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VIT Technology Business Incubator, approved by the Central Government is located within VIT University, Vellore Campus, and is eligible to receive funding support under Section 135, Schedule VII of the Companies Act 2013. This proposal allows companies to invest up to 2% of its net profits in VITTBI and account for it as CSR expenditure.About VITTBI:
- VITTBI, incorporated in 2003, is registered as a not-for-profit society
- VITTBI is approved by the Department of Science and Technology (DST), Ministry of S&T, Govt. of India.
- VITTBI has a good track record supporting innovative technology startups.
- VITTBI has received funding support from
Department of Science & Technology (DST)
National Science and Technology Entrepreneurship Development Board (NSTEDB)
Technology Information Forecasting and Assessment Council (TIFAC)
Technology Development Board (TDB)
Department of Scientific and Industrial Research (DSIR)
Ministry for Small and Medium Enterprises (MSME)
Biotechnology Industry Research Assistance Council (BIRAC)
Ministry of Electronics and Information Technology
- VITTBI has deep expertise in executing projects pertaining to Innovation & Entrepreneurship capacity building. In the past, VITTBI has received grants from the infodev and United Nations Industrial Development Organization (UNIDO) to organize the following programmes.
- -“Creating a knowledge platform through partnerships and alliances among incubators” supported by infodev.
- -“Youth Entrepreneurship Skills Development Initiative (YES-DI)” supported by UNIDO
Fresh amendment to Schedule VII of Companies Act, Item ix, separating incubators as an activity from public funded institutions promoting Sustainable Development Goals (SDGs)
Sector under Schedule VII encompasses Technology incubators to be supported in one or more of the below-mentioned types of projects.
- Seed funding & grants to startups in the technology space with domains in Energy, Healthcare, Manufacturing, Agriculture, Biotechnology, Information technology etc..
- Create a Research & Innovation centre and/or common facility for engineering innovators to experiment and test various ideas that may lead to cutting-edge technologies benefiting the society.
- Structured Innovation & Entrepreneurship capacity building programmes that includes fellowships, lectures, seminars, motivational sessions etc..
- Funding Technology Development
- VITTBI Infrastructure development
- Contribution to the corpus where the recipient only uses the income on the corpus towards its activities; the corpus remains an asset of the organization
- Funding a lasting & continuing program with potential to create a pipeline of technology enterprises.
- Creating/supporting resource centers and organizational activities/initiatives.
- Project or program funding:
- Funding limited term projects with clear milestones.
- Activities undertaken
- Utilization of funds/ financial report against planned budget
- Impact of activities undertaken against pre-decided impact metrics
Companies involved in CSR benefit through
- Cost and Risk reductions
- Enhancing of Competitive Advantage
- Developing Corporate Reputation and Legitimacy
- Exploring win-win outcomes through synergized values