Associating with CrAdLE EDII under CSR activities
As per Section 135 of the Act, every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board (the “CSR Committee”) consisting of three or more directors, out of which at least one director shall be an independent director.
CrAdLE EDII is a non-profit Technology Business Incubator located within an academic organization Entrepreneurship Development Institute of India (EDII) which is approved by the Central Government and hence eligible under Section 135, Schedule 7 of the Companies Act 2013. Corporates can support CrAdLE startups through CSR donations and grants. Corporate can deploy their CSR funds towards supporting an innovative idea through CrAdLE.
This site provides information for large Corporates who wish to associate CrAdLE in executing CSR projects and plan their CSR expenditure as per Section 135 of the Companies Act 2013.
Eligibility and track record:
In brief, CrAdLE EDII is eligible to receive funding support under Section 135, Schedule 7 of the Companies Act 2013 because:
- CrAdLE EDII is a non-profit entity; it is registered as a Section 8 company
- CrAdLE EDII was incorporated in Dec 2016
- CrAdLE EDII is a technology business incubator approved by the Department of Science and Technology’s National Science and Technology Entrepreneurship Development Board (Ministry of S&T, Govt. of India)
- CrAdLE EDII has been supported by funding from DST-NSTEDB
- CrAdLE EDII is located in the Entrepreneurship Development Institute of India, Gandhinagar campus which is an academic organization that awards PG degrees in Entrepreneurship & affiliated by AICTE.
The following table provides detailed information for interested Corporate entities on eligibility and track record of CrAdLE as required under Section 135, Schedule 7 of the Companies Act 2013.
External link/Local copy
|Sector under Schedule VII||Example(s) of type of project|
|Technology incubators located within academic institutions which are approved by the Central Government [item 1(ix) in GSR 130(E)]||o Core activity of CRADLE EDII to nucleate and nurture technology based ventures
o Lecture series to inspire, inform and energize a new generation of technology innovators and entrepreneurs
o Structured programs to support inventive enterprises
Sectors in which CSR projects with CrAdLE may be covered
How can you get started?
- Contact CrAdLE to discuss and plan your CSR projects. We shall be happy to discuss over telephone or via in-person meetings. Contact information is provided.
- Kindly inform the CrAdLE of the priorities listed in your company’s CSR Policy. If you are still finalizing your CSR Policy, please consider including the following objectives in your CSR Policy:
|Support the development and incubation of new and innovative technologies at technology incubators within academic organizations|
|Support entrepreneurship skills development especially for technology incubation/advancement via inventive entrepreneurs, women entrepreneurs and social enterprises.|
|Support the public libraries focused on innovation and entrepreneurship.|
|Support the creation of specialized facilities for technology incubation and thus enhance the innovation eco-system in academic organization|
- The CrAdLE team shall be happy to work with you to detail out the CSR project plan to meet the objectives of both your company and CrAdLE.
Types of funding and planning your CSR projects:
- CSR funding can be of two types:
- Contribution to the corpus: In this form of contribution, the company can fund a lasting and continuing program with potential for long lasting impact. This form of funding is suitable for creating/ supporting resource centers and organizational activity/initiatives. Here, the recipient only uses the income on the corpus towards its activities; the corpus remains an asset of the organization.
- Project or program funding: In this form of contribution, the company can focus on focused, limited term projects with clear milestones.
- For Corporates, the choice of projects typically depends upon:
- The key objectives laid out in the CSR Policy of the company
- The impact desired by the Company via its CSR program
- The visibility the company seeks amongst its stake holders.
- Please note that the CSR projects:
- Cannot include the activities undertaken in pursuance of normal course of business of a company.
- Cannot be exclusively for the benefit of employees of the company or their family members.
Reporting on CSR projects and impact monitoring:
- CrAdLE shall 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 against pre-decided impact metrics
- CrAdLE proposes to have online websites for each of its CSR projects that will continuously track and report the progress on the projects. The websites shall also acknowledge and thank the sponsors for their contributions.
- CrAdLE is sensitive to the need of Corporates to project the impact and results of the CSR projects to the community and people at large as well as government stake holders. CrAdLE shall make every effort to publicise the support of the sponsors via its events, media etc periodically.
Contact person at CrAdLE:
Bhat Gandhinagar – 382428
Phone: +91-79-2396 9151 Ext. 545