Now start ups in the field of Electronics and semiconductors have a considerable reason to rejoice, As this year would bring good offerings to them, the one to come after this seems to be even more promising.
The Department of Electronics and Information Technology (DeitY) is planning to expand its ‘electropreneur park’ programme, in association with the India Electronics & Semiconductor Association and Software Technology Parks of India.
For the readers who do now know about the park the Electropreneur Park is conceived to emphasize on Development of Product and IP creation in the ESDM sector.
What are objectives of this Park ?
Setting up of the pilot Electropreneur Park will primarily aspire to contribute to the ESDM growth story of India. This macro-level objective will be achieved through:-
- Creation of a holistic eco-system for encouraging R&D, innovation, Entrepreneurship in the ESDM sector in India.
- Enabling creation of Intellectual Property within the country for maximizing the domestic value add and diminishing the external dependence in the sector especially in the CAREL identified 6 mass consumption electronics products.
- Provide assistance during prototyping, development and commercialization for the products produced through the scheme for India and other growth markets.
- Creation of employment at various levels.
- Creation of long term partnership with strategic sectors
With an investment of Rs 21 crore, the first electropreneur park was set up in the Delhi University. The park is currently incubating 10 start-ups that were selected from the total of 168 entries received. By setting up more such facilities, they are hoping that the hardware and internet of things start-ups, which often end up falling under the umbrella of venture capitalists, are able to raise more funding.
Model for Incubating Start ups
According to Arvind Tiwari, chairman of IoT Forum, TiE,
“There are tremendous problems and we’re getting four incubators added, two of which will be in Bengaluru. The larger challenge is to help them bring their ideas into shape and discover customers; it’s too early to worry about exits.”
What services are offered by DeitY under Incubation Program
Start-ups who became part of this incubation program will get ready access to
- manufacturing facilities
- small amount of funding in order to sustain themselves for over an years time.
The funding could be very important to the start ups as after an years time, they’re supposed to find another external funding or get more customers in order to sustain their businesses and themselves.
How many Start ups are funded ?
In the electropreneur park program DietY’s will extend with its goal to provide monetary assistance and expertise to about 50 start-ups over the period of next five years. After boosting up the start ups DietY is hoping to boost expertise in sectors in India like the
- semiconductor sector.