Govt sets up Rs 10 cr VC fund to help designers

New Delhi, Sep 24 (UNI) The government today announced a Rs 10 crore rolling fund at National Design Business Incubator (NDBI) to support young designers aspiring to become entrepreneurs.

''Needy young designers desirous of pursuing their business ideas through incubation route at NDBI can now avail this rolling fund support,'' Commerce and Industry Minister Kamal said.

He said major objective of NDBI is to kindle spirit of innovation among designers for creating a new breed of ''designpreneurs'' by helping them through such a venture capital fund.

He said the government has agreed to allow National Institute of Design (NID) to be a stakeholder in NDBI's consultancy work, adding consultancy sharing would be patterned on the lines of other premier educational institutions such as IITs and IIMs.

Set up by NID in 2005, NDBI is aimed at building on the country's design strengths aimed at making ''made in India, designed for the world'' a reality.

Through the incubator, NDBI helps young designers turn their innovative ideas and concepts into successful competitive businesses by providing an environment where they can develop the essentials of business management skills and systems.

The rolling fund will support young designers who are fresh, and first generation entrepreneurs just out of the academic institutions, without industrial experience as most financial institutions do not lend to such designers, said an official statement. UNI SAA MP RN1508