Associating with Venture Center (Entrepreneurship Development Center) under CSR activities
Background:
As per Section 135 of the Companies Act 2013, large companies are expected to spend 2% of the average net profits towards Corporate Social Responsibility Projects.
Venture Center (officially, Entrepreneurship Development Center) is a non-profit technology business incubator located within an academic organization which is approved by the Central Government and hence eligible under Section 135, Schedule 7 of the Companies Act 2013. (see item (ix) under Schedule VII)
This site provides information for large Corporates who wish to associate and partner Venture Center in executing CSR projects and plan their CSR expenditure as per Section 135 of the Companies Act 2013.
Eligibility and track record:
In brief, Venture Center (officially, Entrepreneurship Development Center, EDC) is eligible to receive funding support under Section 135, Schedule 7 of the Companies Act 2013 because:
- EDC is a non-profit entity; it is registered as a Section 25 company
- EDC was incorporated in Jan 2007 and has a track record of several years
- EDC is a technology business incubator approved by the Department of Science and Technology's National Science and Technology Entrepreneurship Development Board (Ministry of S&T, Govt of India)
- EDC has been supported by funding from DST-NSTEDB, TIFAC, TDB, DSIR, BIRAC and DC/MSME (all Government of India agencies).
- EDC is located in the CSIR-NCL campus which is an academic organization that awards degrees under the ACSIR Act and is Central Government supported. (CSIR-NCL Campus is also home to IISER-Pune which is also a Central Govt Funded academic organization).
- Accreditation: Venture Center has been accredited by Credibility Alliance (CA) under Desirable Norms - the highest level of accreditation offered by CA. This accreditation provides an independent, respected and credible recognition of the high standards of accountability, transparency and governance followed by Venture Center. The accreditation positions Venture Center as the only technology business incubator in India with CA accreditation.
The following table provides detailed information for interested Corporate entities on eligibility and track record of Venture Center as required under Section 135, Schedule 7 of the Companies Act 2013.
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External link |
Local copy with notes |
| Acts, Rules and background |
- Companies Act 2013 [Dated 30 Aug 2013]
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- Section 135 of Companies Act 2013 [Dated 30 Aug 2013]
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- Schedule VII related to Section 135 of Companies Act 2013 [Dated 27 Feb 2014]
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- Companies (Corporate Social Responsibility Policy) Rules, 2014 [GSR 129(E) dated 27 Feb 2014]
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- Contribution to incubators under CSR
| Link | Link |
- Co-funding for public funded incubators and R&D projects (24 Aug 2020)
- Funding of R&D related to SDG in publicly funded academia/ R&D
| Link | Link |
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| Venture Center eligibility supporting documents |
- Incorporation information/ document
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CIN: U73100PN2007NPL129455
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Restricted site |
- License under Section 25 of Companies Act 1956
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Link
(item 894 in list) |
Restricted site |
- Memorandum and Articles of Association of EDC/ Venture Center
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NA |
Restricted site |
- Approval to locate within CSIR-NCL campus
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NA |
Restricted site |
- Approved technology business incubator by DST-NSTEDB, NSTEDB
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Restricted site |
- The Academy of Scientific and Innovative Research Act, 2011 [Dated 7 Feb 2012] (Act under which AcSIR is created. CSIR-NCL awards degrees to students under the AcSIR.)
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Link
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- The National Institutes of Technology (Amendment) Act 2012 [Dated 8 June 2012] (Act under which IISER Pune is created. IISER Pune is also on NCL Campus.)
