Innovation: Innovation implies substantial improvement in the ways of doing things, producing goods or providing services. It may involve a new use of an existing resource or producing or delivering existing goods or services through new methods or new instruments/materials.

Intellectual Property (IP): The term “Intellectual Property” used herein broadly means any property generated out of the intellectual effort of the creator, either having proprietary value or protected by statute.

Intellectual Property Rights (IPR): Intellectual Property Rights (IPR) are the rights given to persons over the creations of their minds. They usually give the creator an exclusive right over the use of his/her creation for a certain period of time.

Proof-of-concept (POC) stage: Proof-of-concept is the stage where the innovator/startup demonstrates a fundamental functioning demonstration of the idea / hypothesis / innovation.

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Prototype-stage: A prototype-stage is a pre-production / pre-launch stage where the innovator / startup team has developed a basic minimum viable product (MVP) with most key features desired in the final product.

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As per the guideline of SSIP 2.0; student's projects that are at PoC/prototyping level can be provided average financial support up to Rs. 2.5 Lac.

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Minimum Viable Product (MVP): A Minimum Viable Product (MVP) is a version of a product with just enough features/functionalities to be usable by early users/customers who can then provide feedback for future product development.

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Start-up: Start-up is an entity that develops a business model based on either product innovation or service innovation and makes it scalable and replicable so as to be self-reliant. Start-up may also be an entity that satisfies the requirements of the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India, notification dated 17.02.2016 as specified in the G.S.R 180 (E) and amendments.

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Preincubation: Preincubation makes up early-stage support systems for the innovation & Start-up value chain that comprises an enabling environment to trigger creative ideas, hand-holding ideas at conceptualization stage, extending basic facility to test the ideas and validate its early users, basic common working infrastructures, and access to existing resources before the innovation reaches an enterprise stage.
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Tinkering Lab/Fab Lab/Makers Lab: A Tinkering Lab/Fab Lab is a combination of experimental research and specialization, where students may tinker with emerging/advanced technology and fabricate/create new products/prototypes.

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Hackathon: The word hackathon is a portmanteau of the words hacker and marathon, an event marked by endurance. The event includes competitive programming, providing solutions, algorithms, and application development to the problems of society, industry, government, local bodies and strategic/national interest.

Incubator: Incubator is an organization established to accelerate the growth of Start-up, through an array of business support, resources, mentorship, networking and other common services such as physical space, capital, and coaching.

Industry 4.0: Industry 4.0 is the fourth industrial revolution, wherein there is ongoing automation of traditional manufacturing and industrial practices using modern smart technology.