Incubation and Entrepreneurship Cell (IIEC)
V-LAUNCH is an internal seed-funding grant sanctioned to faculty by IIEC, VIT-AP University. Under this scheme, a faculty PI along with research scholars and UG/PG students can avail a maximum of Rs. 2,00,000/- per project to build a product prototype. After rigorous testing, this product can be upscaled, manufactured and marketed / sold to a business. Alternatively, the faculty PI can start a business venture and sell this product through his/her startup. Faculty can make use of all the resources that are available within the campus such as access to laboratory/makerspace, workshops, development and testing centers, computing resources, internet access (including Wi-Fi), common library (including digital) with books on technology, marketing, business, finance, etc., conference/meeting rooms, e-waste disposals, air handling, security systems, electricity supply, water, parking place, dining, stationery stores, etc., along with abundant human resources. In addition to these resources, IIEC also has a network of eminent professionals, academicians, alumni, bankers, venture capitalists, and businessmen, who can extend support to these startup ventures. Besides, the IIEC’s makerspace is established with state-of-the-art machinery such as PCB printing machine, 3-D printing machine, CNC machine, etc. Apart from the product developed, the outcomes of such projects can also be journal / conference publications and patent filings.
Intellectual Property (IP) is an intangible knowledge product and shall mean and include –all results, conclusions, deductions, inventions, ideas, improvements, discoveries, enhancements, solutions, processes, modifications, know-how, data and information of every kind and description conceived, generated, made, or reduced to practice as the case may be, designs, software programmes, genetically engineered microorganisms, business models and copyrightable work – resulting from the intellectual output of the faculty, staff, students, research scholars and other employees of the University. IP is, thus, an outcome of the University supported research or sponsored research, industrial consulting or other forms of joint research and development work. The Intellectual Property could be protected in the form of Patent, Industrial design, Trademark, Copyright, confidential information, Technical know-how, Mask works, process, plans, specifications, guidelines, graphics, training materials, software programs, records, drawings, instruction guides, student materials, new techniques, algorithms, concepts etc. The intangible product of the intellect must have the potential for industrial application or potential for augmenting the S&T knowledge base if it must be protected by the VIT-AP University. In all the applications filed by the University for the ownership of IPR, the persons who have directly contributed intellectual inputs shall be mentioned as inventors. All the expenses (statutory fee, patent attorney’s fee, taxes, etc.,) for processing the IPR application will be borne by the IPR Cell, VIT-AP University. This encourages faculty to file patents since the process is streamlined. The result of this can be seen with an exponential rise in the number of patents filed by faculty, research scholars and UG students alike.