Background of NIDHI EIR Program
Department of Science and Technology (DST) has announced National Initiative for Developing and Harnessing Innovations (NIDHI) as an umbrella programme for nurturing ideas and innovations (knowledge-based and technology-driven) into successful startups. Entrepreneurs-in- Residence (EIR) Programme is one of the programs introduced under NIDHI to inspire the best talents to be entrepreneurs, to minimize the risk involved in pursuing start- ups, and to partially set off their opportunity costs of high paying jobs. The NIDHI-EIR programme 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.
Objectives of NIDHI-EIR Programme
- 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.
The opportunities under NIDHI-EIR Programme include:
- 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
ELIGIBILITY FOR NIDHI-EIR SUPPORT
- The EIR applicant should be citizen of India with possession of a government approved proof of nationality such as a valid passport, voter’s id etc.
- The EIR applicant should have completed minimum basic full time undergraduate or more education towards one or more degree programme in Basic Sciences/ Engineering/ Biotechnology/ Medicine/ Law etc.
- Expected eligibility qualifications are PhD/ MTech/ BTech/ BPharm/ MD/ MBBS/ BDS/ MSc/ BSc/ MPhil/ MDes/ MPH/ MBA/ LLB/ LLM/ MSW etc.
- 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.
- Preferences will be given for the following:
- Women entrepreneurs
- Innovators under the age of 35
- Business plan that can result in manufacturing and better jobs creation
- Professionals with relevant work/ industry experience with a urge to take entrepreneurship as an career
- Applicants with a history/ track record of invention/ tinkering solutions etc or volunteering with organizations to address/ solve problems.
- Applicants shall be evaluated based on the following:
- 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 the following:
- Technology business ideas with larger technology uncertainties and/ or long gestation periods.
- Technology business ideas leveraging technology or IP from publicly funded research or academic organizations, 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 start ups, the grant support shall be discontinued from the date of receipt of the first tranche of funds.
NIDHI –EIR Support to the Fellows (For a period of 12 months):
- Grant Stipend maximum of Rs.30,000/- per month with a minimum level of Rs.10,000/- per month for a period of 12 months.
- Office space, administrative support and a stipend to work on their entrepreneurial idea and turn the innovative idea into viable businesses
- Supports from faculties and mentors, assigned as mentor to individual EIR Fellow in business planning and execution
- Provide mentorship and handholding for activities related to IP management, legal and contract, mobilizing resources and other business development related activities
- Participation of EIR fellow in any programme organised by KIIT-TBI
||A Soumya Rao