Public Disclosures

(as of 1st  August 2017)

 

About this page:

This page provides information about the Entrepreneurship Development Center (Venture Center).

 

Organizational information and fact file

 

Information

Details

Company name

Entrepreneurship Development Center

Mission

To nucleate and nurture technology and knowledge-based enterprises for India by leveraging the scientific and engineering competencies of the institutions in the region.

Vision

To be the organisation that will be credited with creating, shaping and sustaining a “Pune cluster” of innovative technology businesses with a significant economic impact regionally, nationally and globally within the next 20 years.

Aims and objectives

o   Nucleation of new business by creating the environment and opportunities for know-how providers, entrepreneurs and financiers to meet each other and form business teams

o   Nurturing businesses through their start-up phase by creating and running an efficient business incubator offering not only space but also access to technology support, business mentoring, networks, scientific and information resources, and a generally conducive and supportive environment.

o   Promoting and running an active program for identification, creation, acceleration and translation (into practice) of technology ideas suitable for new venture creation.

o   Run an active program in building and sharing resources, networks, competencies and special expertise in select areas at the interfaces of technology and innovation, business and entrepreneurship, and government and policy.

Trademarks owned

o   Venture Center

o   IPFACE

o   Lab2Mkt

o   Exciting Science

Registered address

100, NCL Innovation Park, Dr Homi Bhabha Road, Pune- 411008, Maharashtra, India.

Websites

www.venturecenter.co.in

www.vcenterlibrary.org

www.ipface.org

www.excitingscience.org

Company Identification Number (CIN)

U73100PN2007NPL129455

Incorporation Date

10 January 2007

Company registered under

Section 25 of Companies Act, 1956 (India)

(Section 8 of Companies Act, 2013)

Nature of company

Private Limited Company

Non-profit Company

Limited by Guarantee

Founders

o   Swaminathan Sivaram

o   Premnath Venugopalan

Members of the Company

o   Vidya Gupta

o   Guruswamy Kumaraswamy

o   Ashish K Lele

o   Magesh Nandagopal

o   Sanjay Nene

o   Anuya A Nisal

o   Venkat Panchagnula

o   Vinita V Panchanadikar

o   BLV Prasad

o   VivekRanade

o   Swaminathan Sivaram

o   Nitin S Tewari

o   Premnath Venugopalan

Board of Directors

o   Prof Ashwini Kumar Nangia (Chairman) Director, CSIR-NCL

o   Pramod Chaudhari, Chairman, Praj

o   KN Ganesh, Director,  IISER-Pune

o   AT Kusre, Professor, IIT-Bombay

o   HK Mittal, Head, NSTEDB, DST, Govt of India

o   Premnath Venugopalan, Head, NCL Innovations, CSIR-NCL

Sub-committees of the Board

o   Incubator Facilities and Services Oversight Committee

o   Investment Committee

Councils

BioIncubator Council

o   Pramod Chaudhari (Chairman)

o   Vidya Gupta

o   Sanjay Nene

o   Renu Swarup

o   Premnath Venugopalan

Institutional Committees and Advisory Boards

o   Advisory Board

o   Advisory Committee for Biosafety and Bioethics

o   Works Committee

Head, NCL Innovations

o   Premnath Venugopalan

Head of the executive team

o   Manisha Premnath

Approvals and affiliations

o   Incubator created under the CSIR scheme titled "Scheme for setting up incubation centers in CSIR laboratories"

o   Approved TBI of DST-NSTEDB

o   BIRAC BioIncubator

Recognitions

o   Recognized “Scientific and Industrial Research Organization” (SIRO) by DSIR; Regn no F.No.11/522/2011-TU-V

Accreditation

o   Accredited by CREDAL under Desirable Norms (highest category). This accreditation provides an independent, respected and credible recognition of the high standards of accountability, transparency and governance followed by Venture Center.

