MRIIC is a seminal initiative of MREI and is dedicated to Founder Visionary Dr. O.P. Bhalla whose dream was to encourage research, innovation and entrepreneurship to help the students to develop professional entrepreneurial ability and mindset to set up their own enterprises. It has been established with a view to cater to the needs of students and faculty members who are inclined towards research, innovation, and novel ideas.

The Centre through its various activities encourages both engineering and non-engineering students across various departments to develop innovative and creative business ideas which in the subsequent stages are incubated to convert into successful enterprises. The Centre is instrumental in coordinating entrepreneurial education so that they develop necessary background to take up viable and feasible start-up ventures. The Centre regularly organizes business plan competitions through which meritorious projects are identified and selected for direct support.