"Student entrepreneurs should be allowed to sit for the examination, even if their attendance is less than the minimum permissible percentage, with due permission from the institute," as per the new innovation and startup policy released by the Ministry of Human Resources Development (MHRD). The MHRD's Innovation Cell or the MIC recently released the "National Innovation and Startup Policy 2019 for Students and Faculty."
It has also directed the institutes to allow their students to take a semester or year break to work on their startups. "Student entrepreneurs may earn academic credits for their efforts while creating an enterprise. Institute should set up a review committee for review of start up by students, and based on the progress made, it may consider giving appropriate credits for academics," it said.
Read: Institutes To Share Patent Rights With Students For On Campus Inventions
In the new policy higher education institutions have been asked to actively engage students, faculties and staff in innovation and entrepreneurship.
The policy has been prepared by the recommendation of a fifteen member committee constituted by Ministry of Human Resource Development and covers Intellectual Property ownership, revenue sharing mechanism, norms for technology transfer and commercialization. The policy covering IPR and entrepreneurship has been developed for the first time by MHRD. In November 2016 the AICTE had released a startup policy document and had sought feedback from stakeholders.
"The best universities around the world have evolved sound mechanisms for promoting and managing innovations. I believe that the 'Guidelines on National Innovation and Startup Policy 2019' will provide the required direction and support to a large number of universities and its affiliated institutions in India on handling Intellectual Property Rights, innovations and startup related issues," said DP Singh, Chairman, UGC.
In its endeavour to promote innovation among students, MHRD outlines the need to expedite decision making process. "Hierarchical barriers should be minimized and individual autonomy and ownership of initiatives should be promoted," the policy reads.
For supporting and funding startups, it has asked institutes to allocate minimum 1% of the total budget for startup related activities. It has also asked institutes to approach private and corporate sectors to generate funds, under Corporate Social Responsibility (CSR).
"If India aims to become 5 trillion-dollar economy, then it needs to evolve systems and mechanisms to convert the present demographic dividend into high quality technical human resource capable of doing cutting edge research and innovation (R&I) and deep-tech entrepreneurship," said Abhay Jere, Chief Innovation Officer, MHRD.
"The guidelines highlight various important points including revenue sharing mechanism for licensing, ownership of IP, equity sharing mechanism between institute and startups incubated at institute," said Anil D Sahasrabudhe, Chairman, AICTE.
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