National Innovation and Start-up Policy
PSREC commits itself to technological excellence. Vision of PSREC NISP will be attained by multi-pronged approach.
Policy document states the salient features of Institute start-up policy. Road map to achieve this vision is stated below.
To promote innovation, industrial spirit and entrepreneurship among their students and faculties and external participant by establishing and promoting start-ups and thereby reduce dependency on job market, consequently making us Atmanirbhar. This innovation and start-up will be the kernel for our future education system.
Policy document of PSREC NISP is divided intofollowing broad heading. However, they are overlapping and no strict division to be made
1.Strategy and Governance:
All achievements in the institute will be measured by Innovation and entrepreneurship (I&E). There is a paradigm shift and academic alone will not the yardstick for the measurement and contribution to the institute.A bottom-up approach will be adopted for the implementation of NISP and is intended to promote participation of all stake holders. Flat hierarchical structure is envisaged for the promotion of I&E. Policy will be affected from the office of CEO, who is final authority. Institute is committed to resource mobilization from internal and external sources. A single point mechanism is in the offing for quick decision making.
2.Infrastructure and Resources Utilization:
P.S.R Engineering College will facilitate utilization of its vast resources and further infrastructure will be added as needed.
Full cooperation will be extended by the institute on resource mobilization from financial institutes such as MSME, IEDC, ASPIRE, DST, DBT, MHRD, AICTE, TDB, TIFAC, DSIR, CSIR, BIRAC, NSTEDB, NRDC, Start-up India, Invest India, MeitY, MSDE, MSME, and other non-governmental organizations etc. Fund can also be generated through sponsorship and donation or from private and corporate sectors under corporate responsibility scheme (CRS), section 135 of Company’s act 2013.
Pre-incubation and incubation facilities will be available 24×7 to students, innovators and staff.
Institutional budget will be allocated for innovation and start-up.
Setting of start-up will be permitted by working part-time or full time.
3.Supporting and Honouring Innovation :
Work and creativity of innovators will be full honoured by supporting it in different forms. Available infrastructure will be provided to the innovator for a nominal fee and taking equity in the venture. This equity will be limited from 2% to 9.5% and will immune institute from legal liability. In addition space, machineries, seed fund, mentorship, legal support and support for account will also be provided.
For faculties, contribution to start-up will be considered as legitimate activity like any other academic contribution and will be accounted while evaluating annual performance.
PSREC will also extend all help in marketing the products.
However, institute will have immunity from liability accruing due to start-up activity.
4.Ownership of Technology :
If institute fund or facility is used substantially and an IPR is developed, it can be jointly owned by both. It can be jointly licensed to commercial organization. Terms can be mutually worked out within the frame work suggested by MHRD.However, if the IPR is entirely developed by innovator without using institute facility and time,then IPR will be owned by the innovator.
In the case of any dispute on ownership a committee will be constituted as per the norms suggested by MHRD and it will be resolved.
All the stake holders and innovators will be rewarded for their successful start-up and innovation. Incentive can be academic or non-academic in nature such as sabbatical leave for faculties, office space, reduced teaching load, maintaining seniority while on start-up leave, sponsorship for higher education or any other suitable form. Stake holders may be rewarded as guest teachers, fellowships, associates etc.
For student innovators reward can be in terms of scholarship, forgoing limits of attendance, exemption from class and lecture hours etc. They may also achieve credit for innovation and start-up and substitution of project and mini-project by start-up. In special case break-up in semester or year may be permitted.
Start-up will be encouraged as career option, over and above placement.
6.Moving forward and Creation :
Events are not the ultimate. There is need for continuous advancement by fulfilling the aims and objectives of all stake holders. If needed a potential partners can be associated from among MSME, alumni, schools, professional bodies to carry forward the innovation and start-up. Bi-directional flows of knowledge are be sought for the advancement. It can be achieved by net-working, collaboration or visits. Two way relationships between the stake holders and private organization are encouraged. Informal mechanisms such as clubs, social gatherings are encouraged with the aim of gaining maximum knowledge and exploitation of start-up.
7.Impact Creation and its Measurement :
The ultimate aim of Start-up is creation of job, economic growth and knowledge enhancement thereby leading to the prosperity of society. A mechanism will be created to measure these parameters as we move forward. Detailed Key Performance Indicators (KPI) will be worked out.
However, Institute ensures failure tolerance towards start-up by studying its impact assessment.