Technology incubation via proof-of-concept support
(Venture Center-Eppendorf Technology Incubation Support)Objective:
This program aims to support very early stage incubation of high risk technologies with considerable potential for socio-economic impact. The support is intended to help a budding entrepreneur strengthen the business case and/or technology status so that it is more likely to get commitment of funding support from funding agencies and/or investors.
Process:Under the proposed project, EDC proposes to support technology ideas and innovators with funding support. EDC will extend its own mentoring support and facilities access to the selected awardee for a period of 12 months or until the grantee raises an independent funding support or investment for taking the technology ahead.
Indicative Support under the program:Technology incubation support will include:
- Support towards consumables, minor equipment cost, external services etc. up to 7.25 lakhs (Note: Support towards man-power is not provided. Entrepreneurs are expected to contribute their time as their in-kind contribution to the project).
- In kind support of Venture Center for one person in form of Mentoring, Hot Desk, Hot Labs, Tinkering Lab, etc.
The project shall be treated like a Pre-POC project and all terms of the Pre-POC programs (operated by Venture Center) shall apply. Venture Center will take a 5% stake in the nascent company as part of the co-founding arrangements.
Start ups created under this program shall be eligible for discounts for incubates emerging out of Pre-POC projects in further use of incubation services.
The program shall be operated in two formats as indicated below,
Category 1: Individuals
Category 2: Venture Center's spin-off companies (those companies where VC owns an equity position)
The detailed terms and conditions, eligibility for the applicant, desired results expected from the program, tenure etc are listed here.
How to apply:- The Venture Center shall announce calls inviting applications or invite applications from budding entrepreneurs and start-ups. VC may also invite selected incubatee companies to apply.
- Applicants can apply for the programme via an online application form.
- The Venture Center shall carry out the screening of applications through eligibility checks, technology and business plan evaluation. The shortlisted applications may be invited to present in front of the designated committee.
- The project shall be reviewed periodically and continuation of support shall be subject to performance and demonstration of results.
- Final decision on continuation of support shall rest with Venture Center.
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