Frequently Asked Questions (FAQs) – IDEA VAULT

1. What is the Idea Vault ?

Idea Vault is a structured program designed to help individuals and early-stage founders validate their business ideas through expert feedback, structured activities, and guided mentorship.

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2. Who can apply for the program?

Anyone with a business idea or an early-stage startup can apply. Students, working professionals, aspiring entrepreneurs, and early-stage founders can participate.

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3. Do I need to have a registered startup to apply?

No. You only need a clear idea or concept. The program is specifically designed to help validate ideas before starting a business.

 

4. What stage should my idea be in?

Your idea can be at the very early stage, even if it is just a concept. However, applicants should have identified a problem they want to solve.

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5. How many participants will be selected?

Only the first 50 applicants will be selected for the initial phase of the program.

 

6. What happens after the first phase?

After the idea validation stage, the top 20 ideators will be shortlisted for deeper support, including product development, market testing, and commercialization guidance.

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7. Is there any fee to apply?

No. Applying and participating in the initial idea validation phase is completely free.

 

8. Is there any fee for the program later?

Participants shortlisted for the second phase (Top 20 Startups) will be invited to attend a 2-day Bootcamp IIM Kozhikode, for which a nominal participation fee of ₹2499 shall be applicable.

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9. What kind of support will participants receive?

Participants will receive:

• Expert feedback from industry professionals

• Structured guidance on validating their idea

• Mentorship on business model development

• Support in refining their concept

• Insights into market validation support and positioning of their idea 

• Opportunities to interact and connect with industry experts

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10. Will participants receive funding?

The program primarily focuses on idea validation and venture development. However, promising startups may receive opportunities to connect with investors and other funding opportunities.

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11. What is the final outcome of the program?

Participants will leave the program with a validated business idea, clearer market understanding, and a stronger business model, with selected teams progressing toward building a startup.

 

12. Will there be opportunities to connect with investors?

Yes. Selected teams may get opportunities to connect with investors and other funding opportunities.

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13. How can I apply?

Applicants can submit their idea through the online application form available on the program website.

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14. Do we get funding support ?
The selected applicants shall get an opportunity to connect with investors and other funding options.​​​​

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15. Will applicants build an MVP during the program?
Yes. applicants may have to develop an MVP or prototype, test it with real users, and iterate based on feedback.​
 

16. Is the program conducted online or offline?
This follows a hybrid format for flexibility, combining both virtual sessions and in-person engagements at IIM Kozhikode .

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17. How can I apply for the program?
Applications can be submitted through the official IIMK LIVE platforms as announced. Applicants must provide details about their idea and motivation.
 

18. What is the selection process?

The first 50 applications will be accepted without any initial screening. From these, the top 20 applications will be shortlisted based on the following criteria:

• Relevance of the problem

• Potential for innovation

• Feasibility and expected impact

 

19. Can teams apply, or only individuals?

Both teams and individuals are welcome to apply. However, we prefer having a single point of contact representing the startup for communication purposes.

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20. How is confidentiality handled?
All submitted ideas and information will be treated as strictly confidential and accessed only for evaluation by the mentor.

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21. Will applicants get access to the IIMK LIVE ecosystem?
Yes. Applicants gain access to the IIMK LIVE startup ecosystem, including mentors, investors, alumni founders, and incubation pathways.

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22. Who should I contact for further queries?
For any clarification or assistance, applicants may contact the program coordinator at IIMK LIVE through the official communication platforms.