. 

Entrepreneurs-in-Residence (EIR) Programme was introduced under NIDHI to inspire the best talents to become entrepreneurs.

EIR programme supports aspiring or budding entrepreneur of considerable potential for pursuing a promising technology business idea over a period up to 18 months with a subsistence grant up to Rs 30,000 per month. The maximum cap for total support is Rs 3.6 lakh to each EIR. 

Entrepreneurship Development Center, Pune is the Programme Implementation Partner (PIP). 

Objectives of the programme:

• Provide guidance to these aspiring entrepreneurs from experienced, innovative and highly successful entrepreneurs on the business concept, strategy or venture and insight into specific industries or markets.

• Share best practices for starting a business and broaden the professional network.

• Facilitate co-working spaces for developing the idea into a marketable product.

• Encourage scientists and engineers to become entrepreneurs.

• Minimise the risk involved in pursuing startups. 

The programme provides tremendous opportunities for innovative entrepreneurs to expand their networks and get critical feedback on their ventures in order to promote their entrepreneurial career goals and aspirations. 

What is NIDHI?

National Initiative for Developing and Harnessing Innovations (NIDHI) work in line with the national priorities and goals and its focus would be to build an innovation driven entrepreneurial ecosystem with an objective of socio-economic development through wealth and job creation.

The key stakeholders of NIDHI include various departments and ministries of the central government, state governments, academic and R&D institutions, mentors, financial institutions, angel investors, venture capitalists and private sectors. 

NIDHI is developed keeping in line the new national aspirations and on the basis of DST’s experience  in promoting innovative startups.

The key components of NIDHI are:

• NIDHI- Grand Challenges and Competitions (GCC) — for scouting innovations.

• NIDHI-PRomotion and Acceleration of Young and Aspiring technology entrepreneurs (NIDHI-PRAYAS) — support from idea to prototype.

• NIDHI-Entrepreneur In Residence (NIDHI-EIR) — Support system to reduce risk.

• Startup-NIDHI through Innovation and Entrepreneurship Development Centres (IEDCs) in academic institutions — encouraging students to promote startups.

• Startup Centre in collaboration with the ministry of education — inculcating a spirit of entrepreneurship in national institutions of higher learning.

• NIDHI-Technology Business Incubator (TBI) — Converting Innovations to startups.

• NIDHI-Accelerator — fast-tracking a startup through focused intervention.

• NIDHI-Seed Support System (SSS) — Providing early stage investment.

• NIDHI Centres of Excellence — A World class facility to help startups go global.

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