Sponsoring Agency: KIIT-Technology Business Incubator (KIIT-TBI)
Type of Fund: Grant
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 04/25/2021
Size of the Fund: Less than USD $50,000
KIIT-Technology Business Incubator (KIIT-TBI) is hosting a seed fund under the scheme “BIRAC -Sustainable Entrepreneurship and Enterprise Development Fund” of DBT-BIRAC, Govt of India.
BIRAC SEED Fund primarily aims to bridge the gap of the start-up who needs financial support required by a technology driven start up in the initial phase.
The basic idea of SEED Fund is providing capital assistance to start-ups with new and meritorious ideas, innovations and technologies. This would enable some of these start-ups to graduate to a level where they will be able to raise investments from angel/venture capitalist or they will reach a position to seek loans from commercial banks /financial institutions. Thus the proposed seed support is positioned to act as a bridge between promoters’ investment and Venture/Angel investment.
How much is the quantum of Seed Support?
Upto 25 lakhs
Investment mode: Equity ownership in a private limited company with Equity stake for seed fund: Up to 10%
What are the broad areas and items to be covered under the Seed Support Assistance?
The start–ups would be supported primarily on the following from the seed support
• Product development
• Testing and Trials
• Test Marketing
• Mentoring
• Professional Consultancy ( To attract professors/experts from institutions to work with start ups.)
• IPR issues
• Man power for day to day operations
• Any other area as deemed necessary and recommended by the Management Committee.
The Seed Fund emphasizes:
• Alignment with Venture Center's focus areas more specifically Biotech/Biomed
• Product offerings (vs service offerings)
• Technology-driven, IP-rich enterprises
• Validation or Scaling-up innovations
• Market research analysis and Professional consultancy
Eligibility Criteria
• Start-up should be currently incubated at KIIT-TBI
• Start-up should be a registered private limited company with minimum of three months residency at KIIT-TBI and up to 5 years from the date of its incorporation
• Organization must be an Indian start-up. Overseas Citizens of India (OCI), Persons of Indian Origin (PIO) would be considered as Indian citizens for the purpose of this scheme. The shareholding by Indian promoters in the start up should be at least 51%
• The start-up is working towards innovation development, deployment or commercialization of new products, processes or services driven by technology or intellectual property in the Biotechnology/ Life Science sector
• The start-up must have raised previous rounds of fund (Grant/Investment)
• A well defined PoC must have been achieved (as evaluated by the Review committee)
• The start-up must have a well-defined upscale and go-to-market strategy with positive revenue inflow within the next 24 months of funding.
More information at: https://kiitincubator.in/seed-funds/birac-seed/
