Union Minister for Commerce & Industry has announced the setting up of a Rs 10 crore Rolling Fund at National Design Business Incubator (NDBI). The incubator has been started by National Institute of Design (NID), Ahmedabad to promote entrepreneurship. "Needy young designers desirous of pursuing their business ideas through incubation route at NDBI can now avail this Rolling Fund support," said Kamal Nath, Union Minister for Commerce & Industry.
NDBI was started in 2005 and provides two kind of incubation options. First is physical incubatees, who can pursue their innovative ideas to transform them into business at NDBI, Ahmedabad, over a period of 6 to 18 months with support services/facilities available at NID. Then there is also the
option of virtual incubation.
With NDI and the rolling fund, the government plans to create a new breed of "Designpreneurs". The government has also agreed to permit the NID faculty to have a share in their consultancy work.