LIVE Innovation Fellowship for Entrepreneurship
LIFE Q&A
What is LIVE?
LIVE is an Entrepreneurship Development Centre and Business Incubator at the Indian Institute of Management Kozhikode. This is established by IIM Kozhikode and is supported by Department of Science and Technology, Government of India.
What is LIFE program?
The LIFE program is designed to promote innovation-led entrepreneurship. It provides fellowship awards with subsistence grant to an aspiring or budding entrepreneur of considerable potential for developing technology or business model innovation into a business venture.
Along with the grant awards, it provides pre-incubation support at IIM Kozhikode’s Entrepreneurship Development Center, LIVE and a prestigious forum for deserving innovators to pursue their venturing endeavours mitigating the risks involved in such pursuits.
What kind of support will be provided under LIFE program?
LIFE Support will include:
The LIFE award recipient will be eligible for a grant in the form of monthly stipend limited to Rs.30,000/- per month with a minimum level of Rs.10,000/- per month for a period of 12 months.
As an LIFE recipient, the recipient gets pre-incubation support that includes subsidized co-woking space, professional services support and guidance to establish/make the most of their ideas and turn innovative breakthrough into a business venture.
Access to LIVE Ecosystem network and IIM Kozhikode networks of academic experts, investors, corporates, partner institutions, alumni and other associates.
Access to entrepreneurship training and workshops at subsidized rates.
What will be the duration of LIFE support program?
The duration of the support will not be more than 18 months
If LIFE recipient raises funding or investments for their business ideas/ potential start
ups, the grant support shall be discontinued from the date of receipt of the first
tranche of funds
IIMK LIVE may terminate the support to non-performing LIFE recipient even before
completion of 18 months with intimation to IIMK LIVE /NSTEDB.
How is LIFE program different from the Business Incubation Program at LIVE?
LIFE program aims at supporting innovators through monthly stipend/ subsistence grant helping them survive the uncertainties during the phase of idea to product development. It typically concludes with prototype/ MVP/ proof of concept that is patentable and it has business potential. An applicant is an individual with innovative idea.
BIP of IIMK LIVE aims at supporting start-ups through seed fund assistance helping them survive the risks during the phase of commercialization. It typically concludes with reasonable revenue generation or significant external funding for further growth. An applicant is a new venture (generally a registered company) with a business plan.
Both programs benefit from LIVE’s start-up ecosystem that comprises of intellectual, infrastructure and network resources supported by the premier IIM Kozhikode and Department of Science and Technology, Government of India.
Will my start-up get admitted to the prestigious Business Incubation Program and the start-up funding opportunities?
The LIFE support program is designed to help innovators to help start-up. If at the end of LIFE program, the awardees have been able to start a new venture with a proof-of-concept or a Minimum Viable Product (MVP), they would be considered for the BIP for incubation of their start-ups.
How is LIFE different from NIDHI-EIR of Department of Science and Technology (DST), Government of India?
As a DST supported business incubator, LIVE has been identified as the program execution partner and has been provided funds to execute of NIDHI-EIR program. NIDHI-EIR may have a few other leading DST supported incubators as program execution partners. LIFE is a specific offering of IIMK LIVE under NIDHI-EIR. It has all the basic support under NIDHI-EIR plau additional benefits of LIVE ecosystem.
Is it possible for me to continue with my current job after receiving fellowship under LIFE Scheme?
No, once if you have opted for LIFE fellowship, then you should relinquish your current Job.
LIFE fellowship awards are provided to candidates who wish to convert their innovations in to products or commercial offerings and should work full-time on pursuing it to start-up a business enterprise.
When does the LIFE program commence, if I am awarded the fellowship?
Currently, applications are invited for the cohort commencing from March 2024.
Who is eligible?
LIFE award recipient should fulfil all the following criteria to be eligible for consideration
The LIFE applicant should be citizen of India.
The applicant should have completed
Minimum 4 years of formal full time undergraduate/post graduate education towards one or more degree programmes. Basic degree or diploma should be in science or engineering.
OR
3 years degree or diploma program and have 2 year full time work experience post degree or diploma. Basic degree or diploma should be in science or engineering.
Should be first generation innovative entrepreneur committed to explore a business idea and has no prior source of income.
LIFE support recipient cannot be the promoter or significant (>10%) share holder / beneficiary of another company at the time of applying for and receiving the fellowship award approval
Who are are discouraged from applying for LIFE fellowship schemes?