Registrations

o   Section 12AA–Regn12A(a)/45/2008-09/1029

o   Section 80 G - 80G/60/2008-09/1030

o   FCRA registration (under section 6 (1) (a) of the Foreign Contribution (Regulation) Act): FCRA Reg. No. 083930543. The Bank account under which FC funds are received is with Axis Bank, Baner Branch.

o   GSTN-27AADCE4846J1ZE

o   Registered with Guide Star: GSN 1339

Exemptions/ concessions

o   Exempt from Income Tax

o   Exempt from GST on taxable services rendered

o   Concessions for Customs Duty/ Central Excise Duty

Auditors

C. V. Chitale & Co. Chartered Accountants,3, Gurukrupa, Sathe Colony, Near Bajirao Road Telephone Exchange, 1317, Shukrawar Peth, Pune- 411 002

Bankers

o   ICICI Bank

o   Axis Bank

o   State Bank of India

Professional memberships

o   ISBA (India)

o   APIN (Asia)

o   NBIA (USA)

o   PIC (Pune International  Center)

 

 

Company documents and Annual Reports:

·         Company formation documents: Available on request with justification (Restricted access website)

·         Founding agreements and approvals: Available on request with justification (Restricted access website)

·         Registrations, recognitions: Available on request with justification (Restricted access website)

·         Annual Reports: Previous annual reports available on request (Restricted access website)

 

Impact and achievements:

·         Venture Center is the recipient of the National Award for Technology Business Incubators 2015. The award was received from the President of India on 11 May 2016.

·         Venture Center tracks a variety of indicators of activity and impact via the Impact Portal. See following sites for details:

o   Impact portal

o   Report of various indicators

o   Incubatee news and achievements

 

Governance:

 

Here is the list of corporate governance policies that we adhere to at the current time:

 

·         Board of Directors: Venture Center board members have vast industry knowledge and technical experience to contribute effectively to management of the company.

o   Currently our Board has 6 members.

o   None of our board members are related by blood or marriage.

o   Our Board meets at least once a quarter to review the progress of the company.

o   Minutes of Board meetings are well documented and circulated.

o   Our Board reviews the budgets, activity reports and audited financial statements and ensures compliance with regulations and laws governing the company.

o   Currently, none of the Board members have remunerative roles in our company.

o   A Board Composition and Refreshment Policy exists and implemented.

 

·         Details of board meeting and AGM/EoGM held in the last 3 financial years:

 

Financial year

Nature of the meeting

For the quarter

Date of the meetings

Number of directors/ members present

Total Number of directors/ members

2014-15

Board Meeting

Q1

14.06.14

4

8

 

Board Meeting

Q2

23.08.14

6

8

 

Board Meeting

Q3

13.12.14

5

8

 

Board Meeting

Q4

12.03.15

3

7

 

Board Meeting

Q4

16.03.15

6

7

 

Annual General Meeting

 

20.09.14

12

13

2015-16

Board Meeting

Q1

13.06.15

5

7

 

Board Meeting

Q2

22.08.15

6

7

 

Board Meeting

Q3

12.12.15

4

8

 

Board Meeting

Q4

12.03.16

7

9

 

Annual General Meeting

 

19.09.15

10

13

2016-17

Board Meeting

Q1

16.04.16

7

8

 

Board Meeting

Q2

16.07.16

6

8

 

Board Meeting

Q2

27.08.16

2

7

 

Board Meeting

Q4

21.01.17

3

6

 

Annual General Meeting

 

16.09.16

10

13

 

·         Policies / Procedures:

o   Procurement: We have proper policies in place that define the complete procurement procedure, roles of various employees in procurement of various items, signing authority of various management personnel and so on. Our procurement documents are available on our intranet site for the reference of all the employees.

o   HR: We are equal opportunity provider and we are committed to promote diversity in the workforce. We have a formal organizational structure which clearly demarcates the roles and functions of various employees. We also have a comprehensive HR policy for hiring, compensation, increments, promotion, termination, etc. We provide appointment letter to all our employees with detailed terms of employment.

o   Finance: Our accounts are prepared on accrual basis and audited by both internal as well as external auditors. We file our tax returns on timely basis.

