North East Entrepreneurship Development Program (NEEDP): Overview, Benefits, Eligibility

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North East Entrepreneurship Development Program - Detailed Guide


The North East Council (NEC), under the Government of India, has launched a unique initiative called North East Entrepreneurship Development Program (NEEDP). NEEDP is established to promote and encourage entrepreneurship across all eight northeastern states.

The last date for registration is 31st October 2022. Suppose you are an emerging entrepreneur with a business idea from northeast India. In that case, you can apply here. If your application gets shortlisted, you will be eligible for grants, seed funding and incubation in IIM Calcutta. 

Keep reading this article to learn more about the NEEDP program. 

North East Entrepreneurship Development Program is launched with IIM Calcutta Innovation Park (IIMCIP). IIMCIP is a not-for-profit company set up under IIM Calcutta to promote innovation through entrepreneurship. 

Primary Objective of NEEDP Initiative:

North East Entrepreneurship Development Program (Hunt for entrepreneurs) planned to provide cash rewards worth Rs.7.5 crore and assured for 270 entrepreneurs from North East India. 

It aims to create a creative, inclusive entrepreneurial ecosystem that can assist in fostering Socio-Economic Development and Employment Generation in the North Eastern states of India. 

Every startup selected under this program will get through the incubation and pre-incubation stages, depending on the growth stage of their startup. If your business is a revenue-stage startup, then you will be through incubation, and if your business is a pre-revenue-stage startup, then you will be put through pre-incubation. It is done to help businesses to commercialize and grow their businesses.

Benefits Of NEEDP Initiative:

NEEDP offers assistance at different levels depending upon their business growth stage. 

Here are the key benefits of NEEDP,

Startups At Incubation: For 120 startups can avail of Rs.3 lakh of commercialization grant and an additional Rs.7 lakhs for the top twenty performers.

Startups At Pre-incubation: Under this category, 150 startups will get Rs.1 lakh as a prototype grant and an additional Rs.4 lakh for the top 25 performers in this pre-incubation group. 

Every selected startup will access a strong network of mentors across various sectors and the opportunity to engage with seasoned entrepreneurs, angel investors, and other senior managerial levels in the corporate sector. 

Being part of this program will provide access to a structured incubation curriculum where you will have boot camps and knowledge sessions conducted by speakers drawn from the IIMC Faculty, alumni, domain experts and many other ecosystem partners. 

Timeline to apply for North East Entrepreneurship Development Program:

If you have a business idea that can disrupt the business ecosystem, then make sure to apply before the end date to participate in this NEEDP program:

  1. Registration Start date: 2nd September 2022
  2. Last Date For Applications: 31st October 2022
  3. Announcement of Shortlisted candidates:15th November 2022
  4. Selection Events for shortlisted candidates: 16th November 2022 to 15th December 2022
  5. Incubation and re-incubation Start Date: January 2023 (Date will be announced to all the selected candidates)

Eligibility Criteria:

NEEDP is a specific initiative for all aspiring entrepreneurs across all eight states of the Northeast region (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, and Tripura). 

There is a slight difference in eligibility criteria between startups applying for pre-incubation and incubation stages. Read and understand the eligibility criteria under which you plan to use. 

Pre-incubation Startups     Incubation Startups

The contesting applicant must be a citizen of India.


The contesting applicant must be a citizen of India.

The applicant must be a permanent resident of any of the eight Northeastern states of India. (All other Indian citizens from other states & UT are excluded).

The applicant must be a permanent resident of any of the eight Northeastern states of India. (All other Indian citizens from other states & UT are excluded).

The applicant must have a working prototype or an idea to scale with business viability.

The applicant must be either at the early revenue stage or have established proof of concept* for the business model.
 

At least one of the applicants from the business team should be working full-time on the business.

Proof of concept:

The term proof of concept refers to a product or service that is tested thoroughly before taking to the market. Proof of concept is often tested and acknowledged within a closed group of experts at all levels. It acts as a testimony to the product. The POC is a beta stage of a product or service. 

Every business selected for the NEEDP program will be part of either the incubation or pre-incubation stage. 
Incubation is a process whereby an entrepreneur/organization get help for their new and startup business to develop by providing services such as management training, capital or office space. The incubation offers the ecosystem for harnessing new business ideas/concept and developing it into commercial ventures.

Pre-incubation refers to the phase aimed at validating project ideas, company planning and creation, and the possibility of developing viable businesses by analyzing technical and economic viability and entrepreneur profile.

Suppose you are interested in participating as an entrepreneur. In that case, you must register or sign up with all the required details. Once you sign up successfully, you must provide all your business idea and POC-related information and submit the completed online application form. 

Conclusion:

The North East Council organizes the North East Entrepreneurship Development Program with IIM Calcutta Innovation Park. If you are an entrepreneur with a unique idea or concept for commercial purposes, that has the following characteristics: It must fulfil customer needs, it should be innovative and solve market failure, have a uniqueness in features and appeal, have a clear focus and be profitable in the long run. Apply now to bring your idea into reality. 

The last date to apply for North East Entrepreneurship Development Program (NEEDP) is 31st October 2022. 
 


Author : Dharani

Date     : 28-Oct-2022


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