A look at our

National Innovation and Start-Up Policy (NISP)

Vision

Vision

We at, SASMIRA’s InTo strengthen our education system and promote the National, Economical and Social growth by accommodating the needs of students with entrepreneurial inclination. To support their innovative ideas of social relevance and building an environment that supports, assists and familiarises a culture of entrepreneurship inside campus.stitute of Management Studies and Research, continuously promote research activities by encouraging our faculty members and students to participate in various research projects, case study developments and industry oriented research projects on their own or in association with the other faculty members.

The Institute strongly believes in continuous knowledge development and knowledge sharing. We always take initiative to stimulate research among the faculty members by providing a platform to develop, formulate and implement industry and social oriented research projects. We also encourage our faculty members to publish their research findings in our in-house publication SASMIRA’s Business Review bearing ISBN number. SIMSR regularly organises in-house case study competitions, seminars and workshops and offers an opportunity to faculty members to present their research work. We also conduct faculty development programmes with an objective to encourage original and quality research.

Our faculty members have actively contributed in case study writings, participated in various national and international seminars and workshops and also published their research work in peer reviewed journals of international repute. They have received various awards and recognitions from the industry and academic institutions for their research initiatives and contributions to the academic fields.

Mission

Mission

To develop a support system that help students and faculty with inherent interest in entrepreneurship to innovate and simulate their ideas as per business standards. To help the innovative ideas realize their potential and get support from government and other institutions from around the world.

Short Term Objectives

Short Term Objectives

  1. Develop and encourage innovative inclinations among students and faculty.
  2. To improve innovation, creative, and design thinking among the student community.
  3. Provide incubation facilities for faculty-driven start-ups and student/alumni start-ups.
  4. Promote an entrepreneurial culture among students, faculty, and alumni by organizing FDPs, workshops, seminars, and talks with successful entrepreneurs.
  5. Effectively use the outcomes of the institute’s industry interaction cell activities to achieve the mission.
  6. Develop a culture of motivating students for self-employment, which in turn leads to entrepreneurship.

Long Term Objectives

Long Term Objectives

  1. Associate with other academic institutions to exchange knowledge and resources.
    1. Improve the quality of research work among students.
  2. Develop a research culture in the institute and emphasize patents that can be commercially used in production.
  3. Provide a platform for students to develop innovative products with global recognition and generate business opportunities.
  4. Generate revenue through consultancy work and student start-ups.
  5. Raise awareness among students and faculty regarding IPR-related activities.
  6. Strategically partner with:
    1. Entrepreneurship Development Institute of India (EDII), Ahmedabad.
    2. National Innovation Foundation (NIF) of India to submit ideas and apply for schemes.
    3. Procure funds from AICTE for the Entrepreneurship Development Cell.
  7. Attract small-scale investments and build a startup ecosystem within the institute.

Strategies and Governance

Strategies and Governance

To further strengthen the education culture in the institute, a separate Institute Innovation Cell has been established. An Innovation and Entrepreneurship policy (IEC Policy) has been framed to inculcate entrepreneurial interest and support new innovative ideas. This initiative has created a pathway towards the development of a culture among students and faculty to adopt entrepreneurship as one of the carrier options. The following steps have been taken to implement the IEC policy:

    1. A dedicated Innovation and Entrepreneurship Council with defined specific objectives and associated performance indicators for assessment has been established to facilitate the development of an entrepreneurial ecosystem in the organization.
    2. A minimum of 1% of the total annual budget of the institution is being allocated to funding and supporting innovation and startups related activities through the creation of a separate ‘Innovation fund.’
    3. Encouragement will be given for raising funds from diverse sources to reduce dependency on public funding. Bringing in external funding through government (state and central) as well as non-government sources will also be encouraged.
    4. It will be appreciated to approach private and corporate sectors to generate funds, under Corporate Social Responsibility (CSR) as per Section 135 of the Company Act 2013.
    5. Alumni engagement in raising funds through sponsorships and donations for promoting Innovation & Entrepreneurship (I&E) will be encouraged.
    6. The Entrepreneurship Centre under IEC will organize institutional programs such as conferences, convocations, workshops, etc., to spread awareness regarding the importance of innovation and entrepreneurial agenda across the institute.
    7. A product to market strategy for startups, which is a part of the IEC policy document, will be finalized on a micro level on a case-to-case basis.
    8. Efforts will be made to encourage entrepreneurship culture at the vicinity (regional, social, and community level). These efforts include giving opportunities for regional startups, provision to extend facilities for outsiders, and active involvement in defining strategic direction for local development.
    9. Development of strategic international partnerships using bilateral agreements with international innovation clusters and other relevant organizations will be encouraged, and participation in such international events will also be encouraged.
    10. The institute has set up a student-owned E-Cell to propagate and involve the student community in taking enterprising activities.

