IIT Delhi and Foundation for Innovation & Technology Transfer (FITT) invite proposals from Innovators/Start-ups working in deep technology domains for admission to PHD Incubator Program (Platform for Harnessing Deep Technologies).
About the Program:
This programme provides comprehensive support for converting your idea into a startup, including free incubation and accommodation to the budding entrepreneur as well as funds for the prototype development/proof of concept.
The primary aim is to provide a strong foundation to high-risk innovative projects in the deep tech domains to achieve and validate POC. The scheme execution would be designed in a manner to ensure only qualified and genuinely interested professionals can apply for the award that offers initial support to the tech entrepreneurs.
In terms of proposals
Concepts/ideas relating to deep technologies in all areas of science and engineering and having strong translational/commercial prospects.
- A product or process innovation with substantial market potential/disruption.
- Having clear objectives in terms of validating their proof of concept.
- Projects focused on generating the necessary scientific data needed for derisking i.e., reducing uncertainties in the technology, which in turn will be helpful to demonstrate it to investors/ funding programs for startups.
Criteria for the Project Leader
- The Entrepreneur Project Leader/ Principal investigator / must be an Indian citizen and technically qualified to undertake the project.
- The Project Leader must have completed postgraduate training in sciences or engineering.
- The desirable qualification will be Ph.D./MD. The essential qualification is MTech/MBBS/ M Phil/M Des/M Pharm and equivalents with undergraduate training in Science/ Engineering.
- Entrepreneurs with an MSc/B. Tech degree with at least 2 years of full-time entrepreneurship or R & D experience shall also be eligible.
Criteria for eligible startups
- The company should be registered under the Indian Companies Act, 2013. The date of incorporation must be within the past 3 years from the date of application to the program to qualify as a startup for this program.
- The cash inflow in terms of funding/grants/revenue from sales or operations should not be exceeding Rs. 1 cr. in any fiscal year since its incorporation. Majority stake (>51%) and control of the startup company should be held by resident Indian citizens.
- The major shareholders/ promoters or directors (having >20% stake) should not
be directors/promoters of ineligible companies. This may be waved off only in
case of bonafide serial investors.
- Financial support up to Rs. 50 Lakhs will be provided as a grant in aid. In exceptional cases, additional funding can be considered.
- Free boarding and lodging for the project leader at the SRI. Other team members can avail accommodation at the facility on a paid basis.
- Incubation space and support will be provided as per institute norms regarding the engagement and equity terms according to institute guidelines.
- The Entrepreneurs will get the technical advice and mentorship from the Institute’s faculties who can work as scientific advisors with the startups.
How to apply?
- Click here for the application form.
- The duly filled soft copies can be submitted by email to FITT at ashutosh.pastor[at]fitt.iitd.ac.in
May 15, 2019.
The office of Managing Director, FITT
Email: mdfitt[at]gmail.com, ashutosh.pastor[at]fitt.iitd.ac.in