LIVE Innovation Fellowship for Entrepreneurship – India

The LIFE program is designed to promote innovation-led entrepreneurship. Along with the grant awards, it provides pre-incubation support at IIM Kozhikode’s Entrepreneurship Development Center, LIVE and a prestigious forum for deserving innovators to pursue their venturing endeavours mitigating the risks involved in such pursuits.

The LIFE support program is designed to help innovators to help start-up. If at the end of LIFE program, the awardees have been able to start a new venture with a proof-of-concept or a Minimum Viable Product (MVP), they would be considered for the BIP for incubation of their start-ups.

LIVE is an Entrepreneurship Development Centre and Business Incubator at the Indian Institute of Management Kozhikode. This is established by IIM Kozhikode and is supported by Department of Science and Technology, Government of India.

What kind of support will be provided under LIFE program?

• LIFE Support will include:
  • The LIFE award recipient will be eligible for a grant in the form of monthly stipend limited to Rs.30,000/- per month with a minimum level of Rs.10,000/- per month for a period of 12 months.
  • As an LIFE recipient, the recipient gets pre-incubation support that includes subsidized co-woking space, professional services support and guidance to establish/make the most of their ideas and turn innovative breakthrough into a business venture.
  • Access to LIVE Ecosystem network and IIM Kozhikode networks of academic experts, investors, corporates, partner institutions, alumni and other associates.
  • Access to entrepreneurship training and workshops at subsidized rates.

What will be the duration of LIFE support program?

• The duration of the support will not be more than 18 months
• If LIFE recipient raises 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
• IIMK LIVE may terminate the support to non-performing LIFE recipient even before completion of 18 months with intimation to IIMK LIVE /NSTEDB.

How is LIFE program different from the Business Incubation Program at LIVE?

• LIFE program aims at supporting innovators through monthly stipend/ subsistence grant helping them survive the uncertainties during the phase of idea to product development. It typically concludes with prototype/ MVP/ proof of concept that is patentable and it has business potential. An applicant is an individual with innovative idea.
• BIP of IIMK LIVE aims at supporting start-ups through seed fund assistance helping them survive the risks during the phase of commercialization. It typically concludes with reasonable revenue generation or significant external funding for further growth. An applicant is a new venture (generally a registered company) with a business plan.
• Both programs benefit from LIVE’s start-up ecosystem that comprises of intellectual, infrastructure and network resources supported by the premier IIM Kozhikode and Department of Science and Technology, Government of India.

Who is eligible?

• LIFE award recipient should fulfil all the following criteria to be eligible for consideration
  • The LIFE applicant should be citizen of India.
  • The applicant should have completed
    • Minimum 4 years of formal full time undergraduate/post graduate education towards one or more degree programmes. Basic degree or diploma should be in science or engineering.
• 3 years degree or diploma program and have 2 year full time work experience post degree or diploma. Basic degree or diploma should be in science or engineering.
  • Should be first generation innovative entrepreneur committed to explore a business idea and has no prior source of income.
  • LIFE support recipient cannot be the promoter or significant (>10%) share holder / beneficiary of another company at the time of applying for and receiving the fellowship award approval
• LIFE is open to students of IIM Kozhikode’s all post-graduate, full-time academic programs. In fact, it encourages IIM Kozhikode’s students with innovative ideas.
• However, the students should be able to join the program only after completing the program as the program demands full-time pursuance of the development of idea in to MVP/ prototype/ PoC.
• LIFE fellowship awards are provided to candidates who wish to convert their innovations in to products or commercial offerings and should work full-time on pursuing it to start-up a business enterprise.

Ineligible

• LIFE Fellowship cannot be concurrent with any other remuneration or fellowship.
• LIFE Fellowship 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
• 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.
• LIFE support recipients should not treat this support as a stop gap arrangement to support them in their academic pursuits or transition between jobs.

For more information, visit IIM Kozhikode.