The National Skills Development Corporation along with start-up incubator and mentor Ennovent has launched NSDC Innovations for Skills Challenge (NISC), a national competition that provides innovative skilling enterprises the opportunity to receive funding up to, but not limited to, Rs 3 crore through debt investment.

NISC 2014 seeks to identify and invest in a cohort of 10 to 15 robust enterprises, which will positively impact and create a multiplier effect in the skill development space in India, Ennovent said in a release here today.

Non-monetary rewards

In addition to the funding, NISC 2014 also provides finalists various non-monetary rewards such as introduction to industry experts and business leaders, access to discounted working spaces, a six-month mentorship with TiE and national visibility.

By 2020, India will be home to 700 million people of working age, a demographic, that if leveraged properly, can catapult the country as the world's next economic superpower.

India's economy needs qualified, well-trained personnel who can contribute to high growth industries such as construction, hospitality, healthcare, manufacturing, retail and transport. They are also required in labour-intensive sectors such as agricultural food processing, floriculture and horticulture, the release said.

Mahesh Venkateswaran, Principal - Innovation and Engagement Unit - NSDC, said, "Through NISC 2014, we aim to address the issue of investments in small and medium enterprises who have the capacity to scale rapidly and create a sustainable impact within the Indian skill development ecosystem. MSMEs and non-profit enterprises struggle to raise capital in the skilling domain and by supporting them, we want to encourage such enterprises to contribute to the success story of India."

Skilling enterprises

NISC 2014 is sector-agnostic and open to skilling enterprises from across India. Applications are encouraged from enterprises working in certain high growth and high employment potential sectors such as agriculture, manufacturing, construction, real estate and arts/handicrafts. Proposals must be validated with a proof of concept and all initiatives must have at least a pilot that has seen some traction along with a scalable business proposition.

Once applications are shortlisted, the selected proposals will receive a detailed template as part of the further challenge process. This process will also include field verifications and a jury presentation in front of an expert panel of judges before the winners are announced.

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