National Initiative for Developing and Harnessing Innovations (NIDHI) Entrepreneur in Residence (EIR).
National Science and Technology Entrepreneurship Development Board (NSTEDB), Government of India supporting Technology Business Incubators is mainly associated with academic and research institutions to leverage technologies and innovations for venture creation. Converting technologies and research into start-up ventures has a long product development and revenue generation time. To inspire the best talents to be entrepreneurs, minimise the risk involved in pursuing start-ups, and to partially set off their opportunity costs of high paying jobs, NSTEDB has introduced NIDHI-Entrepreneurs-in-Residence (EIR) Programme.
Ahmedabad University Support Foundation, VentureStudiois one of the ten approved NIDHI-EIR centres by National Science & Technology Entrepreneurship Development Board (NSTEDB), Govt of India. Tenincubators are selected as Program Execution Partners under NIDHI-EIR program from all over India and VentureStudiois one of them from Ahmedabad. The NIDHI-EIR Programme would provide subsistence grant up to Rs.30, 000 per month to an aspiring or budding entrepreneur of considerable potential for pursuing a promising technology business idea
- To encourage graduating students to take to entrepreneurship by providing support as a fellowship.
- To provide a prestigious forum for entrepreneurs to pursue their ventures without any additional risks involved in technology based businesses.
- To make pursuing entrepreneurship related to a technology business idea more attractive amongst available career options.
- To enable creation of new start-ups by entrepreneurs and significant progress towards raising funding or investment.
Eligibility & Conditions
- The EIR applicant should be citizen of India. An Indian citizen is defined as one who is in possession of a government approved proof of nationality such as a valid passport, voter’s id etc.
- The EIR applicant should have completed minimum 4 years of formal full time undergraduate/post graduate education towards one or more degree programme.
- The EIR is expected to be committed to exploring a business idea. Typical NIDHI-EIR needing the support is a first generation innovative entrepreneur, who has no prior source of income. NIDHI-EIR support recipient should not treat this support as a stop gap arrangement to support them in their academic pursuits or transition between jobs.
- NIDHI-EIR seeking the support should demonstrate his ability to build a scalable technology business Startup. The background of the NIDHI-EIR needs to be provided in a prescribed format.
- The NIDHI-EIR support recipient should propose one technology business idea in a prescribed format.
- NIDHI-EIR support recipient are expected to pursue their entrepreneurial aspirations full time. NIDHI-EIR cannot be concurrent with any other remuneration or fellowship.
- NIDHI-EIR support recipient cannot be the promoter or significant (>10%) share holder / beneficiary of another company at the time of applying for and receiving the grant approval.
- The NIDHI-EIR should be registered for the pre-incubation or incubation program at the TBI for the entire duration of NIDHI-EIR support.
- Preference shall be given for a) technology business ideas with larger technology uncertainties and/ or long gestation periods, b) technology business ideas leveraging technology or IP from publicly funded research or academic organizations, c) technology business ideas with considerable potential for social impact.
- 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.
- NIDHI-EIR seeking support should have a formal business plan for the idea they intend to pursue and a business presentation including the investment proposal.
- Once the NIDHI-EIR raise funding or investments for their business ideas/ potential Startups, the grant support shall be discontinued from the date of receipt of the first tranche of funds.
The selection of the NIDHI-EIR support grantees shall be done by Venture Studio through a screening committee and certain qualifying criteria’s.
- The shortlisted candidates have to present their project proposal in front of the Project Monitoring Committee.
- The final selected NIDHI-EIR grantees will be informed by VentureStudio.
Monitoring and review
- EIR grantees shall give a monthly report to the Program Manager by 2nd of every following month.
- EIR grantees should present their progress to the project management committee every quarter.
- Monthly fellowship shall not be released without submission of this report.
- Monthly grant of maximum of Rs.30, 000/- per month for a period of twelve months. Grant amount can vary between Rs.10, 000 to Rs. 30, 000 depending on the quality of the start-up.
- Guidance from experienced, innovative and highly successful entrepreneurs on the business concept, strategy or venture and insight into specific industries or markets.
- Best practices for starting a business and broaden the professional network.
- Co-working spaces for developing the idea into a marketable product.
The Programme thus encourages enterprising individuals to venture out and pursue daring entrepreneurial ideas as well as enhances the quantity and quality of Startups.
Last date of application is Monday, January 15, 2018.