Manav Rachna get Rs 2.67 crore funding to encourage innovation, entrepreneurship

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Manav Rachna International University

New Delhi, 15th November 2017: Manav Rachna International University has received a funding of Rs 2.67 crore from The Entrepreneurship Development Institute of India (EDII) under the aegis of National Science and Technology Entrepreneurship Development Board, Department of Science and Technology, Government of India. EDII is working under the aegis of National Science and Technology Entrepreneurship Development Board, Department of Science and Technology, Government of India.

The project on establishment of New Generation Innovation and Entrepreneurship Development Center is being implemented by EDII which is an autonomous and not-for-profit institute, sponsored by apex financial institutions like IDBI Bank, ICICI Bank, State Bank of India and IFCI Ltd. It is also backed by various government ministries and the Department of Science and Technology.

“We have a policy on intellectual property protection so that innovators can translate their creative works into patented products. This provides a pool of mentors and brings together experts in technology, legal, finance and related matters. Besides, our institutions also organise events to help companies in networking and showcasing their technologies”, informs Dr. Prashant Bhalla, President, Manav Rachna Educational Institutions.

Manav Rachna Research Innovation and Incubation Centre (MRRIIC) has been catering to the needs of students and faculty members who are inclined towards research, innovation and novel ideas. Over the past seven years, it has helped them develop professional entrepreneurial ability and mind-set to set up their own enterprises.

The MRRIIC plans to fund about 100 start-ups over the next five years, said CS (Dr.) Monika Goel, who leads the Business Incubation initiatives at Manav Rachna. The centre provides complete mentorship for entrepreneurship development including ideas generation, financing, prototype development, regulatory approvals, marketing plans etc. Each project approved by a board of experts will get about Rs 2.5 lakh and a timeframe of 18 months to incubate, develop a prototype and commercialise the venture.

These initiatives rhyme well with the government’s sterling schemes like Skill India, Start-up India, Digital India and Make in India. Manav Rachna International University has over 47 academic collaborations with leading global universities, patronage by 500 reputed Indian and multinational corporates and 367 filed and granted patents besides 3,300 papers published in journals worldwide.

MRRIIC is in the process of entering into MoUs with bankers and venture capital firms to provide seed funding for commercial applications. “We want to encourage both engineering and non-engineering students across various departments to convert innovative and creative business ideas into successful enterprises,” said Ms Goel.

MRIU has modern infrastructure along with a network of libraries and information centres for academics, learning and research pursuits. Besides, there is a central library, 58 laboratories, 8 research and innovation centres, and 8 centres of excellence working in close association with industry partners.

About Manav Rachna International University: 

Manav Rachna Educational Institutions (MREI)—incepted in 1997– encompasses a group of many vibrant, world class institutions and has to its credit Institutions such as Manav Rachna International University, Manav Rachna University (formerly known as Manav Rachna College of Engineering), and Manav Rachna Dental College (MRDC), all of which have acquired the coveted NAAC ‘A’ grade status, catapulting the Institution to the big leagues of higher education. What’s more, Manav International University was bestowed with the QS 5 Star rating for Teaching, Facilities, Social Responsibility and Inclusiveness in addition to a 4 Star Rating for Employability.