NIT Srinagar, IIT Jammu to jointly undertake challenges of section-8 companies
Apr 27, 2021
SRINAGAR: The National Institute of Technology (NIT) Srinagar and Indian Institute of Technology (IIT) Jammu will develop a joint roadmap to undertake operations of their respective Section 8 companies.
A company is referred to as Section 8 Company when it registered as a Non-Profit Organization (NPO) and it has motive of promoting arts, commerce, education, charity, protection of environment, sports, science, research, social welfare, religion and intends to use its profits (if any) or other income for promoting these objectives.
Director NIT Srinagar, Prof (Dr) Rakesh Sehgal addressing a joint virtual meeting at NIT Srinagar along with heads of IIT Jammu, said both institutions have started new section-8 companies as incubation centres to boost the innovational and entrepreneurship ecosystem.
The meeting was attended by Director IIT Jammu Dr Manoj Singh Gaur, other dignitaries of both Institutions. The main agenda of the meet was 'How to generate Operating expenses (OPEX) funds for successfully running the section 8 companies of both the institutions.
Prof Sehgal said both institutions are nationally reputed and they need to work jointly to support the progress and development of section 8 companies. For running these companies, we need mainly Operating expenses (OPEX) funding and we are exploring new options in it," he said.
Director NIT Srinagar said they have already established Capital expenditures (CAPEX) on the campus in the form of machines, infrastructure development, workshops, and technological labs. The main problem to run such section 8 companies is OPEX and many options can be explored in this regard, he said.
"In future, the Greenovator Incubation Foundation (GIF) Company can obtain funding through various agencies. The profits will be utilized again in the company to support innovations, startups and develop start-ups," he said.
Prof Sehgal said who is also one of the board members of the Board of Directors of the section-8 company said they will collaborate with IIT Jammu to take this great initiative forward.
On the occasion, Director, IIT Jammu Dr Manoj Singh Gaur said they had already started a section-8 company two months back and they will be exploring more areas.
"We are on the same page that both institutions need OPEX to tackle future demands of section-8 companies," Dr Gaur said.
Both the directors stated that in the future course of time they would approach centrally sponsored funding agencies for funds, so that section-8 companies will sustain in the long run.
Registrar NIT Srinagar, Professor Kaiser Bukhari said there is a need for joint efforts to sustain the section-8 companies and NIT Srinagar will coordinate with IIT Jammu for a joint roadmap in this regard.
Earlier during the meeting, Head, Innovation, Incubation & Entrepreneurship Development (IIED) and CEO of section-8 company GIF, Associate Professor Saad Parvez briefed about the section-8 company, IIED centre, future plans, activities, and their various challenges.
Dr Parvez said they have already registered GIF Company six months ago as a section-8 company and now they are looking for OPEX funding.
"We can obtain OPEX funding in several ways including through DST schemes including National Initiative for Developing and Harnessing Innovations Technology Business Incubator (NIDHI-TBI), National Initiative for Developing and Harnessing Innovations Seed Support System (NIIDHI-SSS) and other schemes," he said.