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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:
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 email@example.com) for further information.