New Delhi, 3 November 2022, BITS Pilani Startup Policy 2022: The Birla Institute of Technology and Science (BITS), Pilani has announced that it will now allow students and faculty members to take an year off to launch their own startup ventures.
After this announcement, BITS Pilani has become the first-ever Indian institution to initiate an entrepreneurship policy for its students and faculty.
The policy called the BITS Innovation and Startup Policy 2022, will allow students to either join a business or create a new one. The institution will also provide accommodation within its campuses to budding entrepreneurs. The policy also allows faculty members to take special or earned leaves for a maximum period of 1 year to guide students in establishing their resource plans.
This article will detail the terms of the policy, its eligibility, benefits, among other things. Kindly go through the entire piece to get detailed information of the Startup Policy by the Birla Institute of Technology and Science (BITS), Pilani.
BITS Pilani Startup Policy 2022 – Mission
As per a report by the Press Information Bureau (PIB), a total of 72,993 Indian startups are recognized as on 30 June 2022.
Number of Startups Recognized by DPIIT till 30 June 2022
In the year 2018, the number of recognized Indian startups were only 8,775. However, the situation has changed over the years. In 2022, a total of 12,314 startups have been recognized by the Department for Promotion of Industry and Internal Trade (DPIIT). The nation-wide grand total of recognized Indian startups till 30 June 2022 is 72,993.
To promote the culture of Innovation, Incubation & Entrepreneurship (IIE) and to encourage young students to inculcate the habit of critical thinking, the Birla Institute of Technology and Science (BITS), Pilani has introduced the ‘BITS Innovation and Startup Policy 2022’.
The main objectives of the policy are listed below:
- To provide a platform for students to convert their innovative ideas into full-fledged technology-embedded products.
- To increase the technology-driven startups in India.
- To encourage students and faculties to create out-of-the-box solutions.
BITS Pilani Startup Policy 2022 – Benefits for the Students
- Pre-incubation Support
- The support will be given to groups having ideas which can be converted into startup ventures.
- Students will be provided with a mentor who will be guiding them throughout the project.
- Infrastructural Support – The students can access laboratory and library facilities on a rental basis.
- Financial Support – The students will be allocated an annual budget by the institute for startup-related activities or they can even raise funds from any private or corporate bank.
- Academic Support
- Students will be permitted to take a semester break and would be provided with academic credit points for setting up their businesses.
- The institute will allow the students to sit in the examination even if their attendance is less than the minimum permissible percentage.
- Students can use their hostel address to register their company with due permission from the institution.
BITS Pilani Startup Policy 2022 – Eligibility Criteria
- Students are eligible to choose any sector, including chemical, biochemical, pharmaceutical, electrical, mechanical, and computational.
- Students must possess documents of approved patents and copyrights for their ventures.
- Students must offer executive or managerial positions to the faculty members for at least 3 months.
BITS Pilani Startup Policy 2022 – Terms and Conditions
- Applications with detailed proposals must be submitted to the Dean of the Regional Institute of Education (RIE).
- The start-up founders have to provide placement opportunities to other students of the institute.
- The students must ensure that only dedicated and motivated startup founders are approved by the committee.
- The intellectual property protection charges for patents will be borne by the startup company.
- For the initial period of six months, the founders will be considered under probation.
- The founders shall generate the fund by bootstrapping (self-funding) or crowd-funding (taking loans/contributions from one or more people at the same time).
- Support from other faculty members of the institute during the incubation period would be treated under the institute’s consultancy norms that would be later chargeable.
Note – To read the official notice issued by the Birla Institute of Technology and Science (BITS), please click here.
BITS Pilani Startup Policy 2022 – Other Initiatives
- Startup India Scheme – The Startup India Scheme is an initiative by the Hon’ble Prime Minister, Narendra Modi. The primary objective of Startup India is the promotion of startups and the generation of employment opportunities. It aims to offer funds between INR 10 lakh to INR 1 cr to Scheduled Caste (SC), Scheduled Tribes (ST), and women candidates to bear their business expenses.
- SAMRIDH Scheme – The SAMRIDH scheme stands for Startup Accelerators of MeitY for Product Innovation, Development, and Growth. The scheme was launched by the Minister of Electronics Information and Technology (MeitY), with the mission of providing financial assistance to new startups and expanding them internationally.
- ASPIRE – The ASPIRE scheme is an initiative by the Government of India to offer proper knowledge to entrepreneurs to start their businesses and emerge as employers. The scheme was mainly implemented to increase employment, reduce poverty, and encourage innovation in rural India.
BITS Pilani Startup Policy 2022 – Frequently Asked Questions (FAQs)
Q.1 How many startups are launched by BITS Pilani alumni?
The alumni of Birla Institute of Technology and Science (BITS), Pilani have founded over 900 startups, including some big names like Swiggy, BigBasket, and Groww.
Q2. Which campus of BITS is best for entrepreneurship?
The campus of Birla Institute of Technology and Science (BITS), Pilani has the best entrepreneurship environment.
Q3. What is the aim of BITS innovation policy 2022?
The main aim of BITS Innovation and Startup Policy 2022 is to increase the number of technology-driven startups in India.