Deadline: 10-Jun-23
The Software Technology Park of India (STPI) is looking to identify and support promising startup working towards digital transformation products/solutions enabling equitable & inclusive growth of PSUs with focus on Industry4.0.
Open Challenge Program (OCP) is a platform where a startup gets an opportunity to solve problems through innovative solutions. The objective of Open Challenge Program (OCP) is to identity, recognize & reward aspiring and early-stage tech entrepreneurs. This platform facilitates aspiring entrepreneurs and innovators and their success through strategic networking, seed funding, mentoring, providing support for training, marketing, patenting, access to the CoE labs, tools, software and state-of-the-art incubation facility.
To create a holistic eco-system for encouraging R&D, Innovationand Entrepreneurship in the domain of Industry 4.0 i.e., Industrial IoT, Artificial Intelligence, Machine Learning, Augmented Reality, Virtual Reality, Industrial Automation, Industrial Robotics, Industrial Drone, Industrial 3D Printing and other related technologies powered by AI were providing physical infrastructure and support services for prototyping, developing, testing & marketing through incubating start-ups in Industry 4.0.
The selected startups would be given physical infrastructure, funding assistance, access to networks, connects, learning and resources that are needed to build a scalable, profitable and global business.
Objectives
- To promote innovation & entrepreneurship in Industry 4.0
- To stimulate the establishment & growth of technology-based innovators, researchers, entrepreneurs &start-ups in Industry 4.0 by providing necessary infrastructure, mentoring, marketing, funding and overall eco-system interconnecting all stakeholders.
- To help domestic start-ups in becoming global companies.
- To generate employment opportunities and increase economic & social growth of the region as well as the country.
- To create trained manpower on Industry4.0.
- To encourage adoption & nurturing of Industry 4.0 by MSMEs
Idea/ Product/ Solution Focus
- Startups having innovative Idea/Product/Solution focused on Digital Transformation of Public Sector Undertakings (PSUs).
- Digital Inclusion:
- Digital Products/Solutions to enable & enhance technology adoption by Public Sector Undertakings (PSUs) beyond their constraints.
- Digital Products/Solutions for unique local level problems in particular sectors/domains like PSUs for benefit of those sectors in the domain of Industry4.0.
- Other assistive technology solution addressing a pressing need of PSUs on Industry4.0 not covered.
Offerings
- Ready to work Plug-n-Play incubation space along with highspeed internet access within the constraint of lockdown & thereafter.
- Networking opportunities/Industry connect and Go-to market support for exhibiting/showcasing products/solutions through various National/International events/workshops/ exhibitions.
- Full-fledged security & vulnerability testing of Software Products through the dedicated Software Product Security Testing (SPST) facility.
- Access to VCs for funding support.
- Advisory Services such as HR, Legal, Accounting, IPR/Patenting and other support services.
- Facilities and services including mentoring, networking/industry connects, marketing support, etc. of the pan-India domain specific CoEs of STPI may be leveraged.
- Mentor, experts, industry network of STPI and MSH.
Financial Incentives
- Project fund for each problem statement (Sl. 1 to 11) will be provided by RINL-VSP to the selected startups in four installments based on progress of the project.
- A seed funding of upto Rs. 4.00 Lakhs will be provided through Financial Institution for each beneficiary(physically incubated) /supported Start-ups selected through OCP based on innovative idea, novel solutions, strong team & sound business proposal
- Disbursal of seed fund to Start-ups will be based on milestones achieved,periodic review and recommendations.
- Seed funding to Start-ups will be against equity participation by STPI or its affiliate.
- Cloud Credits from leading third-party service providers.
Duration
- Duration of selected Startup is 1 year.
- Selected individual beneficiary start-up can avail benefits of CoE in three phases of Nurture, Develop & market initially for 1year and further may be extended based on the recommendations of the Project Management Group (PMG) committee.
Eligibility Criteria
- The eligibility criteria for a start-up to apply in the OCP 2.0 program shall be as follows
- The challenge invites the proposals/applications from Indian Start-ups# who are working in domain related to software product development..
- Start-ups registered with DPIIT under start-up India programme are encouraged to participate in this programme.
- Individual Academicians, Researchers, Educators, Entrepreneurs, partnership firms, LLPs may also participate, however, if they are selected then they will have to register as private limited company in a stipulated time (preferably within 3 months).
- Note: Startups who are onboarded in Kalpataru CoE are not eligible to apply.
- #At least 51% shareholding with Indian citizen or person of Indian origin. The applicant’s entity should not be a subsidiary company of any foreign corporation
- Note: The Start-ups submitting the proposals/applications can be in any of the following stages.
- Ideation Stage Start-up: An individual or team of individuals has an innovative product idea and wish to focus on developing that idea into a business.
- Validation Stage Start-up: A validated proof-of-concept exists in a way that the prototype is anticipated to be ready in the foreseeable future. Alternatively, the prototype is ready and awaiting testing and validation.
- Early Traction Start-up: The product has been validated and the start-up needs support in establishing itself as a business.
- Scaling Stage Start-up: The start-up has initial revenue from customers and needs support in scaling its business & product portfolio.
Selection Process
- Screening, Evaluation & Selection:
- Designated Committee(s) shall be formed for Screening, Evaluation & Selection.
- All the applications received shall be subject to a rigorous centralized multi-tier screening process with involvement of appropriate experts from respective domain as deemed fit.
- Decision of the designated Committee(s) shall be final & binding on all.
- After receiving the innovative ideas / solutions as per prescribe format within the specified timeline a screening process will be done on the basis of relevancy. The relevant submissions will be shortlisted and called for selection through pitching/ Presentation.
For more information, visit STPI.
