Startup Schemes
Seed Support System
This initiative of the Government of India envisages building a robust Start-up ecosystem in the country for nurturing innovation and providing opportunities to budding entrepreneurs. The scope of SSS caters to prototype stage financing for the commercialization of indigenous ideas, innovations, and technologies. This scheme acts as a bridge between ideation, development and commercialization and provides a platform for innovative entrepreneurs to carry out their ideas for commercialization.
Objective
- This scheme aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialisation.
- This would enable these startups to graduate to a level where they can raise investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions.
Please note that IITM Pravartak will accept proposals pertaining to Sensors, Networking, Actuators, and Control Systems for funding consideration.
- The startup must have a business idea to develop a product or a service with a market fit, viable commercialization, and scope of scaling.
- The startup should be using technology in its core product or service, or business model, or distribution model, or methodology to solve the problem being targeted.
- Preference would be given to startups creating innovative solutions in sectors such as Sensors, Networking, Actuators and Control Systems.
- A private limited company must be incorporated before the release of funds.
- Financial support up to Rs. 50.00 Lakhs.
- Access to the IITM Pravartak Lab facilities.
- Technical Mentorship and business mentorship, if required.
- 4-seater space for 2 years at IIT Madras Research Park leased by IITM Pravartak.
- Support for interactions with Venture Capitalists (VCs) for funding.
- Interactions with Potential customers to promote the technology.
- Approach to Gopalakrishnan Deshpande Centre - GDC established in IIT Madras.
Patents & Licensing
All Patents and Technology Ideas will be owned by the Startup.
- Marketable Product with the customer base.
- Filed Patent/licensable technologies.
- Jobs created.
- Number of UG, PG, and PhD candidates deployed.
- Collaborations with industries.
Selection Process
The candidate is expected to prepare a proposal in the specified format with the objective, milestones, and expenditure details and submit it to IITM Pravartak during the call for proposals. Once the proposal is evaluated and shortlisted by the Technical Review Committee, the candidate will be invited to present it to the Technical Evaluation Committee (TEC). The TEC will determine if the idea is innovative and has marketing potential. If found to be eligible, the proposal will be accepted by IITM Pravartak.
Review Process
The approved projects will be reviewed on a quarterly basis by the technical review committee appointed by IITM Pravartak. The continued funding of projects will depend on the project’s progress and achievement of milestones.