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Innovation Factory  

Business Mentorship and Scale up support to Intellectual Property led Innovators and startups

Overview
Many technology institutions in the country have initiated different programs to promote innovation
and entrepreneurship in their campus. Such initiatives help researchers and students to take up
entrepreneurship and build innovative products in high tech domain. However it is observed that
such institutions may lack expertise in commercializing these innovations and converting it into a
full-fledged startup enterprises. This requires extensive business level mentorship, funding connect,
market access and training programs to channelize their efforts in establishing and scaling up tech
startup. IIMK LIVE with its in depth experience in business mentorship, training and the networks
built over these years, it can support these researchers and students in these technology institutions
to build a scalable and sustainable business enterprises that can act as epitome of Innovation led/IP
driven successful startups in the country.


Program Objectives
 To provide support to high tech innovations emanating from top technological institutions
 Commercialising the Intellectual property (IP) driven products and solutions
 Helping innovators, startups and individuals to scale up and grow
 Extensive business mentorship, Market and funding connect through LIVE’s networks.


Program Construct
The program is targeted towards, high tech innovations emanating from top technological
institutions in India. The entire focus of this program is to provide a mix of business mentorship and
training to commercialize these innovations and take them to a scale up stage. The duration of this
program shall be for 1 year, with active mentorship support, market access connect, training
programs and funding both internally and externally.


Eligibility
- Startup has to be an Indian startup with shareholding of Indian Promoters above 50%
- The applicant should be a graduate from top technological institutes (IIT/NIT/IIIT) in the country.
- Startups/Individuals working on Intellectual Property driven products or startups/Individuals
possessing Intellectual Property shall be given preference in this program.


Duration
- Duration of this program shall be for 1 year. Unless extended to 1 more year on a case to case basis by the centre.


Application Invitation and Selection
- Centre shall invite application at national level, based on the eligibility criteria as specified above for this program.

- Startups / Individuals shall be selected by an expert selection committee constituted by the centre.


Support Mechanism for Startups
Non-Financial Support
- Business Mentorship Support of 25 Hrs. per startup
- Training programs of 15 Hrs. per startup
- Market access support through IIMK’s alumni network
- Access to service partner network at LIVE
- Periodic progress reviews and feedback
- Support in company formation and regulatory compliance


Financial Support
- Monthly fellowship grant up to Rs.30000 per month
- Early stage seed funding support up to Rs. 50 lakhs per startup
- Scale up funding support up to Rs. 50 lakhs per startup
- Opportunity to pitch to angel/VC investors as part of annual startup investor meet ‘Start-O-
Sphere’


Fees
- Total fees for this program is Rs. 30000 per startup. 50% of program fees to be paid at the time of joining in this program.


Equity
- IIMK LIVE shall exercise equity in these startups on a case to case basis. Such equity holding of IIMK LIVE shall be restricted to less than 2%.

Innovation Factory: Services
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