Deadline: 15-Jun-23
Applicants are now invited to submit their applications for the LIVE Innovation Fellowship for Entrepreneurship Program which is designed to promote innovation-led entrepreneurship.
LIVE is an Entrepreneurship Development Centre and Business Incubator at the Indian Institute of Management Kozhikode. This is established by IIM Kozhikode and is supported by Department of Science and Technology, Government of India.
It provides fellowship awards with subsistence grant to an aspiring or budding entrepreneur of considerable potential for developing technology or business model innovation into a business venture.
Along with the grant awards, it provides pre-incubation support at IIM Kozhikode’s Entrepreneurship Development Center, LIVE and a prestigious forum for deserving innovators to pursue their venturing endeavours mitigating the risks involved in such pursuits.
Benefits
- LIFE Support will include:
- The LIFE award recipient will be eligible for a grant in the form of monthly stipend limited to Rs.30,000/- per month with a minimum level of Rs.10,000/- per month for a period of 12 months.
- As an LIFE recipient, the recipient gets pre-incubation support that includes subsidized co-woking space, professional services support and guidance to establish/make the most of their ideas and turn innovative breakthrough into a business venture.
- Access to LIVE Ecosystem network and IIM Kozhikode networks of academic experts, investors, corporates, partner institutions, alumni and other associates.
- Access to entrepreneurship training and workshops at subsidized rates.
What will be the duration of LIFE support program?
- The duration of the support will not be more than 18 months
- If LIFE recipient raises funding or investments for their business ideas/ potential start ups, the grant support shall be discontinued from the date of receipt of the first tranche of funds
- IIMK LIVE may terminate the support to non-performing LIFE recipient even before completion of 18 months with intimation to IIMK LIVE /NSTEDB.
Who are discouraged from applying for LIFE fellowship schemes?
- LIFE Fellowship cannot be concurrent with any other remuneration or fellowship.
- LIFE Fellowship support recipient cannot be the promoter or significant (>10%) shareholder / beneficiary of another company at the time of applying for and receiving the grant approval
- Entrepreneurs pursuing business ideas with no or marginal technology innovation or those with very short journey (i.e. less than 6 months) to commercialization are discouraged to apply.
- LIFE support recipients should not treat this support as a stop gap arrangement to support them in their academic pursuits or transition between jobs.
Eligibility Criteria
- LIFE is open to students of IIM Kozhikode’s all post-graduate, full-time academic programs. In fact, it encourages IIM Kozhikode’s students with innovative ideas.
- However, the students should be able to join the program only after completing the program as the program demands full-time pursuance of the development of idea in to MVP/ prototype/ PoC.
- LIFE award recipient should fulfil all the following criteria to be eligible for consideration
- The LIFE applicant should be citizen of India.
- The applicant should have completed
- Minimum 4 years of formal full time undergraduate/post graduate education towards one or more degree programmes. Basic degree or diploma should be in science or engineering. OR
- 3 years degree or diploma program and have 2 year full time work experience post degree or diploma. Basic degree or diploma should be in science or engineering.
- Should be first generation innovative entrepreneur committed to explore a business idea and has no prior source of income.
- LIFE support recipient cannot be the promoter or significant (>10%) share holder / beneficiary of another company at the time of applying for and receiving the fellowship award approval.
For more information, visit LIVE Innovation Fellowship for Entrepreneurship.