NIDHI-EIR - National Initiative for Developing and Harnessing Innovation - Entrepreneur-in-Residence is a program to encourage graduating student to take up entrepreneurship as a career option by providing fellowship support to deserving and budding Entrepreneurs, to pursue their idea and translate that into a venture.
- To create, nurture and strengthen a pipeline of entrepreneurs for incubators
- To enable creation of new start-ups by entrepreneurs and significant progress towards raising funding or investment
- Subsistence grant (max. upto Rs. 30,000/month) to partially set off their opportunity costs of a paying jobs
- The EIR applicant should be citizen of India. An Indian citizen is defined as one who is in possession of a government approved proof of nationality such as a valid passport, voter’s id etc.
- The EIR applicant should have completed minimum 4 years of formal full time undergraduate/post graduate education towards one or more degree programme.
- The EIR is expected to be committed to exploring a business idea. Typical NIDHI-EIR needing the support is a first generation innovative entrepreneur, who has no prior source of income. NIDHI-EIR support recipient should not treat this support as a stop gap arrangement to support them in their academic pursuits or transition between jobs.
- NIDHI-EIR seeking the support should demonstrate his ability to build a scalable technology business startup. The background of the NIDHI-EIR needs to be provided in a prescribed format.
- The NIDHI-EIR support recipient should propose one technology business idea in a prescribed format.
- NIDHI-EIR support recipient are expected to pursue their entrepreneurial aspirations full time. NIDHI-EIR cannot be concurrent with any other remuneration or fellowship.
- NIDHI-EIR support recipient cannot be the promoter or significant (>10%) share holder / beneficiary of another company at the time of applying for and receiving the grant approval.
- The NIDHI-EIR should be registered for the pre-incubation or incubation program at the TBI for the entire duration of NIDHI-EIR support.
- Preference shall be given for a) technology business ideas with larger technology uncertainties and/ or long gestation periods, b) technology business ideas leveraging technology or IP from publicly funded research or academic organizations, c) technology business ideas with considerable potential for social impact.
- Entrepreneurs pursuing business ideas with no or marginal technology innovation or those with very short journey (i.e less than 6 months) to commercialization are discouraged to apply.
- NIDHI-EIR seeking support should have a formal business plan for the idea they intend to pursue and a business presentation including the investment proposal.
- Once the NIDHI-EIR raise funding or investments for their business ideas/ potential start ups, the grant support shall be discontinued from the date of receipt of the first tranche of funds.
- The NIDHI-EIR support recipient will be eligible for grant, maximum of Rs.30, 000/- per month with a minimum level of Rs.10, 000/- per month for a period of 12 months.