Funding agencies are Govt. or Non-govt. body providing monitory grants for scientific research Areas-Science and Technology, Social sciences, etc. In India, various funding agencies are available which provide grants for research in the various field. These agencies conduct research schemes to promote research in India in the science and/or medical stream and provide a research grant. Research funding is a term generally covering any funding for scientific research, in the areas of both “hard” science and technology and social science. It is a competitive process, in which potential research projects are evaluated and only the most promising receive funding. Such processes, which are run by government, corporations, or foundations, allocate scarce funds.
TBI has constituted two different Seed Support Systems for Startup companies. Technology Development Board, Govt. of India. National Science & Technology Entrepreneurship Development Board (NSTEDB), Govt. of India This scheme enables our TBI to offer early-stage financial support for deserving ideas/technologies requiring up-scaling and related work.
The Start-ups would be supported primarily on the following:-
- Product Development
- Testing and Trials
- Test Marketing
- Mentoring
- Professional Consultancy
- Filing of Patents
- Manpower
- Any other deemed necessary and recommended by the Management Committee constituted by IRST-TBI.
Signing and exchange of agreement with Technology Development Board on 16th September 2013
Quantum of Financial Assistance
Maximum: Rs. 50 Lakhs
TBI would enter into a proper agreement with the start-up unit before providing Financial Support (by way of a Soft Loan)
As this scheme is applicable only for Incubatees of our TBI, the first logical step would be to apply for Business Incubation Support in our TBI.
Angel Funding
IRST-TBI has over the period of years developed contacts with several affluent individuals who provide capital for business start-ups, usually in exchange for convertible debt or ownership equity. IRST-TBI connects its incubated with Angel Investors as and when the company is ready to assimilate the funds effectively and grow.
Facilitation of Government Grants:
Funding to the Startups is also arranged through various grants available from the government through various schemes. IRSTTBI constantly follows the updates from the government e.g. DST, DSIR, DBT, DIT, MSME, TIFAC, and the like concerning funding schemes and recommends appropriate schemes to the incubates.
Venture Development Process
Venture development at i2E is a structured process consisting of three phases, namely, PREPARE, DEVELOP and LAUNCH. In the first phase of PREPARE, aspiring entrepreneurs are provided instruction on the fundamentals of entrepreneurship through the preparatory learning modules, while in the more intense DEVELOP phase, they are exposed to the core elements of venture development through experiential learning, and pass through the NU-IDEA proprietary Ready-Set-Go stage-gates, to finally LAUNCH their ventures.
Phase -I (Basics)
- Program Orientation
- Phase-I of the program is the PREPARE phase, for approximately 3 months (on a part-time basis), and shall cover:
- Program Orientation
- Introduction to Entrepreneurship
- Building Venture Teams
- Accounting Fundamentals for Entrepreneurs
- Marketing Basics
- Rapid prototyping, Lean Design
- Communication Skills
- Initiation of business idea
- Ranking/grouping of candidates based on their readiness with a business idea
- Certificate in Basics of Entrepreneurship
- Initiation of business idea
- Ranking/grouping of candidates based on their readiness with a business idea
- Certificate in basics of Entrepreneurship
- Note: A max of 250 students from Phase I quality for graduation into Phase II
Phase -II (Core)
- Under this DEVELOP phase, for approximately six months (part-time, but with serious focus and time commitment), ventures are accelerated through the Ready-Set-Go stages, including:
Ready Stage
- Ideation
- Market Research, Competitive Analysis
- Customer Discovery
- Solution Design
Set Stage
- Business Plan
- Investor Pitch
- Raising Capital
Go Stage
- Business Model
- Financial Statements
Demo Day: Launch-ready venture
- Prototype grant and Gap seed funding for promising ventures
- Top two ventures to participate in Husky Startup Challenge at NEU, Boston
- Diploma in Venture Development awarded jointly by NU & APSSDC to graduating students
- One transferable course credit issued by NU
Venture Launch
- After graduation, i2E infrastructure resources and advisory services shall be available to ventures for approximately 3 months to help raise the money and/or build the venture further. LAUNCH is defined as the stage when the venture has generated self-sustaining revenues or when it has raised external funding to the tune of INR 2,500,000 (25 lakhs)
- Continue to use i2E resources, and get advice and guidance to raise money and build and grow a venture.
