- Deadline to apply: July 25, 2023
iTIC Incubator at IIT Hyderabad and Greenko Group have collaborated to launch the Bold & Unique Idea Lead Development (BUILD) program. BUILD is a distinct initiative that aims to scout and support 75 student innovators and offer financial assistance as well as other necessary support for their creative and innovative ideas. The primary objective of BUILD is to support undergraduate students and recent graduates for building their innovative ideas and eventually turn into a startup. It aims to foster a student-centric innovation ecosystem by providing resources such as design, fabrication, business mentorship, and other related support.
Aims and Objectives of BUILD
The primary objective of BUILD is to support undergraduate students and recent graduates for building their innovative ideas through technology mentoring, validation, intellectual property support, marketing strategy, team building, and fundraising advisory services. The aim of Build program is to:
- Support 75 innovators within one year
- Provide financial support
- Provide a platform for faster experimentation and innovative approaches
- Foster innovative solutions to local and global problems
- Attract a large number of enthusiastic and problem-solving youth to work on technology-based startups
- Encourage students in the ideation stage to pursue entrepreneurship for their ventures
- Promote entrepreneurship related to technology business ideas as an attractive career option
iTIC Incubator at IIT Hyderabad – Program Management Unit (PMU)
The iTIC Incubator at IIT Hyderabad will serve as the Program Management Unit (PMU) for the BUILD program at the PAN India level. The Partner Incubators (PI) spread across India would scout, shortlist and support innovators. Innovators can choose their preferred PI choice while filling out the application form. iTIC Incubator will work with each PI to ensure that startups receive comprehensive support at the early stage of development.
Role of Partner Incubator (PI)
The role of Partner Incubators in the BUILD Program is pivotal in fostering innovation and supporting aspiring entrepreneurs. These external incubation organizations collaborate closely with the PMU to provide crucial resources, mentorship, and guidance to startups and innovators. PIs play a vital role in the selection process, onboarding of innovators, and facilitating the overall growth and development of participating startups. With their expertise, networks, and infrastructure, Partner Incubators contribute to creating a nurturing environment for startups to thrive, transforming innovative ideas into successful and scalable business ventures. Their collaboration with the iTIC Incubator ensures that startups receive comprehensive support, enabling them to navigate the challenges of early-stage development and maximize their potential for success within the framework of the BUILD Program.
Program Structure
The BUILD project will have a duration of 12 months, with a progress review by the committee at the end of the first six months. The funds to innovators would be distributed into 2 tranches: first after signing the agreement and second after 6 month review by the committee.
Selection Process
- Startups to fill out a common application form
- After assessment, selected applicants will be interviewed and selected by the PIs.
- Following the acceptance of the Letter of Intent (LOI), the due diligence process will commence.
- Upon satisfactory due diligence and acceptance, the first tranche will be disbursed for the first six months.
- At the end of six months, the committee would review the progress and disburse the remaining funds.
Benefits to the Innovators
- Access to vast network of mentors
- Opportunities to seek financial funding and support
- Access to the facilities of iTIC Incubator
- Prototyping support
- IPR filing support
- Co-working space
Eligibility criteria
- Innovator must be an Indian citizen
- Innovator must be from UG students or recent graduates
- An Individual Innovator or a team can also apply
- Innovation should contribute towards either development or improvement of any product or process in existing or new fields; or should be a scalable business model with a potential to generate employment or wealth creation
How to Apply
Click Here to Apply
Download the Pitch Deck template from: Download From Here
For Details: Visit Here
Contact: contact@itic.iith.ac.in