LIFE Fellowship cannot be concurrent with any other remuneration or fellowship.
LIFE Fellowship support recipient cannot be the promoter or significant (>10%) shareholder / beneficiary of another company at the time of applying for and receiving the grant approval
Entrepreneurs pursuing business ideas with no or marginal technology innovation or those with very short journey (i.e. less than 6 months) to commercialization are discouraged to apply.
LIFE support recipients should not treat this support as a stop gap arrangement to support them in their academic pursuits or transition between jobs.
I am a student in IIM Kozhikode’s programs. Can I apply?
LIFE is open to students of IIM Kozhikode’s all post-graduate, full-time academic programs. In fact, it encourages IIM Kozhikode’s students with innovative ideas.
However, the students should be able to join the program only after completing the program as the program demands full-time pursuance of the development of idea in to MVP/ prototype/ PoC.
What are the broad parameters for selection of technology startups under this scheme ?
A typical LIFE applicant needing the support is a first generation innovative entrepreneur, who has no prior source of income. LIFE recipients are expected to be committed to exploring a Innovative idea that has potential to evolve into a product that solves a real problem.
Preference shall be given for
Innovative ideas with larger technology uncertainties and/ or long gestation periods,
Innovative ideas that lead to patents or IP or those which leverages technology or IP from publicly funded research or academic organizations.
Innovative ideas with considerable potential for social impact.
What is the process of selection?
After the receipt of proposals, IIMK LIVE checks the eligibility of each applicant.
Applicants who are eligible will then be scrutinised by the expert committee of IIMK LIVE based on certain qualifying criteria’s and will be selected to the final round of selection.
Shortlisted candidate have to make final pitch in to the selection panel.
Do IIM Kozhikode alumni have any considerations in selection process?
Yes, endorsed by a degree of our host institute, we are more confident of the commitment and the potential of the candidates who are IIMK alumni. Further, LIVE benefits from the host institute and its alumni a great deal. Hence, alumni of all full-time post graduate programs are given preference in selection process, other factors related to the idea being equal.
In addition, IIMK alumni (only PGP alumni at this stage) would be eligible to get top-up grant from the funds constituted by IIMK PGP alumni as ‘Staying Alive’ fellowships. PGP students who decide to take up entrepreneurship and signed out of on-campus placement process or alumni who have graduated from IIMK PGP not before two years of the commencement of the program would only be benefited. Staying Alive top-up grants may be subject to separate selection process.
Are there any considerations given to innovators belonging to Scheduled Cast and Scheduled Tribe community?
Under this scheme, startup entrepreneurs in SC, ST community will have dedicated fellowships. Those who are applying for fellowships under SC/ST category will have to submit a caste certificate issued by any one of the competent authorities in the state.
District Magistrate/Additional District Magistrate/Collector /Deputy Commissioner/Additional Deputy Commissioner/ Deputy Collector/ 1st Class Stipendary Magistrate/Sub Divisional Magistrate/Taluka Magistrate/Executive Magistrate/Extra Assistant Commissioner.
Chief Presidency Magistrate/ Additional Chief Presidency Magistrate/Presidency Magistrate.
Revenue Officer not below the rank of Tehsildar.
Sub-Divisional Officer of the area where the candidate and/or his family normally
How to apply for LIFE?
LIFE support aspirant should submit the application at www.iimklive.org
What are the documents required to be submitted at the time of application?
Duly filled application form
Formal business plan for the idea they intend to pursue
Business presentation including the investment proposal
Proof of citizenship (copy of passport)
Can I apply by mail or in person?
No applications have to be done online by registration only. In case of any difficulty in applying online, contact staff members of team LIVEly on 0495-2809669.
What is the last date for application?
April 5,2024
Can I apply again for LIFE support?
You can not apply again if you have received LIFE support once. However you can reapply if your previous application was not successful.
Can I submit two applications for two different ideas under one call?
Yes, but only one will be finally provided LIFE support if selected
If my startup is supported under NIDHI-SSS or NIDHI- PRAYAS schemes of DST then can I apply for LIFE fellowship ?
In fact, LIFE program is meant for budding entrepreneurs who have innovative ideas and yet to start their own venture. No, entrepreneurs applying for LIFE fellowship scheme should not be a beneficiary of above mentioned schemes.