Deadline: 25-Sep-22
IIT Mandi Catalyst is seeking applications for Entrepreneurs-in-Residence (EIR), one of the programs introduced under NIDHI to inspire the best talents to be entrepreneurs, to minimize the risk involved in pursuing start-ups, and to partially set off their opportunity costs of high paying jobs.
This is an entrepreneurship/ grant in the form of a stipend to an aspiring or budding entrepreneur with a potential for pursuing a promising technology business idea.
Objectives
- Grant/Program for young entrepreneurs.
Benefits
EIR program is designed to provide extensive support to entrepreneurs working in the areas of technology and social impact.
- Get grant up to INR 30,000/ – per month for up to 12 months .
- Guidance from mentors & experts on productization, commercialization, business concepts and market strategy.
- Co-working spaces as per availability.
Sector Agnostic
- Broad Spectrum.
Duration
- Up to 12 months and incubation support.
Eligibility Criteria
- The EIR applicant should be a citizen of India. An Indian citizen is defined as one who is in possession of a government-approved proof of nationality such as a valid passport, voter’s id, etc.
- The EIR applicant should have completed.
- Minimum 4 years of formal full-time undergraduate/post-graduate education towards one or more degree programme. A basic degree or diploma should be in science or engineering. /OR
- 3 years degree or diploma program and have 2 years full-time work experience post-degree or diploma. A basic degree or diploma should be in science or engineering.
- The EIR is expected to be committed to exploring a business idea. Typical NIDHI-EIR needing the support is a first-generation innovative entrepreneur, who has no parallel source of income. NIDHI-EIR support recipients should not treat this support as a stop-gap arrangement to support them in their academic pursuits or transition between jobs.
- NIDHI-EIR seeking support should demonstrate his ability to build a scalable technology business startup. The background of the NIDHI-EIR needs to be provided in a prescribed format.
- NIDHI-EIR seeking support should have a formal business plan for the idea they intend to pursue and a business presentation including the investment proposal.
- The NIDHI-EIR support recipient should propose one technology business idea in a prescribed format.
- NIDHI-EIR support recipients are expected to pursue their entrepreneurial aspirations full-time. NIDHI-EIR cannot be concurrent with any other remuneration or fellowship.
- NIDHI-EIR 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.
- The NIDHI-EIR should be registered for the pre-incubation or incubation program at the TBI for the entire duration of NIDHI-EIR support.
- Preference shall be given for
- technology business ideas with larger technology uncertainties and/ or long gestation periods,
- technology business ideas leveraging technology or IP from publicly funded research or academic organizations,
- technology business ideas with considerable potential for social impact.
- Entrepreneurs pursuing business ideas with no or marginal technology innovation or those with a very short journey (i.e less than 6 months) to commercialization are discouraged to apply.
For more information, visit https://www.iitmandicatalyst.in/nidhi-eir-program/