The Laboratory for Innovation Venturing and Entrepreneurship (LIVE), Indian Institute of Management (IIM), Kozhikode invites applications from budding entrepreneurs for the LIVE Innovation Fellowship for Entrepreneurship 2020.
The LIFE program is designed to promote innovation-led entrepreneurship. It provides fellowship awards with subsistence grants to an aspiring or budding entrepreneur of considerable potential for developing technology or business model innovation into a business venture. Along with the grant awards, it provides pre-incubation support at IIM Kozhikode’s Entrepreneurship Development Center, LIVE, and a prestigious forum for deserving innovators to pursue their venturing endeavors mitigating the risks involved in such pursuits.
LIVE is an Entrepreneurship Development Centre and Business Incubator at the Indian Institute of Management Kozhikode. This is established by IIM Kozhikode and is supported by the Department of Science and Technology, Government of India.
LIFE Support will include:
- The LIFE award recipient will be eligible for a grant in the form of a monthly stipend limited to Rs.30,000/- per month with a minimum level of Rs.10,000/- per month for a period of 12 months.
- As a LIFE recipient, the recipient gets pre-incubation support that includes subsidized co-working space, professional services support, and guidance to establish/make the most of their ideas and turn innovative breakthrough into a business venture.
- Access to LIVE Ecosystem network and IIM Kozhikode networks of academic experts, investors, corporates, partner institutions, alumni, and other associates.
- Access to entrepreneurship training and workshops at subsidized rates.
- The duration of the support will not be more than 18 months.
- If LIFE recipient raises funding or investments for their business ideas/ potential startups, the grant support shall be discontinued from the date of receipt of the first tranche of funds
- IIMK LIVE may terminate the support to non-performing LIFE recipients even before completion of 18 months with intimation to IIMK LIVE/ NSTEDB.
The LIFE award recipient should fulfill all the following criteria to be eligible for consideration
- The LIFE applicant should be a citizen of India.
- The applicant should have completed a minimum of 4 years of formal full-time undergraduate/ post-graduate education towards one or more degree programs. Basic degree or diploma should be in science or engineering, OR
- 3 years degree or diploma program and have 2-year full-time work experience post-degree or diploma. A basic degree or diploma should be in science or engineering.
- Should be a first-generation innovative entrepreneur committed to exploring a business idea and has no prior source of income.
- LIFE support recipient cannot be the promoter or significant (>10%) shareholder/ beneficiary of another company at the time of applying for and receiving the fellowship award approval.
- LIFE Fellowship cannot be concurrent with any other remuneration or fellowship.
- LIFE Fellowship support recipient cannot be the promoter or significant (>10%) shareholder/ beneficiary of another company at the time of applying for and receiving the grant approval
- Entrepreneurs pursuing business ideas with no or marginal technology innovation or those with a very short journeys (i.e. less than 6 months) to commercialization are discouraged to apply.
- LIFE support recipients should not treat this support as a stop-gap arrangement to support them in their academic pursuits or transition between jobs.
A typical LIFE applicant needing the support is a first generation innovative entrepreneur, who has no prior source of income. LIFE recipients are expected to be committed to exploring a Innovative idea that has potential to evolve into a product that solves a real problem.
Preference shall be given for:
- Innovative ideas with larger technology uncertainties and/ or long gestation periods,
- Innovative ideas that lead to patents or IP or those which leverages technology or IP from publicly funded research or academic organizations.
- Innovative ideas with considerable potential for social impact.
How to Apply?
Interested candidates can apply for the fellowship by clicking here. The last date to apply is November 15, 2020.
Phone Number: 0495-2809669
For full notification, click the link below.