Method of Admittance

Method of Admittance

An applicant will  be required to submit an application at the initiation stage. After the initial screening and eligibility review, candidates will be invited for an initial meeting.Initial meeting will be discussion on the points like:
  1. Business Plan
  2. IP/technology information based on which a business is proposed to be promoted/established.
  3. The business plan must cover all aspects, including: business overview, value proposition, goods and services, analysis of the market and competition, sales model, milestones and timelines, growth and marketing plan, organizational structure, core staff, risk analysis, criteria for financing and estimated financials.
  4. Applicants can include such additional data as they believe will assist in evaluating their proposal. The Business Plan will be screened by the Committee on the basis of the submitted documentation to determine the suitability of the proposal for further assessment by expert representatives of its potential for incubation. The expert representatives shall then carry out a thorough review, including financial and technical due diligence of the proposal, for the assessment of the proposal. Depending on the essence of the proposal, the expert members will be invited/ named.
  5. Through their teams, applicants can be invited to make a presentation on their plan. Members can request any additional information from the applicants and/or review the proposal in order to allow the expert members to take an appropriate decision. Institute submissions will be handled with the utmost confidentiality.
  6. Any representative (but not limited to) requirements to be applied for evaluation:
    • Power of the product concept in terms of its content in technology, creativity, business potential for timeliness and scalability.
    • IP already created and the potential of the idea for IP development
    • Strength of the core team
    • Product/idea potential for ‘Made in India’ promotion and job development
    • Need of funds and feasibility of raising financing
    • Marketing time
    • Time of break-even
    • Percentage of use of facilities, personnel, expertise, current IP and other facilities existing with institute or its other incubated companies or its successfully incubated companies in the past.

Norms for Faculty Start-ups

Norms for Faculty Start-ups

  • Only such innovations will be implemented for start-ups originating within SIMSR.
  1. The role of the faculty can vary from being an owner/direct promoter, mentor, consultant or start-up member on-board.
  2. SIMSR will work on the implementation of a ‘conflict of interests’ strategy to ensure that the faculty’s daily duties do not suffer due to its participation in start-up activities.
  3. The start-up of a faculty can consist of faculty members alone or with students, or with faculty members from other institutes, or with alumni or other entrepreneurs.
  • If the faculty/personnel holds an executive or managerial position in a start-up for more than three months, they can go on a sabbatical/pay-free leave/use existing leave.
  • In the event of the selection of a faculty founded by an external national or foreign accelerator, the faculty may be permitted a maximum leave (sabbatical/existing leave/unpaid leave/casual leave/earned leave) of one semester per year (depending on the decision of the Startup Governing Council & Committee established by SIMSR).
  • The faculty can not include research staff or other institute staff in start-up activities and vice versa.

Financial Strategy

Financial Strategy

  • SIMSR can set up its own fund or create a fund with the help of multiple stakeholders to assist start-ups and/or start-ups approved and admitted to the programme at a very early stage.
  • SIMSR will provide financial support to individual student start-ups on a merit-based basis within the scope of the availability of funds.
  • SIMSR will also collaborate with different states Govt. When the students are ready with a Minimum Viable Product (MVP), institutions help students receive seed funding at their early stage of initiation.
  • SIMSR shall support the undertakings involved in the programme in various forums, including the financing of events and programmes.

