Innovation Grant would be disbursed within Tranches. There are 2 types of Tranches , ie, First Tranche and Second Tranche.
- half the Granted amount is disbursed in the first tranche after collecting necessary documentation, and the remaining amount is disbursed after the innovator submits interim report and utilization certificate.
- If the idea sanctioned is less than Rs 50,000 , it will be disbursed in first tranche.
- Selected ideas on Idea day will be granted a maximum amount of Rs 2 lakhs in the first Tranche.
- Selected ideas of Scale Grant will be granted a maximum amount of Rs 6 lakhs in the first Tranche.
- But special approval for both Grants is taken by the CEO .
- Startups registered as legal entities with DIPP certification will receive the amount in their own company bank accounts.
- For student innovators the fund will be transferred to the IEDC bank accounts of their respective colleges .
Documents for First Tranche
The list of documents to be submitted are as follows:
- Startups
- Address ID proof of founder signing the agreement.
- Scanned copy of passbook front page of the company account.
- Rs 200 worth stamp paper in name of the company.
Agreement may be signed by any one founder . Before, Innovation Grant other rentals and loans should be cleared.
2. Student Innovators
- Rs 200 worth stamp paper in name of IEDC.
- Scanned copy of passbook front page of IEDC account
- Copy of address proof of Nodal officer
- College ID card copy of Nodal officer
- Address proof of student
- College ID card copy of student
Agreement should be signed by the Nodal officer and Student. The Utilization certificates and Progress reports should be authorized by the IEDC Nodal officer.
3. Individual Innovators
- Rs 200 worth stamp paper in name of Individual.
- Address proof of Individual.
- Acceptance letter from any member IEDC or Incubator.
- Scanned copy of passbook front page of IEDC or Incubator account .
Agreement should be signed by both the innovator and IEDC /Incubator in charge.The utilization certificates and progress reports are to be authorized by the IEDC/incubator in charge.
If Scale grant startup is selected ,then it is expected to sign a commitment to contribute to a goodwill once the startup becomes sustainable.
After the verification process , the KSUM will execute an agreement with the innovator or startups. Then they should complete the process by visiting the nearest KSUM Office which is in Trivandrum ,Kochi or Kozhikode. Then the Grant will be released within one week of signing the agreement as account payee cheque.
Margin Money
The KSUM would ask them for the margin money
Grand Type Margin money Potential Investors/supporters
Idea Grant 10% of Proposed cost Alumni/friends /Family
Productization Grant 20% of Proposed cost founders / investors
Scale up grant 50% of proposed cost investors/ revenues
Progress Assessment
KSUM will assess the progress before the disbursement of second tranche and after the end of the project. To release the second tranche of fund, innovators should submit the interim progress update and utilization certificate. Thus the progress would be reviewed by the committee of experts set up by the KSUM before the balance amount is released.
Documents for Second Tranche
The list of documents to be submitted are as follows:
- Startups
1. Audited utilization certificate of initial tranche.
2. Progress report of the project.
2. Student Innovators
1. Utilization certificate signed by the student and approved by IEDC Nodal officer.
2. The idea grants released should reflect in the audited BS/I&E accounts of the IEDC and shall be forwarded to KSUM yearly.
3. Progress report of the project.
3. Innovators
1. Utilization certificate signed by the innovator and approved by the in charge of the IEDC /incubator.
2. The idea grants released should reflect in the audited BS/I&E accounts of the IEDC/ incubator and shall be forwarded to KSUM yearly.
3. Progress report of the project.
Application support
All queries related to the application process may be mailed to ideaday@startupmission.in with the subject idea day queries : Funding. They would respond to the query within 3 days.