IIT Ropar Technology Business Incubator Foundation (IITRpr-TBIF) – A Section 8 non-profit Company of IIT Ropar established under NIDHI grant from DST, GOI invites applications for its new seed funding scheme for entrepreneurs - Launchpad.
About the Scheme
Launchpad is an initiative of IITRpr-TBIF to fund new and aspiring entrepreneurs to launch their business with initial seed funding to incorporate their company and build a prototype in a span of one year.
What is on offer?
The grantees will get the following support from IITRpr-TBIF:
- Funding of up to Rs 18000/- for new company incorporation.
- Seed grant of up to 4.5 Lakhs per company in 3 competitive phases.
Phase 1 (4 months) Phase 2 (4 Months) Phase 3 (4 Months) Rs. 1 Lakh Rs. 1.5 Lakhs Rs. 2 Lakhs
- Companies selected into phase 2 or 3 may avail soft loan up to Rs 20 Lakhs.
- Free co-working spaces and subsidized personal working spaces.
- Free power and free high speed internet
- One personal computer per company free of cost.
- Access to high performance server of TBIF.
- Access to electronic and mechanical prototyping facilities of TBIF.
- Membership of the Entrepreneurship library of TBIF.
- Funding for availing external expert mentorship.
- Access to our networks of VCs and Angels.
- Financial support for patenting.
- Subsidized hostel facility based on availability.
Selection and evaluation process
- Applications shall be received in online mode through TBI website: www.tbifiitrpr.org/launchpad
- Last date of receiving completed applications is: 15 February 2021
- Internal committee of TBIF will perform basic eligibility and quality based shortlisting of applications.
- Selected applications shall be called for a presentation before an expert committee.
- They would need to pitch their ideas in brief (7 Minutes presentation and 5 minutes Q/A)
- Applicants finalized by this committee will be selected into phase-1. Here they will be provided with company incorporation charges and seed funds of 1 Lakhs for 4 months. They will be formally incorporated into TBIF and will have access to all other facilities listed above.
- These companies will be evaluated after 4 months again by an expert committee.
- Only about 50-60% of the phase-1 companies will be selected into phase-2 based on their performance in phase-1.
- Phase-2 companies will be given additional seed funding of Rs. 1.5 Lakhs for next 4 months. The Phase-1 companies not selected into phase-2 may continue to be incubated at TBIF if the committee doesn’t find them seriously lacking in their performance.
- Phase-2 companies will be evaluated after 4 months again by an expert committee.
- Only about 50-60% of the phase-2 companies will be selected into phase-3 based on their performance in phase-2.
- Phase-3 companies will be given additional seed funding of Rs. 2 Lakhs for next 4 months. The phase-2 companies not selected into phase-3 may continue to be incubated at TBIF if the committee doesn’t find them seriously lacking in their performance.
Indian nationals with new ideas for entrepreneurial venture can apply. Individuals with already incorporated companies (Incorporation date not before 01 Aug 2019) can also apply.
IT & IT Enabled Services, Health Technology, Agriculture, Manufacturing, Clean Energy & E-Commerce.
IITRpr-TBIF will charge equity at a base rate of 0.5% for all companies incorporated into TBIF. In addition to that we charge additional 0.5% per 1 lakh funded to a company. These will be in form of preferred shares of the company.
Last date of application
27 February, 2021 28 February, 2021
For any query contact:
Phone: 01881 – 235216 or 94174 – 84881