Award to Entrepreneurs

Nurturing Innovations and Start ups

SIMSR will give Entrepreneurship awards in the following three categories to foster the spirit of Entrepreneurship:

  1. Award for Best Entrepreneur- Faculty/ Staff
  2. Award for Best Entrepreneur – Alumni
  3. Award for Best Entrepreneur – Student
  4. Award for best mentor – Faculty/ Staff

Nurturing Innovations and Start ups

Award to Entrepreneurs

  1. A separate IPR policy in existence with the objective to facilitate IPR filing by students and faculty members along with one IP expert on retainer basis will be initiated.
  2. A separate policy document regarding Innovation and Entrepreneurship is available stating institute support policy, norms of faculty startup and working regulations regarding startups by faculty and staff.
  3. Policy document addresses all the issues of the Students who are opting for entrepreneurship as carrier option and are pursuing some entrepreneurial ventures while studying. To recognize outstanding ideas, successful enterprises and contributors for promoting innovation and enterprises ecosystem within the institute, Annual Felicitation Day shall be celebrated in which awards for Best Innovator Award, best IPR awarded (Patent and Copyright), best Start-up award, Proud Parent Award (for parents of winners of all the above award category). The awardees shall be given felicitation, certificate, trophy and cash award too shall be announced by core team.
  4. With the help of resources available at SIMSR, facilitates aspirants in a variety of areas including technology development, ideation, creativity, design thinking, fund raising, financial management, cash-flow management, new venture planning, business development, product development, social entrepreneurship, product costing, marketing, brand-development, human resource management as well as law and regulations impacting a business.
  5. SIMSR will allow setting up a startup (including social startups) and working part-time for the startups while studying / working. Student Entrepreneurs may earn credits for working on Innovative Prototypes/Business Models. Institute may need to develop clear guidelines to formalize this mechanism. Student inventors may also be allowed to opt for startup in place of their mini project/ major project, seminars, summer trainings. The area in which student wants to initiate a startup may be interdisciplinary or multi-disciplinary. However, the student must describe how they will separate and clearly distinguish their ongoing research activities as a student from the work being conducted at the startup.
  6. SIMSR allows faculty and staff to take off for a semester/year (or even more depending upon the decision of review committee constituted by the institute) as sabbatical/unpaid leave/casual leave/earned leave for working on startups and come back. The seniority and other academic benefits during such 12 period may be preserved for such staff or faculty.
  7. SIMSR will facilitate the startup activities/ technology development by allowing students/faculty/ staff to use institute’s infrastructure and facilities, as per the choice of the potential entrepreneur in the following manners:
    • Mentorship support on regular basis.
    • Facilitation in a variety of areas including technology development, ideation, creativity, design thinking, fund raising, financial management, cash-flow management, new venture planning, business development, product development, social entrepreneurship, product- costing, marketing, brand-development, human resource management as well as law and regulations impacting a business.
    • Institute may also link the startups too the seed-fund provider/angel funds/venture funds or itself may set up seed-fund once the incubation activities mature.
  1. In return of the services and facilities, institute may take 2% to 9.5% equity/ stake in the startup/ company, based on brand used, faculty contribution, support provided and use of institute’s IPR (a limit of 9.5% is suggested so that institute has no legal liability arising out of startup.
    • For staff and faculty, institute can take no more than 20% of shares that staff/faculty takes while drawing full salary from the institution; however, this share will be within the 9.5% cap of company shares, listed above.
    • No restriction on shares that faculty/staff can take, as long as they don’t spend more than 20% of office time on the startup in advisory or consultative role and do not compromise with their existing academic and administrative work/duties. In case the faculty/staff holds the executive or managerial position for more than three months in a startup, then they will go on sabbatical/leave without pay/ earned leave.
  2. SIMSR could extend this startup facility to alumni of the institute as well as outsiders.
  3. Participation in startup related activities needs to be considered as a legitimate activity of faculty in addition to teaching, R&D projects, industrial consultancy and management duties and must be considered while evaluating the annual performance of the faculty. Every faculty may be encouraged to mentor at least one startup.
  4. Product development and commercialization as well as participating and nurturing of startups would now be added to a bucket of faculty-duties and each faculty would choose a mix and match of these activities (in addition to minimum required teaching and guidance) and then respective faculty are evaluated accordingly for their performance and promotion.
  5. SIMSR might also need to update/change/revise performance evaluation policies for faculty and staff as stated above.

Review of the Policy

Review of the Policy

Considering the feedback from assessment team which is the reflection of impact of the existing policy, Director shall organize the review committee meeting and finalize the recommendations of the review committee.

Way Forward

Way Forward

Successful implementation of the ‘SIMSR’s National Innovation and Startup Policy’ for students and faculty is the main objective. In order to achieve this, full-fledged support of all the academic, non -academic and supporting departments will be important. The roadmap suggested through this document is ‘broad guidelines’ and this policy document is supported by previously existing policy documents on innovation and entrepreneurship council, IPR, Industry-Institute interaction and research and development.

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