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IIMK LIVE, Top Floor, Computer Centre Building, IIMK Campus, Kozhikode 673570

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LIVE  SSS

Seed funding program for startups


Overview


IIMK LIVE is a Technology Business Incubator and Entrepreneurship Development Center hosted by IIM Kozhikode and is set up with the support of Department of Science and Technology, Government of India. Established in June 2016, the center is envisioned to function as a business incubator with a purpose of creating a National Centre of Excellence that promotes innovation, new business venturing and entrepreneurship. Towards this, it seeks to emerge as a collaborative platform that helps transform innovative ideas into business ventures that make significant economic and social impact


IIMK LIVE – Seed Support fund is a startup seed fund sanctioned by Department of Science and Technology under the scheme NIDHI- Seed Support Fund. (NIDHI-SSS)


Objective 

  • The primary objective of the IIMK LIVE Seed Support fund is to ensure timely availability of the seed support to the deserving early-stage incubatee startups within IIMK LIVE thereby enabling them to take their venture to next level and facilitate towards their success in the market place.


  • Amount sanctioned to act as a bridge between development and commercialization of innovative technologies/ products/ service in a relatively hassle free manner


Eligibility for Incubatee Start Ups  

                Following start-ups are eligible for seed support under this policy

  • Start-up is being incubated or agree to be incubated IIMK LIVE as per admission and incubation policy of IIMK LIVE. Startups applying for this scheme should have minimum three months of residency at IIMK LIVE.

  • Start-up should be a registered company in India

  • Persons holding Overseas Citizens of India (OCI), Persons of Indian Origin (PIO) would be considered as Indian citizens for the purpose of this scheme.

  • This scheme is not meant for Indian Subsidiaries of MNC/Foreign companies.

  • The shareholding by Indian promoters in the incubatee start up should be at least 51%. 


Mode of disbursement of seed fund

      The seed fund can be disbursed in the form of

  • Debt ( Soft Loan)

  • Equity

  • Equity & Debt combined


Quantum of Funding

  • Maximum upper limit of funding is 1 Cr

  • Average funding ticket size is Rs 25 Lac


Broad Areas and Items to be covered under the Seed Support

The start–ups would be supported primarily for the seed support including for:

  • Product Development 

  • Testing and Trials 

  • Test Marketing and Market Research

  • Go-to Market actions

  • Production and Operations activities

  • Mentoring &Professional Consultancy (To attract professors/experts from institutions to work with startups) 

  • IPR Issues 

  • Manpower for day to day operations 

  • Any other area as deemed necessary and recommended by  Seed Support Management Committee and IIMK LIVE


Selection of Incubatee Startups for Seed Funding

  • Website/Online advertisements indicating availability of seed support

  • Announcement for call for applications.

  • Short listing the applicants as per eligibility criteria

  • Shortlisted applicants will be invited for final pitching in front of Seed Support Management Committee


Other terms and conditions

  • Fund sanctioned to startups will be disbursed quarterly in tranches

  • Startups selected under this program will be part of the Business Incubation program of IIMK LIVE

  • Startup once supported under NIDHI- Seed Support System (NIDHI-SSS) will not be again supported in this scheme.

  • Funds will be provided as soft loan at interest rates below market rate or against equity as specified in the term sheet.

  • IIMK LIVE doesn’t guarantee funding under this scheme, because funding mainly depends on the performance of startups and the progress achieved against the milestones set by the panel.

  • As per this scheme startup cannot be funded without completing 3 months of incubation program.


Last Date to Apply for this Scheme-30th November 2019