Deadline: 31-May-22
The National Initiative for Developing and Harnessing Innovations (NIDHI) Accelerator programme is now open.
NIDHI Accelerator Program is aimed to help aspiring entrepreneurs in the country, including the ventures already being incubated at TBIs, to be guided in a rigorous and more structured manner, through a deep mentoring process and access to funding and market networks. NIDHI accelerators are positioned for accelerating startups that have made significant progress in terms of market validation and are at the growth and scale-up stage.
National Initiative for Developing and Harnessing Innovations (NIDHI) is an umbrella programme conceived and developed by the National Science and Technology Entrepreneurship Development Board (NSTEDB), Department of Science & Technology, Government of India, for nurturing ideas and innovations (knowledge-based and technology-driven) into successful startups.
Focus Areas
- Women Led Ventures or Ventures with Solutions designed for Women
- Ventures using Deep Tech Solutions such as AI, ML, Computer Vision, Quantum Computing, AR/VR/MR, Cybersecurity, IoT, Industry4.0, Blockchain, Advanced Materials, Drones, UAV’s, ROV’s, Robotics, NLP, etc
- EdTech Ventures
- Export Oriented ventures (Make in India-Make for the World I.e., Startups with potential to access the international markets)
- Social Ventures working on skill development, livelihood, etc and improving social sector indices directly / indirectly and are building inclusive business models
Phases
IIMV-FIELD is one of the 21 centers selected for the Implementation of NIDHI Accelerator Program. The program at IIMV-FIELD will consist of four Phases
- Phase 1 – Outreach & Applications – During this phase, IIMV-FIELD will be reaching out to startups expected to be benefitted through this program. Interested & eligible startups will need to submit the application form in their website.
- Phase 2 – Screening and Selection– In this phase, the applications will be reviewed internally, and the startups will be shortlisted for a brief interaction with the Screening cum Evaluation Committee (SCEC) of IIMV-FIELD. A bootcamp is also designed to assist the startups before the interaction with SCEC.
- Phase 3 – Acceleration Program – In this phase, the selected startups will be a part of a rigorous 6-month long accelerator Program at IIMV-FIELD (virtual & Physical). The phase will end with a Demo Day connecting the startups with investors for fundraising.
- Phase 4 – Post Program Support – Startups successfully completing the phase 3 will be supported in fundraising and networking for an additional period of 12 months.
Benefits
- 15 Startups will be selected. Acceleration support for 6 Months
- Financial Grant of INR 350,000 for each of the Top 3 performing Startups in the cohort, at the end of Acceleration phase. Which is not Equity or Debt based.
- Support in Fundraising – Demo Day & Investor Connections cum Pitch Events
- 50 Hrs of One-to-One Mentoring/Consulting Support for each startup, from Industry & Academic Experts
- 55 Hrs+ of One-to-many sessions by IIM Faculty and Industry Experts
- 12 Months of Post Program support after successful completion of Acceleration Phase
- Access to certain online & offline learning resources at IIM Visakhapatnam & IIMV-FIELD
- Milestone Based Evaluation & Reviews, once in every two months during acceleration phase
- Online & Offline Events at IIM Visakhapatnam
- Networking Opportunities with Startups, Industry Experts, Faculty, Partner Institutions, Investors, etc
Eligibility Criteria
- The applicant can choose to be working on a product/service in any sector but should be working in the focus areas of startups in the IIMVFIELD cohort, mentioned above.
- Women Led Ventures or Ventures with Solutions designed for Women
- Ventures using Deep Tech Solutions
- EduTech Ventures
- Export Oriented ventures
- Social Ventures
- The applicant should at least have a Minimum Viable Products (MVP) which needs further support for commercialization. The solution should be technology driven.
- Applicant must be a citizen/resident of India and must be at least 18 years of age (as on 1st April 2022)
- The venture should be/become eligible for DPIIT Startup Recognition
- At least one member from the team should be willing to pursue the idea full time and at least one member must be from technical background
- Applicant must not have been a part of from NIDHI Accelerator Program at any other centre / in any year prior to applying. During the accelerator period, if the applicant secures any external funding/investments, the concerned entrepreneur/venture will be considered successfully graduated and financial support will be discontinued.
For more information, visit https://iimvfield.com/nidhi-accelerator-program