National Student Startup Policy, 2016 (NSSP)
• The policy aims to create 100,000 technology based student start-ups and a million employment opportunities within the next 10 years (2025).
• The policy plans on achieving this by developing an ideal entrepreneurial ecosystem and promoting strong inter-institutional partnerships among technical institutions.
• The policy highlights the areas and domains to be used, as necessary, for re-orientation in academic curriculum as well as pedagogy to fulfil the needs of start-ups.
• It emphasizes the much-desired need for an appropriate startup policy to propel the youth of India through and beyond the 21st century.
Aims and Objectives
• It will prepare students to gain benefits from GoI’s ‘Start-up India’ programme.
• Guiding and grooming students to take up entrepreneurial careers and successfully launch their start-ups.
• Motivate students to convert their Detailed Project Reports (DPRs) and projects into viable B-plans.
• To create a common virtual platform and ask institutions to submit students’ projects on this platform to make the project nationwide.
• To inculcate social responsive behaviours among students aspiring to launch start-ups.
• To offer students, from rural regions of India, training in business opportunity identification in their local areas.
• To orient students as to how they can conceptualize social business start-ups that will address social issues.
• The mentoring and handholding processes of student start-ups are also covered in the policy. A Startup Implementation Committee is already constituted by the Council under the Chairmanship of Shri.Sanjay Inamdar.
• To equip students with the necessary skills for managing their business enterprise.
Salient features of the policy
• The formulated policy has outlined the role of the AICTE, TBI and academic institutions in creating student entrepreneurs all along implementing the government’s initiative the “Start-up India”.
• According to the policy, the curriculum pattern followed by these institutions would include 40 per cent skills based courses, 30 per cent knowledge related courses and 30 per cent attitude related courses
a) Courses on Basic Business Management will orient students with the fundamentals of business and other related areas.
• The new policy has made a provision to set up a fund to support start-up events and fest that would be organized at national and international levels. An amount of Rs. 10,000 crore will be invested through the venture funds registered with SEBI and interested to support student startups.
a) Seed Fund for Student Start-up: Private, institute specific funds shall be encouraged to set up operations in the academic institutions and for funding start-ups.
b) Student Start-up Infrastructure Fund (SSIF): A ‘Student Start-up Infrastructure Fund’ with an initial annual outflow of INR 20 crores shall be set up to support start-ups in academic institutions
• This policy will also support Technology Business Incubators (TBI) in creating new number of student startups and entrepreneurs pan India.
• A national level acceleration programme could be designed to benefit students of AICTE approved/ affiliated Institutions. Through this programme, 50 selected start-ups may get Angel Funds of up-to 25 Lakhs annually. Private investors may also be used.
• The policy shall be governed by the ‘National Resource Institution’ selected by AICTE, MHRD, New Delhi and will be implemented by the Regional Hubs among the AICTE Approved Institutions. 10.5.1 There will be 4 Regional Hubs to monitor the activities across the country.
• To develop hard and soft infrastructure like testing labs, IT labs, tools room, design studios, data set, laboratories, video-conferencing facilities and research and analysis labs in the academic institutes, an initial annual outflow of Rs. 20 crore will be provided to help student start-ups in institute
• Idea Lab to Nation’s Idea Lab: A Business Idea Lab should be set up at every campus to pool the business ideas of students, test their feasibility and compile and file the IPR.