KIIT-TBI and CSR activities
As per Section 135 of the Companies Act 2013, large companies are expected to spend 2% of the average net profits towards Corporate Social Responsibility (CSR) Projects. KIIT-TBI is a not-for-profit technology business incubator hosted at Kalinga Institute of Industrial Technology (KIIT), and hence is eligible under Section 135, Schedule 7 of the Companies Act 2013.
(Please visit the link see item (ix) under Schedule VII)
KIIT-TBI is registered as a society under the Societies Registration Act 1860.
- KIIT-TBI was incorporated in 2008.
- KIIT-TBI is a technology business incubator approved by following agencies of Government of India.
- Department of Science and Technology’s National Science and Technology Entrepreneurship Development Board (DST-NSTEDB), Govt of India.
- Department of Biotechnology’s Biotechnology Industry Research Assistance Council (BIRAC), Govt of India.
- Technology Development (TDB) Board and Department of Electronics and Information Technology (DEITY), Govt of India.
- MSME, Govt of India
- KIIT-TBI has an infrastructure of over 60000 sqft, which can accommodate about 60 companies at a time.
- KIIT-TBI is setting up centre of excellence in Digital Health and precision agriculture and going to promote 50 more companies in this sector.
- KIIT-TBI is promoting 40 social enterprises in the state of Odisha and Jharkhand.
KIIT-TBI can accept CSR contribution from corporate for the sole purpose of CSR activities only.
Corporate can support the following activities under their CSR initiative
|1.||Nurturing Women entrepreneurs/SHGs at Rural sector||> Rs. 50 lakh||This fund will be used for Capacity building, operational expenses, and market linkage for establishing Women Technology Park.|
|2||Innovation and Seed fund||> Rs. 30 lakh||Seed support for incubatee to help with their initial operational expenses and funding for social start ups – products / services having social impact|
|3.||Infrastructure fund||> Rs. 50 lakh||Fund for supporting creation of additional space, shared facilities, equipment, components and raw materials.|
|4.||Capacity building and resource center||~ Rs. 10 lakh||For supporting market research, proof of concept, product development, cost for IP protection cost of experts, mentors, consultants etc.|
|5||Fellowships/ internships fund||~ Rs. 10 lakh||Supporting interns, Entrepreneur in residence (EIR), Innovation fellowship and grand challenge program.|
|6||Implementation of public welfare program in the operational area of Corporate.||As per the actual project cost||Funds will be used to implement various public welfare program such as access to education, health care, skill development, women entrepreneurship, access to safe drinking water, energy etc.|
Benefit for CSR contributors
KIIT-TBI shall mention the CSR contributors on its website including naming rights will be provided.
KIIT-TBI will provide periodic reports on the following aspects to help the corporate meet its annual reporting requirements under CSR rules.
- Activities undertaken
- Utilization of funds / financial report against planned budget
- Impact of activities undertaken