Optimism Community Initiative @ NSUT

NSUT INCUBATION AND INNOVATION FOUNDATION (NSUT-IIF) (section 8 company as per The Companies Act-2013) having its registered office at Netaji Subhas Institute of Technology, Azad Hind Fauz Marg, Sector 3, Dwarka Delhi, envisions to create an eco-system of Optimism builders, developers, educators and enable the development of an Optimistic eco-system.

Project Ideas: please visit ethereum-optimism/optimism-project-ideas: Ideas for projects to build on Optimism (github.com) 

Optimism Community Initiative Goals at NSUT - We wish:

1. To rapidly advance your Optimism project towards becoming a start-up;

2. To gain access to Optimism mentors, investors, and entrepreneurs;

3. To access resources and Optimism tools;

4. To secure funding and investment post-accelerator;

5. To gain networking opportunities within the cohort. 

Accomplishments: 

Netaji Subhas University of Technology won the first prize on 15th October ‘2017 in Chennai, in the category “Institution Supporting Web3 Startups” sponsored by Niti Aayog and All India Council for Technical Education (AICTE) in collaboration with Vijnana Bharati (VIBHA) and partnering with other government agencies such as DBT, DST, DIPP, AIM - NITI Aayog, NRDC and FITT organized “National Start-up Summit-2017” under the aegis of India International Science Festival (IISF 2017), a joint mega event of Ministry of Science and Technology and Ministry of Earth Sciences. 

The final presentation for NSUT were delivered by Prof. Prerna Gaur, Director and Member Secretary at NSUT IIF; Prof. M.P.S. Bhatia, Director at NSUT IIF and Manu Sheel Gupta, Mentor at NSUT IIF. Niti Aayog will be collaborating with NSIT to organize Abdul Kalam Lectures at the engineering college. NSUT IIF formed at NSUT with the support of Delhi Government and NSUT’s performance at National Startup Summit has encouraged startup companies and incubatees to be better networked, more cost effective and get quality mentorship from across the country.

Fostering an Optimistic Eco-system

Honorable Manish Sisodia, Deputy CM at Delhi Government and Madam Punya S. Srivastava inaugurated NSUT-IIF in March 2016. NSUT IIF provides a host of support services to start-ups, organize selection of newer incubatees. 

Some of the startups incubated by NSUT IIF are ReadersCrib, an optimistic e-commerce marketplace for renting of books; CacheFi, linux smart routers powerful enough to run multiple optimistic applications; Triposse, a tech aggregator for bespoke group travel services on optimism. Newer startups in the area of low-cost technology & best harvesting practices for horticulture crops farmers community, Smart mechanization for small farmers, making roads safer using in-car technology to make driving better and monitored for drivers, authorities, as well as other 3rd parties, machine learning startups to get the best price from all major online stores in India, and compare it with the offline stores and Stories Worth Sharing for teenagers and adults are in the process of financing.

NSUT has a mix of subject matter experts and management focused faculty members along with motivated students, technical societies and an alumni network to operationalize innovation and startup activities. Various societies at NSUT like IEEE, SAE, ISA, CSI, C.E.D.T. Lab at NSUT have helped students learn skills to develop technology based projects.

Procedure for applying to NSUT IIF for Optimism builders, hackers, designer and community developers:

NSUT IIF invites interested builders and developers on Optimism to incubate at NSUT IIF centre via the following step wise procedure -

1.  Innovators, Builders, designers meet the NSUT IIF team and discuss their business idea, its basic outline and viability.

2. The sustainable innovations are provided assistance to apply at NSUT IIF and are required to submit the following documents. Please find the list of documents and the respective file formats attached for submission to the NSUT IIF team. Kindly email about your expression of interest to contribute in blockchain at bhatia.mps@gmail.com and aspiringuserapps@gmail.com . Please CC Dr. Prerna Gaur and Dr. Vijander Singh.

Honorable Manish Sisodia, Deputy Chief Minister of New Delhi inaugurating NSUT-IIF incubation center in 2016

3. The documents submitted by innovators planning to develop in Optimism are reviewed by the selection committee members at NSUT IIF.  

Feedback is submitted to all the applicant innovators interested in building in Optimism and the shortlisted ones are invited for the first round of interviews at NSUT IIF office.

4.  The innovators are required to deliver a startup pitch and are evaluated on various parameters by the selection Board comprising of Directors, subject matter experts and independent jury members.

5. The innovators who pass the first round are required to incorporate within a span of 10-15 days. Further, they are required to submit -

(a) Certificate of incorporation of the company issued by the Ministry of company affairs, Govt. of India

(b) Name and DIN No. of All Directors 

(c) PAN/TAN issued by income tax department for the company

(e) Bank A/c details (A/c no.,, Bank Name, Branch, name of signatories of the bank account)

(f) Any other document related to your company not stated in this list like MOA and AOA

Documents related to the team required after the first round of interviews -

(a) Name/ Designation of Director

1.                                                                     2. 

2.                                                                     4.

(b) Type of affiliation with NSUT (Current student, Alumni of NSUT or only employee in the company)

1.                                                                     2. 

3.                                                                     4.

(c) PAN

1.                                                                     2. 

3.                                                                     4.

(d) Aadhar Card

1.                                                                     2. 

3.                                                                     4.

(e) Proof of address (passport/driving license/voter id card etc.)

1.                                                                     2.

3.                                                                     4.

(f) If current student than ID, if Alumni than Degree obtained from NSUT)

1.                                                                     2.

3.                                                                     4.

(g) Any other document which you feel desirable to be submitted to our office, not stated in the above list.

1.                                                                     2.

3.                                                                     4.

6.  On completion of incorporation, the shortlisted companies are invited for the financial round of interviews.

7. Initial seed fund amount, disbursement schedule and equity are decided after careful evaluation of the activity based costing sheet, business model and expense, revenue projections. The equity kept in exchange to seed fund disbursement is kept in accordance with the incubation guidelines.

8. The startup company representatives are then required to present a certificate issued by their respective bank managers indicating the mode of operation of the account number, the signatories of that account and any other details shared at the time of opening of the account. Further, the representatives are required to self-attest every single page in the company file.

9. The startup company representatives then sign on an incubation agreement with NSUT IIF stating the modus operandi and terms and conditions as laid down in the incubation guidelines in presence of witnesses.

10. Rental agreement is laid down by NSUT IIF and signed by the startup company representatives. Rooms are alloted and incubation facilities are provided, which  operationalize the bootstrapping of the incubatees at NSUT IIF.