INDIA: Govt to Set Up Rs 10-Crore Rolling Fund at the NID

The fund will be set up at NID’s National Design Business Incubator to support those young designers who want to become entrepreneurs in the design field

A Rs 10-crore rolling fund will be set up at the National Institute of Design's (NID) National Design Business Incubator (NDBI), to help aspiring designers become entrepreneurs. Union Commerce and Industry Minister Kamal Nath made the announcement in New Delhi.

According to an official release, Nath also announced that NID faculty will be allowed to share consultancy fees on the lines of other premier institutions like IIMs and IITs.

Nath said that the proposed fund would be used to support those young designers who want to become entrepreneurs in the field of design. "Young designers who are keen to pursue their business ideas through incubation route at NDBI can now avail this rolling fund support," he said.

He also said that the objective of the Incubator (NDBI) was to encourage the spirit of innovation embedded in the creative culture of designers, thus paving the way for the creation of a new breed of "designpreneurs". In addition, he said, the Government had agreed to permit the NID faculty to have a share in their consultancy work. The pattern of consultancy sharing would be on the lines of other premier educational institutions in India such as IITs and IIMs.

NDBI was set up by NID in 2005 with an aim to develop India's design strengths. Lack of adequate support in pursuing designers' ideas into business models has so far been a debilitating factor for young designers in setting up their businesses.

The need to set up a separate Rolling Fund has arisen especially when most of the financial institutions do not support young designers who are fresh, and first generation entrepreneurs just out of the academic institutions, without industrial experience.

  Tell a friend • Bookmark • Print •