IT Park To Get EDC By 2008

Chandigarh Administration has finalised the modalities for the Entrepreneurs Development Centre (EDC) at Rajiv Gandhi Chandigarh Technology Park (RGCTP), which would be developed as an incubation centre for the IT Companies.

While the building is under construction, estimated time of completion is till December 2008 but it is expected to be finished early.

"Along with the building it has been the endeavor to create an eco system for nurturing and promoting entreprenuership", said Manjit Brar, UT IT Director while talking to Hindustan Times. He added as a part of this objective- one full day of e-Revolution was dedicated so as to help the would-be entrepreneurs hear the success stories of the successful entrepreneurs.

As a part of this vision, the administration would also be promoting Student Entrepreneurship in academic institutions. The EDC would aim to educate, train, and nurture the young professionals in setting up their entrepreneurship by providing shell space or space with plug n play facilities in a state of the art environment friendly and an intelligent building.

It would also facilitate the interaction amongst the stakeholders at various levels through seminars, informal discussions, business plan competitions etc and UT has decided to establish a Resource Centre within the EDC which would be a comprehensive information centre for aspiring entrepreneurs. There are also plans to promote Research & Development in the field of Software technology, apart from providing other high value added services to IT companies in RGCTP.

To give a broader perspective for achieving the objectives of the EDC, the administration has decided to set up a Board of Mentors which could meet twice a year. The Board of Mentors would provide the requisite direction to the EDC in achieving its objectives. SPIC should be made in charge of running the EDC and the same would be done by the Executive Committee of SPIC.

In addition to the existing members of Executive Committee 2 members can be co-opted from the Board of Mentors for running the EDC and this small body can be named as EDC Coordination Council

The rent of the space would be nominal, however, to have a perpetual flow of funds for the EDC, some percentage of equity would be provided by the entrepreneur to the EDC with an exit route, so that as and when the entrepreneur grows and wants to scale into an independent building, he will have the option to buy back the equity at the Net Asset Value as on the date of his exit from the EDC. The mode of exit could be postponed to a future date also and till then the equity would vest in the name of EDC/SPIC.

What else can you look for at the EDC?

Library having all types of books relating to entrepreneurship relating to all issues, Business Plan Handbooks, Encyclopedias, Updated Reference material, Journals/Magazines from all leading international publishers.
Personal computers with high-speed Internet access along with allied hardware like printers, copier, scanners etc for the use of members.
Entrepreneur Magazine's Start-up Guides by Industry, covering everything from software consulting firms, e-business, and import/export, to landscaping, and coin-operated vending and staffing services.
A suite of software applications for small businesses, along with some free samples.