In November 2016, the All India Council of Technical Education (AICTE) released a Startup Policy document for AICTE-approved institutions, to address the need for the inculcation of innovation and entrepreneurial culture in higher education institutions (HEIs). The policy primarily focused on guiding the AICTE-approved institutions in implementing the ‘Startup Action Plan’ of the Government of India. Subsequent to the release of the Startup policy by AICTE and further interaction & feedback received from education institutions, a need was felt for a more elaborate and comprehensive policy-guiding document, which could be applicable to all the HEIs in India. This leads to the ‘National Innovation and Startup Policy (NISP)’.

In context to the NISP, a committee with thirteen members was constituted by L. M. College of Pharmacy (LMCP) to formulate detailed guidelines for various aspects related to innovation, Startup, and entrepreneurship management. This committee deliberated on various facets for nurturing the innovation and Startup culture in LMCP, which covered Intellectual Property ownership, revenue sharing mechanisms, norms for technology transfer and commercialization, equity sharing, etc. After multiple rounds of meetings, LMCP Innovation and Startup Policy was prepared for the students and faculties of LMCP.

In India, innovation is still not the epicenter of education. In order to achieve the cultural and attitudinal shift and to ensure that the ‘Innovation and Startup’ culture is the primary fulcrum of our higher education system, a policy framework and guidelines are the need at this hour. These guidelines will enable LMCP to actively support their faculty, staff, and students to participate in innovation and entrepreneurship (I&E) related activities, thus encouraging students and faculty to consider startups and entrepreneurship as career options.

For more information Visit: