USHUS- FAQ
1.What is IIMK LIVE CSL Startup Program?
Ushus is a startup support program of CSL in association with IIMK LIVE to augment the Government of India's initiatives to encourage and develop an ecosystem in India to support Maritime Startups from the technical, regulatory, financial, and marketing points of view by bringing all the stakeholders together. As part of this program maritime startups will received seed funds from CSL and IIMK LIVE along with mentorship & training support, market access, funding connect and access to service partner.
2. What are the key offerings for startups in this program?
Seed funds grants up to Rs.50 lakhs per startup by IIMK LIVE
Prototyping grants up to Rs.1 Cr per startup by IIMK LIVE
Equity investments will be made directly by CSL
Virtual Incubation, training, mentorship, angel/VC connect to startups selected in this program.
3. What are the different kinds of funding offered in this program?
Funding is offered in both in terms of
a. Seed Fund Grants up to Rs.50 lakhs per startup by IIMK LIVE
b. Pilot Grant Scheme up to Rs.1 Cr per startup by IIMK LIVE
c. Equity Investment will be made directly by CSL.
4. What is the role of IIMK LIVE in this initiative?
IIMK LIVE acts as an implementation partner of this initiative and will provide incubation, mentorship, training, funding connect and seed fund support upto Rs.50 lakhs and Prototyping Grants upto Rs. 1 Cr per startup.
5. Is this program eligible for startups belonging to any sector?
No. Startups only in the Maritime and its allied sector will be considered for this program.
6. Can a startup apply for both the grants and equity funding at a time?
No. The startups can apply either for grant or for equity funding at a time
7. Who are the ideal maritime startups that can apply for grants under this scheme?
The startups in the idea stage and in the prototyping stage can apply for grants under this scheme
8. Who are the ideal maritime startups that can apply for equity funding in the scheme?
Startups ready with fully developed product
Startups with early traction ( Customers/Revenue trends)
Startups in the idea stage, Prototype Stage may not be considered for equity funding.
9. Can the startups apply for multiple grants in a single application?
No. The startup can apply for a single grant at a time.
10. Which entity provides the equity funding in this scheme?
CSL will make direct equity funding once the shortlisted startups are recommended for funding
11. Will CSL provide grants under seed funds and Prototype grants to startups?
No. CSL provides only equity investment & IIMK LIVE provides seed fund grants and prototyping grants.
12. Can a growth stage startup apply for seed/prototype grants under this program?
Growth stage startups are not expected to apply for grants instead they can apply for equity funding under this scheme. The decision of the selection committee will be final.
13. Is it a Virtual or Physical Program?
This program is structured as a hybrid program. Startups are not mandated to work physically from the co working space provided at LIVE.
14. What is the duration of incubation program at IIMK LIVE?
The duration of the incubation program at IIMK LIVE is 24 Months.
15. Should the startup sign a separate incubation agreement with IIMK LIVE?
Yes. All startups part of this program should sign a separate incubation agreement with IIMK LIVE
16. What are the key maritime and its allied sectors focused in this program?
a) Decarbonization of Maritime Industry as per IMO GHG strategy and Paris Agreement
b) Start-ups using artificial intelligence and machine learning to optimize processes and create scale in the maritime sector e.g., in vessel-tracking data using position analytics.
c) Improving efficiency in the maritime sector. E.g. improving logistics supply chain through technology
d) Smart technologies that automate processes, free from human error.
e) Autonomous ships and ROVs
f) Using block chain for shared ledger of data inputs in the maritime industry
g) Simulation e.g. Virtual reality for training, gaming & augmented reality to reinvent product & service levels
17. What are the eligibility requirements of startups applying for this program?
a) A start-up, as recognised by DPIIT.
b) Start-up must have a business idea to develop a product or a service with market fit, viable commercialization, and scope of scaling
c) Start-up must have the solution or product in the maritime sector for Focus Areas as specified in this Policy
d) Start-up should be using technology in its core product or service, or business model, or distribution model, or methodology to solve the problem being targeted.
e) Shareholding by Indian promoters in the start-up should be at least 51% at the time of application to incubator for the scheme, as per Companies Act, 2013 and SEBI (ICDR) Regulations, 2018
18. For which all activities can this funding be utilized?
a)Prototype Development, Minimum Viable Product Development, Refinement of Testing of product, Test Marketing, Market Launch
b) Expenses on data generation/data acquisition for ideas working on IT side/AI side
c) Fees for IP issues/one-time technology licensing fees
d) Manpower for day-to-day operations but not promoter’s remuneration in the case of grants.
e) Day-to-day operational expenses like electricity bill, incubation charges etc.
f) Procurement of web hosting space, software licenses, marketing tools etc.
19. How often the applications are invited?
Applications for this Program are invited half yearly. You may apply for the program directly through LIVE website and the notification will be released on website and social media handles.
20. Can I submit multiple applications for this program?
No. Multiple applications are not allowed for this program. Your first application will be considered as the final application for evaluation
21. I am not associated with IIM Kozhikode as a student/ alumni/ faculty.Can I apply for the LIVE CSL Program?
Yes. You may apply for the program
22. I am a student/ alumni/ faculty of IIM Kozhikode. Do I still need to apply for the LIVE CSL Program?
Yes. There is only one admission process for all applicants. IIMK students/ alumni/ faculty may get priority subject to merit of the business idea.
23.I am already an incubatee of IIMK LIVE. Should I apply for this program?
Yes. You may have to apply for this program separately and will be part of the selection process if you belong to the maritime sector.
24. My startup is incubated in another incubator. Can I still apply for this program?
Yes. You can apply for this program even if you are part of other incubators and accelerators.
Yes. The startups can still apply for this program
26. Our startup is already angel/VC funded? Can we still apply for this program?
Yes. Even if the startup has already raised funds, they can apply for this program.
27. Is there any application fee?
LIVE takes effort to find, support and grow early-stage social entrepreneurs who can build high-impact sustainable organizations and doesn’t charge a fee for this program.
28. How many rounds of startup evaluations are planned in this program?
There will be two rounds of evaluation. After the initial shortlisting, startups will be invited to make a short pitch in front of the final selection committee.
28. How and where will the pitching round be held?
Pitching process will be held virtually. Physical meetings and center visits will be planned based on the ongoing pandemic risks and travel restrictions applicable from time to time.
29. How will I know about the result of each round?
IIMK LIVE would intimate you with the status of the application via email to your registered email id.
30. Will the selected startups receive funds in a single tranche?
The startups selected in this program will receive funds in single or multiple tranches based on the
recommendation of the investment committee.