National Skill Development Corporation (NSDC) has launched NSDC Innovations for Skills Challenge 2014 (NISC) competition that provides innovative skilling enterprises across the country an opportunity to receive funding up to, but not limited to Rs 3 crore.
NISC 2014 will identify and invest in 10 to 15 robust enterprises, which will positively impact and create a multiplier effect in the space of skill development in India, said a statement. In addition to the funding, NISC 2014 also provides finalists various non-monetary rewards such as connect to industry experts and business leaders, access to discounted working spaces, a six-month mentorship with TiE and national visibility.
Recognising the importance of skill development, NSDC has developed this Challenge to encourage organizations with innovative solutions that can provide scale, reduce cost and train & equip the workforce of India on par with industry standards. NSDC, through its Innovation Fund, has invested in enterprises such as Milaap, AVR Edge, Microspin, LIQVID, Employability Bridge, ACE Experiences (Asia) and Aspiring Minds.
"Through NISC 2014, we aim to invest in innovative businesses that have the capability to scale rapidly and create a sustainable impact on the skilling ecosystem in India. Our focus would be to identify best in class innovations focused on various sectors addressing critical gaps along the value chain. We welcome and encourage entrepreneurs to consider opportunities in this sector, and submit solutions that have the ability to strengthen the industry, particularly the manufacturing sector that consists of millions of SMEs," said an NSDC spokesperson in a statement.