SONA-COMSTAR-IIT Delhi Innovation Program (India)

Aims

• It is felt that innovative mobility solutions can change the way they travel. The need of improvement over existing solutions subsists in various areas including, but not limited to:
  • Improvements in EV technologies like extending range through battery capacity improvements, and battery management, fast charging infrastructure, efficient motors, mobile charging solutions for emergencies, etc.
  • Vehicle diagnostic solutions to understand maintenance issues.
  • Autonomous functions in vehicles specially pertaining to safety, and convenience.
  • Innovative last mile connectivity solutions.

Benefits

• The Incubation support:
  • Incubation space and support will be provided per institute norms regarding the engagement and equity terms according to institute guidelines.
• The mentoring support options:
  • The Entrepreneurs will get technical advice and mentorship from the Institute’s faculties who can work as scientific advisors with the startups.
  • The review, evaluation and monitoring process will dispense valuable comments and inputs to the startup from the network of experts from IIT Delhi, Industry and other institutions.
  • The FITT will organize periodic events to provide learning, visibility and networking opportunities for the incubatees.
  • Business mentorship programs and workshops will be held by FITT to help startups improve their business plans and market outreach.
  • FITT’s IP Cell can assist the incubatees with IP-related services on a need and availability basis.
  • The innovators will be connected with FITT’s network of investors/VCs.

Funding Information

• Financial support up to ₹ 80 Lakhs will be provided as a grant in aid which shall be provided in 4 or more tranches as per the progress made under predetermined milestones decided based on the objectives of the project.

Eligibility Criteria

• Concepts/ideas relating to e-mobility, smart mobility, solutions for safe and clean mobility with IP potential and having strong translational/commercial prospects.
  • A product or process innovation with substantial market potential/disruption.
  • Having clear objectives in terms of validating their proof of concept.
  • Projects focused on generating the necessary scientific data needed for derisking i.e., reducing uncertainties in the technology, which in turn will be helpful to demonstrate it to investors/ funding programs for startups
• Criteria for project leader:
  • The Entrepreneur Project Leader/Principal investigator/must be an Indian citizen and technically qualified to undertake the project. The Project Leader must have completed postgraduate training in sciences or engineering.
  • The Entrepreneur is required to formally register a company before or after joining the program if not already a startup. It is expected that the startup formation is completed within 6 months of joining the incubation program, failing which, they may be deemed ineligible for further support.
  • The applicant needs to provide an undertaking that he/she plans to terminate his association with the current employer and take up the project full time in the event of grant approval. A resignation/relieving/retirement letter will be needed as supporting documents before the final approval and release of the grant.
• Criteria for eligible startups:
  • The company should be registered as a Pvt. Ltd. Entity under the Indian Companies Act, 2013. The date of incorporation must be within the past 5 years from the date of application to the program to qualify as a startup for this program. The cash in-flow in terms of funding/grants/revenue from sales or operations should not be exceeding ₹ 2.5 Cr. in any fiscal year since its incorporation. The majority stake (>51%) and control of the startup company should be held by resident Indian citizens.
  • The major shareholders/promoters or directors (having >20% stake) should not be directors/promoters of ineligible companies. This may be waved off only in case of bonafide serial investors

For more information, visit FITT.