Shillong (Meghalaya) , July 22 : The North Eastern Hill University has decided to set up an incubation centre for business start-ups in the state as part of its promotional activities to secure a position in the National Institutional Ranking Framework, an official said today.
The university intends to provide funds and mentor sustainable social business models over the next two years, the official said.
The National Institutional Ranking Framework (NIRF) is a methodology adopted by the Ministry of Human Resource Development to rank institutions of higher education in India.
Headed by university vice chancellor SK Srivastava as its chief patron and faculty member S R Rao as chairman, the centre is looking forward to signing an agreement with the state government for the initiative through active partnership with the Meghalaya Institute of Entrepreneurship (MIE), B Mohapatra, one of its members, said.
The centre will offer active incubation support to the new ventures for a period of one to two years, Mohapatra said.
“It will provide technical knowhow to these ventures, helping them to become efficient, competent models eligible for formal funding support from donors, philanthropists, network partners and impact investors,” he explained.
The funding for the initiative will be sourced from the Union Ministry of Human Resource Development, Development of North Eastern Region, North Eastern Council, University Grants Commission, the state government and interested donors, Mohapatra said, adding that aspiring entrepreneurs could send in their applications to the centre by July 24.(PTI)