'AYANSH'--TIH-IoT Start-ups & Spin-offs Program’ 2022

( in collaboration with SINE-Society for Innovation and Entrepreneurship at IITB )

Call for Proposal

TIH Foundation for IoT & IoE (TIH-IoT) would like to invite proposals for AYANSH-TIH-IoT Start-ups & Spin-offs Program’ 2022. AYANSH (the first ray of light) '2022 is to motivate new ventures/ student entrepreneurs/ researchers who want to work in the technology area of Internet of Things ( IoT) and aims to support their start-ups/start-up ideas.

About the Program

TIH-IoT Start-ups & Spin-offs Program is aimed at promoting innovation and entrepreneurship and supporting the Start-up Ecosystem. The end objective is to increase the number and success rate of start-ups and to support the commercialization of technologies and employment generation.

The TIH-IoT Start-ups & Spin-offs Program has the following broad objectives:

  • Promote start-ups in the technology area of IoT.
  • Accelerate the journey from idea to market by providing funding assistance/support.
  • Assist start-ups to spin off new product lines, and commercialize new technologies.

The program offers two types of grants, for two target segments:

  • Ignition Grant (for students having a start-up or start-up idea): To promote student start-ups and accelerate the journey of idea to prototype by providing initial funding assistance, and taking forward student innovations to the commercialization stage.
  • Spin-off Grant (for any start-up): To assist start-ups to spin off new product lines in the domain of IoT, accelerate the journey of idea to market by providing funding assistance for the new project, and take forward the innovations to the commercialization stage.

Support

  • Initial funding assistance of up to Rs 10 Lakhs for a maximum duration of 3 years.
  • Business support services to facilitate the start-up’s journey.
  • Support in the commercialization of innovations.
  • Opportunity for next level of funding.

Who Can Apply

  1. For Ignition Grant
    • The UG/PG students and research scholars enrolled in academic institutes approved by AICTE/UGC and who have formed a start-up or who have a start-up idea to develop a product or a service with market fit, viable commercialization, and scope of scaling, in the technology area of IoT.
    • Students with a start-up or start-up idea should be registered with a recognized Incubator for pre-incubation/incubation or should get registered within a stipulated period.
  2. For Spin-off Grant
    • Any start-up with an idea to develop a product or a service with market fit, viable commercialization, and scope of scaling in the technology area of IoT.
    • The application should be submitted by a designated Project Leader (PL), who must be one of the promoters of the start-up.
  3. Common Eligibility Criteria
    • The Start-up or the Start-up idea should be using technology in its core product or service, or business model, or distribution model, or methodology to solve the problem being targeted and should be in the technology area of IoT. Preference would be given to start-ups/start-up ideas for creating innovative solutions in technology focus areas of TIH-IoT.
    • In the case of start-up, it should be recognized by the Department for Promotion of Industry and Internal Trade (DPIIT), or should be eligible to be recognized by DPIIT.
    • Shareholding by Indian promoters in the start-up should be at least 51% at the time of application for the scheme, as per the Companies Act, 2013 and SEBI (ICDR) Regulations, 2018.

How to Apply

Applications will only be accepted through the application form, the link for which has been given at the end of this section (Apply Now Button). Please read the guidelines carefully and keep all the required documents (as mentioned in the Guidelines section) ready, for submission of the application form.

Guidelines for Application Submission

  1. For Ignition Grant
    • The student must submit a consent letter from her/his Faculty Advisor for applying to the program as per the prescribed format given here Format.
    • Students affiliated with a recognized Incubator should submit the Letter of Affiliation / Letter of Intent. If the student is not affiliated with a recognized Incubator, s/he should submit an undertaking to get affiliated in a stipulated time, as per the prescribed format given here Format.
    • In the case of start-up, the student applicant must submit an endorsement letter as per the prescribed format given here Format.
  2. For Spin-off Grant
    • The applicant (PL) must submit an endorsement letter as per the prescribed format given here Format.
  3. Common Guidelines

    In the case of start-ups, the following documents must be submitted along with the application form:

    • Certificate of Incorporation
    • Memorandum of Association
    • PAN card of the organization
    • Start-up recognition certificate from DPIIT OR an undertaking that start-up is eligible to be recognized by DPIIT
    • Annual Financial Statement (Balance Sheet & P&L) of the last 3 years (if applicable)

    Financial assistance can be requested for the following:

    • Product development: Procurement of equipment and tools, prototyping, testing and trials, raw material and consumables, fabrication, outsourcing of technical supports and services for the company’s product.
    • Manpower: Salaries for team members.
    • Marketing: For test marketing, sales, promotions of companies’ products and services including travelling only for business and product promotion.
    • Mentoring: Seeking professional mentoring assistance.
    • Professional services: For legal, accountancy, IP, marketing, strategy, regulatory compliance, certification, or any other justifiable professional services.
    • Contingencies/Overrun: This shall not exceed 5% of the Grant.
    • For any other business operations which need to be justified in the application itself.

    Financial assistance can be requested for the following:

    • Product development: Procurement of equipment and tools, prototyping, testing and trials, raw material and consumables, fabrication, outsourcing of technical supports and services for the company’s product.
    • Manpower: Salaries for team members.
    • Marketing: For test marketing, sales, promotions of companies’ products and services including travelling only for business and product promotion.
    • Mentoring: Seeking professional mentoring assistance.
    • Professional services: For legal, accountancy, IP, marketing, strategy, regulatory compliance, certification, or any other justifiable professional services.
    • Contingencies/Overrun: This shall not exceed 5% of the Grant.
    • For any other business operations which need to be justified in the application itself.
  • The project milestones, budget requirements, and milestone-based grant disbursal schedule should be submitted as per the prescribed format given here Format.
  • As part of the review process, shortlisted applicants may be called for a Pitch Presentation. The presentation should be as per the prescribed format given here Format and should be submitted as part of the application.
Click Here to Apply

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Last Date to Apply

This is a rolling call and applications can be submitted at any time. However, the proposal screening will happen on a monthly basis. The last date to submit the proposals for this round is July 25, 2022, 6:00 pm.

Contact

For any queries related to the application process please write to us at entredevelopment@tihiitb.org.