Guideline

Selection Criteria
  • Technical soundness & do ability
  • Technology should be at an implementation stage 
  • Potential for social impact
  • Team capabilities & background
  • Knowledge intensity or novelty or IP potential
  • Execution & commercialization plan
  • Exceptional cases may be considered on its merit by the committee
  • Any others as decided by the committee
 
Additional Criteria
  • If selected, the applicant will become an incubatee of Venture Center after fulfilling the admissions criteria. Venture Center will execute appropriate agreements with the grantee.
  • The applicant should be an incubatee of Venture Center for the entire duration of the Project.
  • The applicant should be engaged in the projects related to focus Areas
  • The PL and Applicants should not have received another grant for the same objective and scope of the project.
  • Maximum grant support will be Rs 10 lakhs per grantee.
  • Project duration: Maximum of 6 months extendable by 2 months after review.
  • Release of funds: Venture Center shall release funds in tranches of 90% and 10%against specified milestones
  • The grant can be used for the following indicative heads:
    • Outsourcing charges for R&D/ design engg/ consultancy/ testing/ experts
    • Raw materials/ consumables/ spares
    • Fabrication/ synthesis charges of working model or process
    • Manpower (Max 20% of approved project cost)
    • Patent filing costs, PCT (Max 10% of approved project cost)
    • Contingency (Max 10% of approved project cost)
  • The grant cannot be used for the following heads:
    • Pay/ repay any loans/commitments made before signing the project agreement
    • Pay rent or related costs for own accommodation
    • Creation of new infrastructure facility, shed etc
    • Expenses incurred before the start date of the project
  • The Grantee has to ensure that he/she/they have all required IP rights (if applicable) (including any license or assignment) to take the technology ahead. The Grantee may also be required to ensure that they will have Freedom to Operate. This requirement may be a Condition Precedent to release of the Grant. Grant funds cannot be used to seek/procure a technology license/assignment