North East Entrepreneurship Development Programme (NEEDP)

North East Entrepreneurship Development Programme (NEEDP)

What Is North East Entrepreneurship Development Programme (NEEDP)

To promote economic growth and job creation in the North Eastern region, the North Eastern Council (NEC) and the Indian Institute of Management (IIM) Calcutta Innovation Park have launched the North East Entrepreneurship Development Programme (NEEDP).

To this end, the North East Entrepreneurship Challenge (Hunt) is being held for entrepreneurs both established and aspiring in all eight North Eastern states. The goal is to select 270 entrepreneurs from this pool using a transparent, methodical selection process that guarantees equal participation from all regions. Pre-revenue stage start-ups will be guided via a pre-incubation programme, while revenue-stage start-ups will be put through an incubation programme.

The goal of this initiative is to help business owners and hopeful entrepreneurs in all the northeastern states expand and succeed.

Meanwhile, 120 start-ups will each receive a commercialization grant of Rs. 3 Lakh, while the top 20 will each receive a grant of Rs. 7 Lakh. Rs. 1 Lakh will be offered as a prototype grant to each of the 150 pre-incubation groups, and another Rs. 4 Lakh will be awarded to the top 25 achievers. This overall means that 270 start-ups can avail of a grant of up to Rs 10 lakh.

To aid in their commercialization and expansion, these firms will be chosen to participate in incubation and pre-incubation programmes. NEC’s initiative to build an inclusive entrepreneurship ecosystem will benefit the local economy and create jobs.

In addition, the business owners will be linked to a vast network of mentors and corporate executives. These business owners will be able to participate in boot camps, attend knowledge sessions hosted by industry experts, and access a formalised incubation curriculum by joining north east entrepreneurship development programme (NEEDP)

Benefits Of North East Entrepreneurship Development Programme (NEEDP)

Benefits of North East Entrepreneurship Development Programme (NEEDP) - Egniol 2
  • For Incubation Group: Each of the 120 start-ups will receive a Rs. 3 lakhs grant toward commercialization, with the best 20 receiving an additional Rs 7 lakh.
  • For Pre-incubation Group: A total of 150 start-ups will each receive a grant of Rs. 1 lakh to use toward a prototype, and the top 25 will each receive an additional Rs. 4 lakhs.
  • Get in touch with successful businesspeople, angel investors, and corporate executives willing to share their knowledge and experience as mentors.
  • Incubation programmes with a framework for instruction. Speakers at the boot camps and knowledge sessions will include IIMC professors, graduates, ecosystem partners, and subject-matter experts.

Timeline of NEEDP

  • Registration Starts: 2nd September 2022
  • Last Date for Applications: 21st November 2022
  • Announcement of Shortlisted Candidates: December 2022
  • Selection Events: December 2022
  • Start of Incubation/Pre-incubation: January 2023

Eligibility Criteria for North East Entrepreneurship Development Programme (NEEDP)

Eligibility Criteria of North East Entrepreneurship Development Programme (NEEDP) - Egniol 3

Pre-incubation:

  • The applicant must be an Indian citizen.
  • The applicant must be a resident of one of India’s eight North Eastern states.
  • The candidate must have a commercially viable idea or working prototype.

Incubation:

  • The applicant must be an Indian citizen.
  • The applicant must be a resident of one of India’s eight North Eastern states.
  • The applicant must be in the early stages of income generation or have a Proof of Concept for the business strategy.
  • At least one member of the team must be a full-time employee of the company.

In the last five years, the region has been slowly but unmistakably engulfed by the start-up entrepreneur craze. The region has become aware of the immense potential of entrepreneurship, which might alleviate a variety of issues, including unemployment and a lack of national exposure to local culture and resources. While state governments have presented a number of entrepreneurship development projects, this is the first time that a large-scale programme for entrepreneurs from the whole Northeastern area has been created.

Given the scope and scale of the initiative, the North East Entrepreneurship Development Programme (NEEDP) is anticipated to have a significant impact in terms of fostering the emergence of a new generation of first-generation entrepreneurs and strengthening the entrepreneurship ecosystem in the region as a whole.

Do not allow your start-up to fail from a lack of direction and capital. The North East Entrepreneurship Programme is meant to assist you in charting a path to success through individualised mentoring, capacity building, and guaranteed funding. Give yourself a chance to be one of the 270 entrepreneurs to win money and incubation help. Egniol will assist you during the complete scheme application procedure.

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