CSR – Corporate Social Responsibility
Corporate Social Responsibility (CSR) objectives such as sustainable development and shared value propositions motivate Corporations to engage in projects that have a substantial long-term positive impact on society. Companies can now invest up to 2% of their net profits in startups incubated in technology business incubators as their CSR contribution.
The incubator will take the funding from a company against some startup business plans approved by the incubator and for the startups which have been incubated. It will monitor these businesses very closely. The company will be given complete visibility regarding the progress of the startup. It can even mentor the startup on a regular basis thereby playing a much larger role in the growth and development of the startup.
Section 135 of the Companies Act, 2013 lists permitted CSR activities, and by a key recent amendment, ‘contributions or funds provided to technology incubators located within academic institutions which the Central Government approves’ qualify as a CSR expenditure. institution of national importance fully funded by the Ministry of Human Resource Development, Govt. of India. AIIRF – EDIi is supported by the Entrepreneurship development innovation institute, Govt. of Tamil Nadu. which hence qualify to receive funds from Indian and foreign companies operating in India as part of fulfilling their CSR obligations under the Companies Act 2013.
Being a recognized Technology Business Incubator, AIIRF-EDII invites corporates to partner with it, as part of their CSR efforts, to support its’ incubation activities and extend their contributions to society.