Utilization Purpose and Guidelines
The Innovation Grant cannot be used for the following Purposes :
- Salaries for the founding team
- Purchase of assets
- Payment of rent and other utility charges
- Purchase of costly equipment’s and devices( Innovators can use equipment’s and devices available with KSUM)
- Patenting Expenses
Idea Grant
allows an amount of 2 lakhs which is used primarily for the procurement of material for the development of the Prototype. This prototype can be used to obtain market validation from real customers and cannot be used for any kind of manpower payment.
Productization Grant
- can be used to convert the market validated prototype into a finished product. These recipients should be registered as a private limited companies or LLP’s.
- Used to procure material or hire specialized services to develop a finished product.
- 50% of the granted fund cannot be used for manpower cost.
- This grant would be considered as Productization grant if the startups provide the proof of early traction from the product.
Productization grant and Idea grant together will not exceed 7 lakhs for startups .
Scale – up Grant
- is to help startups grow faster.
- It can be used for promotional activities, manpower, hiring specialized resources for marketing and product improvements.
- Using this grant, startups are expected to grow their customers.
- This Grant would be considered as Scale up if the customer submits proof of revenue from the product.
Scale Up Grant , Idea Grant and Productization Grant together will not exceed to 12 lakhs for a startup.
Project Completion Report
The Innovators should submit the final report and audited utilization certificate at the end of the project duration. Completed projects can be called on quarterly demo days. The demo days will be attended by representatives of Govt of Kerala and Investors.
Failed Projects
Projects can be failed due to technical reasons or the customer failed to adopt the Idea. For failed ventures ,entrepreneurs can share their learnings and reasons for failure in the report and can be submitted with the utilization certificate to Grant amount.
Applying Again
An Innovator witha previously failed venture can once again get innovation grant for their new project / idea. If the Project report submitted by the Innovator shows the efforts taken and the reasons for failure which will be thoroughly reviewed again with the audited utilization certificate and if its satisfactory , the Innovator may be considered for Innovation Grant…