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The Entrepreneurship Development Center (‘Venture Center’ ) recently received in-principle approval from the National Science and Technology Entrepreneurship Development Board (NSTEDB) of the Department of Science and Technology (DST) to set up a Proof-of-Concept (PoC) fund.

The purpose of the PoC fund is to "to translate scientific competencies of R&D institutions into commercially viable products by bridging the funding gap for the proof-of-concept stage of technology development; furthermore, to drive commercialization primarily via new ventures (spin-offs) by engaging with potential/existing entrepreneurs."

This fund seeks to draw upon the successes and best practices of global models such as:

• Deshpande Center, Massachusetts Institute of Technology
• Cambridge Enterprise, University of Cambridge
• William J. Von Liebig Center, University of California, San Diego
• Institute for Optical Sciences, University of Toronto

For a detailed discussion on the success of PoC centers, see this paper - Proof of Concept Centers: Accelerating the Commercialization of University Innovation - published in January 2008 by the Kauffman Foundation.

Through the PoC fund, Venture Center will define, fund and drive PoC projects in partnership with scientists from R&D institutions and (potential) entrepreneurs who seek to join/launch technology spinoffs.

Each PoC project will typically last 12 months, and require Rs 3 - 7 lakh in funding, towards expenses such as project staff, consumables, certification/testing, etc.

R&D institutions, scientists & technology entrepreneurs who wish to collaborate with Venture Center on PoC projects are encouraged to contact us (via email to managertechrx@venturecenter.co.in) for further information.