o   All our financial policies and procedures are well documented and all are available for employees to refer to at any time. We also circulate our Annual Report to our stakeholders at the end of year.

o   Marketing: Detailed description of all our services is available on our website. The description also includes the pricing information, what each particular service includes, any discounts available to different kinds of customers etc.

o   Donations: Since we accept donations towards our activities, we provide timely and relevant feedback to all the donors regarding our activities and how the funds were utilized. This feedback includes information regarding expenses incurred, outcomes and achievements and any other information that may be asked for.

o   Incubatees: As an incubator, we have formal entry process for potential companies / clients to adhere in order to be incubated by us. Venture Center has published an Exit Policy for incubatees on its website. We also evaluate our policies yearly to fill any gaps in services and increase the potential benefit that an incubatee can get from us.

 

Operations:

 

Here is the list of corporate governance policies that we adhere to at the current time:

 

·         Management:

o   The organization periodically reviews progress of programmes.

o   The organization follows consultative decision-making processes.

o   The organization complies with applicable laws and regulations of the country.

o   The accounts of the organization are regularly maintained and are audited by a chartered accountant

 

·         Human resources:

o   Roles and responsibilities are defined for Personnel (Staff and Volunteers)

o   All personnel are issued letters of contract/ appointment

o   An appropriate HR/Personnel Policy is in place

 

·         Organogram: The organization is structured as illustrated below.

 

Accountability and transparency:

 

·         Accountability:

o   Signed audited statements are available: balance sheet, income and expenditure statement, schedules to these, notes on accounts and the statutory auditor’s report.

o   Statement of accounts indicates whether constructed on a cash or accrual basis. We use an accrual system.

o   There are no serious adverse notes on any material point

o   There are no material transactions involving conflict of interest between a Board or staff member and the organisation.

 

·         Transparency:

o   The organisation’s Annual Report is distributed and communicated to the stakeholders and others and is made available on request every year, within eight months of the end of the organisation’s financial year.

o   The Annual Report contains a description of the main activities, a review of the progress and results achieved in the year; and information on the Board members' names, position in the Board, remuneration or reimbursement and contains brief financial details.

o   Distribution of staff according to salary levels and gender breakup is disclosed below (Based on gross pay including benefits as of 31st July, 2017; Fellowship under various programs/ projects is not included in the table; Some of the Venture Center staff work pro bono as volunteers):

 

Slab of gross monthly salary (in Rs.) plus benefits paid to staff & consultants

Male Staff & consultants

Female Staff & consultants

Total Staff & consultants

<5000

-

-

-

5001- 10000

-

-

-

10001- 25000

2

4

  6

25001- 50000

5

7

12

>50,000

2

6

  8

Total

9

17

26

 

o   Venture Center discloses the total cost of international travel by all personnel (including volunteers) as provided below (Note: Data for last 3 financial years):

 

Name

Designation

Destination and Year

Purpose

Expense incurred by EDC  (Rs)

Sponsored by

Manisha Premnath

General Manager

UK

2015

Chevening Rolls Royce Science Innovation Leadership Program 2015

None

Foreign and Commonwealth Office (FCO), UK

Soma Chattopadhyay

Manager- Incubator

USA

2015

DST-Lockheed Martin India Innovation Growth Program

None

DST, GoI and IUSSTF

Mugdha Lele

Manager- Social Innovations

UK

2016

Chevening Rolls Royce Science Innovation Leadership Program 2016

None

Foreign and Commonwealth Office (FCO), UK

Edna Joseph

Assistant Lab Manager

USA

2016

 

Training on Mass Spectrometry

23,780

Costs of training & international travel borne by Agilent Technologies  Incorporation

Ajeet Singh

Scientist-CAMS

USA

2016

 

Training on Mass Spectrometry

16,916

Costs of training & international travel borne by Agilent Technologies  Incorporation

 

o    Annual Reports: 10th Annual Report

o    Annual Reports: 9th Annual Report