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| Venture Center activities undertaken and track record |
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Restricted site |
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Note of Venture Center's policies and procedures:
Sectors in which CSR projects with Venture Center may be covered
- Primary sector
| Sector under Schedule VII |
Example(s) of type of project |
| Technology incubators located within academic institutions which are approved by the Central Government [item 1(ix) in GSR 130(E)] |
- Core activity of EDC to nucleate and nurture technology based ventures
- Lecture series to inspire, inform and energize a new generation of technology innovators and entrepreneurs
- Fellowships to encourage more people to come up with new technology ideas and take risk in its development
- Structured programs to support inventive enterprises
- Co-use and public facilities to support inventive enterprises, for example a Tinkering lab or MakerSpace for engineering innovators
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- Secondary sectors
| Sector under Schedule VII |
Example(s) of type of project |
| Eradicating hunger, poverty and malnutrition, promoting preventive healthcare and sanitation and making available safe drinking water [item 1(i) in GSR 130(E)] |
- Supporting development of technology interventions aimed at maternal and child health and nutrition; see www.venturecenter.co.in/siip/
- Supporting development of diagnostics for preventive healthcare
- Supporting development of affordable and appropriate technology for safe drinking water. See www.venturecenter.co.in/water/
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| Promoting education, including special education and employment enhancing vocation skills ....and livelihood enhancement projects [item 1(ii) in GSR 130(E)] |
- Popularizing and promoting science and research in grade 8-12 students especially in underprivileged schools; see www.excitingscience.org
- Entrepreneurship skills development training programs
- Training programs for women entrepreneurship
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| Promoting gender equality, empowering women, ......facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups [item 1(iii) in GSR 130(E)] |
- Fellowships to support Women Scientific Entrepreneurs
- Training programs for women entrepreneurship
- Programs to support women grassroots entrepreneurs with business plans leveraging technology
- Supporting development of technologies that empower the differently-abled or the aged and solutions for assisted living.
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| Ensuring environmental sustainability, ecological balance, ...... conservation of natural resources and maintaining quality of soil, air and water [item 1(iv) in GSR 130(E)] |
- Supporting start-ups and/or entrepreneurs working on socially important technology ideas with significant environmental impact via reduced effluents, reduced resource use, remediation of soil, reduction in air/water pollution etc
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| Protection of national heritage ..... setting up public libraries ..... [item 1(v) in GSR 130(E)] |
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| Measures for the benefit of armed forces veterans, ..... [item 1(vi) in GSR 130(E)] |
- Supporting armed forces veterans who are interested in building technology ventures via fellowships
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| Rural development projects [item 1(x) in GSR 130(E)] |
- Supporting technology ventures with potential to make significant contributions to the rural economy and job creation via it business models and empowering resources/tools.
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How can you get started?
- Contact Venture Center to discuss and plan your CSR projects. We shall be happy to discuss over telecon or via in-person meetings. Contact information is provided.
- Kindly inform the Venture Center of the priorities listed in your company's CSR Policy. If you are still finalizing your CSR Policy, please consider including the following objectives in your CSR Policy:
| Examples: |
| Support the development and incubation of new and innovative technologies at technology incubators within academic organizations |
| Support entrepreneurship skills development especially for technology incubation/advancement via inventive entrepreneurs, women entrepreneurs and social enterprises. |
| Support the public libraries focused on innovation and entrepreneurship. |
| Support the creation of specialized facilities for technology incubation and thus enhance the innovation eco-system in academic organization |
- The Venture Center team shall be happy to work with you to detail out the CSR project plan to meet the objectives of both your company and Venture Center.
Types of funding and planning your CSR projects:
- CSR funding can be of two types as per CSR rules (clause 7).
- Contribution to the corpus: In this form of contribution, the company can fund a lasting and continuing program with potential for long lasting impact. This form of funding is suitable for creating/ supporting resource centers and organizational activity/initiatives. Here, the recipient only uses the income on the corpus towards its activities; the corpus remains an asset of the organization.
- Project or program funding: In this form of contribution, the company can focus on focused, limited term projects with clear milestones.
- For Corporates, the choice of projects typically depends upon:
- The key objectives laid out in the CSR Policy of the company
- The impact desired by the Company via its CSR program
- The visibility the company seeks amongst its stake holders.
- Please note that the CSR projects:
- Cannot include the activities undertaken in pursuance of normal course of business of a company.
- Cannot be exclusively for the benefit of employees of the company or their family members.
Reporting on CSR projects and impact monitoring:
- Venture Center shall provide periodic reports on the following aspects to help the Corporate meet its annual reporting requirements under CSR rules.
- Activities undertaken
- Utilization of funds/ financial report against planned budget
- Impact of activities undertaken against pre-decided impact metrics
- Venture Center proposes to have online websites for each of its CSR projects that will continuously track and report the progress on the projects. The websites shall also acknowledge and thank the sponsors for their contributions.
- Venture Center is sensitive to the need of Corporates to project the impact and results of the CSR projects to the community and people at large as well as government stake holders. Venture center shall make every efforts to publicise the support of the sponsors via its events, media etc periodically.
Participating companies:
In-kind contribution:
Contact person at Venture Center:
General Manager
Venture Center
100, NCL Innovation Park
Dr. Homi Bhabha Road
Pune - 411008
Phone: +91-20-2586-5878
Fax: +91-20-2586-5879
Email: gm@venturecenter.co.in
