Panjab University Incubation Centre to come up at Sector 25 Campus of PU

Chandigarh, October 27, 2020: The Panjab University under the RUSA 2.0 scheme is coming up with an 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 test marketing of their products in the market concerned, while funds for lead generation will also be allotted under this scheme.
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 manpower support.
Thus, the Soft Loans forstartups also gives a provision of providing monetary help for outsourcing and manpower.

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