Chandigarh October 27, 2020
The Panjab University under the RUSA 2.0 scheme is coming up with Entrepreneurship,
Employability and Innovation (EEI) Hub at its Sector-25 (South) Campus. This unique
incubation center will be established with an aim of catalyzing and nurturing Startups
based on engineering technologies, the interplaying areas in pharmaceutical,
biological, physical and chemical sciences as well as the ones from the Social
Sciences/ IT and Management sectors. The Panjab University Incubation Centre (PUIC)
will be a hub of skill development center for young innovators, multiple laboratories
with plug and play facilities for startups and a regional center equipped with high-end
technologies to benefit the researchers working both on-campus as well as off-campus.
Prof. Raj Kumar, Vice Chancellor of Panjab University informed that in today’s era of
innovation and technology, quick-fix but durable solutions are the need of the hour.
Dr. Rohit Sharma, the Head of PUIC added there is no dearth of talent and creativity in
the country, but one needs to have faith in these young talents and through the medium
of this Incubation Centre and the ‘Innovation Projects for Innovators and Startups’
scheme, we wish to provide more confidence to the innovators so that they can proudly
shape the future of a smarter nation. He further informed that 8-10 Start-ups falling
in the major working domains of the PUIC will be evaluated and selected on the basis of
their innovativeness to cater to a problem, their potential impact and R.O.I. Selected
startups will be awarded a sum of 5 lakhs (maximum) as soft loans.
The beneficiaries of the ‘Innovation Projects for Innovators and Startups’ at PUIC can
utilize the same for various stages of product development and product testing. Keeping
in view the market-risk related problems faced by startups, these loans will also be
provided to the startups who wish to go for the test marketing of their products in the
market concerned while funds for lead generation will also be allotted under this
scheme. Along with all these company-specific requirements, overall mentoring support
related to product development, marketing and IPR issues will also be provided by the
Incubator. Most young startups, in their initial stages have to struggle for expenses
related to outsourcing services and man-power support. Thus, the Soft Loans for
startups also gives a provision of providing monetary help for outsourcing and man
power.
