1. OBJECTIVE OF THE INNOVATION FUND SCHEME
The chief objective of the “Innovation Fund Scheme for NIFTEM students” is to provide all support and a platform for realization of their innovative research ideas, and finding solutions to the problems being faced at present by the Food Processing Sector in India. The funding scheme aims to encourage the B.Tech and M.Tech students of the NIFTEM to undertake innovative projects, which would ultimately result into proof-of-concepts, design of equipments, etc, thus having high societal and commercial impact and thereby helping in the growth of Indian food Industry.
2. FUNDING PATTERN
Project funding will be maximum upto Rs. 15.00 lakh. This fund limit may be extended in case of highly deserving projects with prior approval of theHon'ble Vice-Chancellor, NIFTEM. The research project can be submitted by NIFTEM- B.Tech/M.Tech students individually (or) as group, preferably jointly M.Tech and B.Tech students. Project could also be taken up by the students in collaboration within Departments of NIFTEM (or) Departments of other Universities (or) Industries (or) NGO groups. Each project should be submitted through a NIFTEM faculty as internal guide.
3. DURATION OF THE PROJECT
Initial duration of project would be 2 years. Based upon the progress and importance of work, the scheme may be extended for another 1 year without any further financial implications.
4. SCOPE AND DISBURSEMENT OF FUNDS
Student innovation fund is intended to cover all costs involved in carrying out all experimental work and towards cost involved in any other activity as mentioned under the respective heads in the proposal. NIFTEM holds all the rights for either continuation (or) cancellation of funds at any stage (or) the complete activity related to the administration of the Fund.
- The results obtained may be published with prior approval only.
- Funds will be disbursed at defined milestones or when certain percentages of deliverables are completed. Progress report has to be submitted before the stipulated time. Request of funds for any given year shall not exceed the approved phasing award for that year. Sanctioned funds have to be spend exclusively for project work only.
- In each financial year, the sanctioned funds/equipments are to be audited as per NIFTEM rules. At closing time of the scheme, the audited balance fund, procured equipments, final report, etc., should be submitted to NIFTEM. All the equipments, valuables and any items procured with the scheme funds would be the property of NIFTEM.
5. SOME RELEVANT RESEARCH AREAS
The funding would be given for projects to solve any of the industry problems pertaining to food processing and its allied areas: e.g.
- Development of Novel and innovative products
- Development of Innovative Process , New technologies, Prototypes, etc.,
- Development of Innovative packaging, materials and techniques
- Increasing efficiency of supply chain and cold chain management
- Ensuring food quality and safety
6. LEGAL FRAMEWORK
- All the IPR policies are to be followed as per NIFTEM rules
- NIFTEM will have exclusive right to determine the commercial exploitation or disposition of the same.
- NIFTEM reserves an irrevocable, royalty-free, worldwide, perpetual and non-exclusive right to use the said intellectual property rights for its own non-commercial and Research & Development purposes or course of the project in FPI for national interest and non-profit purposes.
7. (A) INNOVATION FUND COMMITTEE:
- The Vice Chancellor, NIFTEM
- Dean (Research)
- Dean (Academics)
- In-charge, Fund Scheme Member
- Faculty members of NIFTEM nominated by the Vice Chancellor, NIFTEM
- Internal Project guide of NIFTEM
- Three Experts from the food processing sector/industry nominated by the Vice Chancellor, NIFTEM-At the time of review of scheme/project work any one expert will attend.
- A Representative from financial institutions
The Innovation Fund Committee will evaluate and analyze the whole project scheme before sanctioning any project.
(B) PROJECTS REVIEW COMMITTEE (PRC):
The Dean (Research) as the chairperson along with In-charge, fund scheme and the project guide and the other members (upto 3 maximum) as the subject experts would review the submitted concept note /projects.
- The concept note will be reviewed internally within one week and result will be notified.
- In case of short-listing of concept note by the committee, a DPR (Detailed Project Report) would be submitted by the applicant within 30 days.
- The DPR will be reviewed internally first, then, respective team will be called for presentation before the committee within 15 days.
- The PRC will recommend the project for funding (or) may recommend for external review, if necessary.
- Finally, the PRC will submit report to the Vice-Chancellor for consideration and further approvals.
8. MONITORING AND EVALUATION OF FUNDED PROJECTS
The Vice-Chancellor, NIFTEM will nominate the evaluation committee for periodic assessment and regular monitoring of the sanctioned projects (may contain internal members only and/or external – upto 3maximum). The progress (projected/actual) and performance will be evaluated based on parameters chosen by PRC. Finally, the committee will submit report to the Vice-Chancellor for consideration and further directions.
Sonipat , India