Nurturing Budding Entrepreneurs

The program

The EIR program has been conceived to inspire the best talent to be entrepreneurs by supporting them with mentorship, access to office space and guidance. It also offers a monthly fellowship amount ranging from ₹10,000pm to ₹30,000pm for a year to minimize the risk involved in pursuing start-ups, and to partially set off their opportunity costs of high-paying jobs. The program has been introduced by NSTEDB, Govt. of India. The NIDHI-EIR program provides tremendous opportunities for innovative entrepreneurs to expand their networks and get critical feedback on their ventures in order to promote their entrepreneurial career goals and aspirations

Objective

• To encourage graduating students to take to entrepreneurship by providing support as a fellowship.
• To provide a prestigious forum for deserving and budding entrepreneurs to pursue their ventures without any additional risks involved in technology based businesses.
• To create, nurture and strengthen a pipeline of entrepreneurs for incubators
• To make pursuing entrepreneurship related to a technology business idea more attractive among available career options.
• To make pursuing entrepreneurship related to a technology business idea more attractive among available career options.

Support extended

• The NIDHI-EIR support recipient will be eligible for a grant of maximum Rs.30,000/- per month with a minimum level of Rs.10,000/- per month for a period of 12 months. If a NIDHI-EIR recipient raises 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.
• As an NIDHI-EIR recipient, an entrepreneur gets office space, administrative support and a stipend to establish/make the most of their ideas and turn innovative breakthroughs into viable businesses.
• Guidance from experienced entrepreneurs on the business model, strategy, sector and market insights.

Eligibility & Conditions

• The EIR applicant should be an Indian citizen
• The EIR applicant should have completed a minimum 4 years of formal full time undergraduate/postgraduate education towards one or more degree programmes.
• 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 recipients 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 recipients 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%) shareholder / 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 programme 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 a 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

Why IITM HTIC MedTech Incubator

• Access to IITM infrastructure like HTIC (R&D centre), incubator and lab facilities of other departments at IITM
• Strong auxiliary support system – IP and Tech Transfer, Legal and compliance support
• Collaborations with Hospitals, Universities, and with MedTech industry players
• Mentoring by faculty members and alumni

For Application please click the Link

Please write to nidhieir@htic.iitm.ac.in for any queries