By ecloudOn

Innovation grant scheme is  organized by the Kerala Start up Mission to provide financial assistance to startups , entrepreneurs  to help them convert their innovative ideas. Kerala Startup Mission is a nodal agency of Govt. of India for startup related activities.

The main objective is to promote entrepreneurship and innovation in the  state.

Types of Grants

  1. Idea Grant — is provided for startups or students who have a prototype or minimum  viable product (MVP) to develop the final version of   MVP. And an amount of  Rs 2 lakhs is limited for the idea
  2. Productization Grant — is to convert the  MVP into a product and a maximum  amount of Rs  7 lakhs  / idea.
  3. Scale up Grant — helps startups with product revenues/ investments to scale their business to next level and is limited to maximum Rs 12 lakhs /idea.
  4. R&D Grant — is available for hardware or deep tech startups with working prototype /IP , which need to be developed into a product and is limited to Rs 30 Lakhs/idea.

Eligibility

  1. For Idea Grant –
  •  A student studying in Kerala
  • An innovator based out of Kerala
  • A Startup legally registered with DIPP certification  in Kerala

2. For  Productization & Scale Up Grant –

  •  A startup legally registered with DIPP certification in kerala

Documents Required 

  • Company Registration certificate
  • DPIIT  Recognition certificate
  • Pitch deck

Application Procedure 

  • The applicant needs to access the official webpage of KSUM and click on the Unique id option .
  • Sign up by entering all details in  the form.
  • KSUM will call for  applications for idea / productization / scale up grant in sectors at least once a quarter.
  • Updates on application and deadlines will be published  in KSUM official website, social media and print media.
  • Students, Innovators and startups can use official website (www.startupmission.kerala.gov.in/ideaday)to submit their application.
  • Once the application is open the notifications would be published through social media and print media.
  • Only completed applications will be considered for shortlisting.
  • All queries regarding application process may be mailed to ideas@startupmission.in with the subject Idea Day Queries : Application.

Shortlisting

  • The applications can be shortlisted by a panel of experts
  • Shortlisted startups should submit a 2 minute introduction of the product along with the pitch deck  and Fund utilisation plan.
  • Screening panel would recommend if the idea is worth pursuing.

Shortlisting Panel 

  • KSUM  would make partner with an Incubator or an academic institution having expertise in this sector.
  • Atleast 2 representatives recommended by partner organisations will be requested by KSUM to shortlist the ideas.

Shortlisting Criteria 

The applications would be shortlisted based on the following criteria:

  • Idea usefulness(40% )
  • Solution value(40%)
  • Market potential (20%)

The top ten ideas in each sector will be invited for the idea day during which a screening panel will listen to the idea presentations, evaluate their merit and recommend their ideas for funding.

Shortlist Announcement

  • Innovators selected for idea presentation will be notified through email at least 2 weeks before the Idea day.
  • Applicants who were rejected will be notified by email.
  • Others may re apply with an improved application for the subsequent Idea days.

Participation Confirmation

  • the selected innovators are expected to confirm their participation within 5 days by submitting a 2 minute product introduction video, the pitch deck and the fund utilization plan.

The  naming convention for the files are as  follows :

  1. Video(max length of  2 minutes):[category name][product name].mp4
  2. Pitch deck (max. 10 slides):[category name][product name].pdf
  3. Fund utilization plan:[category name][product name].xlsx

The innovator should also bring a hard copy of the fund utilisation plan for the Idea day.

Queries regarding Shortlisting

Innovators who would like to know their  shortlisting scores may request by mailing to ideas@startupmission.in       with the subject Idea Day Queries : Shortlisting.

The Idea Day coordinator  will respond within 5 working days  with the following details:

  • Average score for  each selection criteria
  • Comments provided by the shortlisting panel
  • Credentials of the shortlisting panel
  • Cut off score of ideas which got shortlisted.

Selection

Selection Criteria

The 2 minute product introduction videos and presentations  submitted by the  innovators/ startups will be shared with  the screening panel members one week in  advance.

Screening Panel

The screening panel would have 3 members

  • An industry expert
  • An Academician
  • A senior representative from a Govt. body

Screening Process

For  Idea and Productization grant startups the evaluation will be done by the panel based on the following criteria:

  1. Idea and Solution Usefulness
  2. Uniqueness
  3. Potential for growth
  4. Proposed utilization of grant

For Scale up grant, the evaluation will be done  by the panel based on the following criteria:

  1. Exponential growth potential
  2. Team competence
  3. Early signs of Growth
  4. Current revenue and external confidence
  5. Overall performance

Sanction of Grants

The recommendations of the screening panel will be submitted to the CEO,KSUM for approval. Grants above 5 lakhs will be approved by IT Secretary ,Govt of Kerala who is also the Chairman of KSUM Executive committee.

Innovators whose ideas are sanctioned will be notified through mail. The list of Innovation Grant recipients will be updated within 2 weeks from the Idea day.