- Maximum grant support will be upto Rs 10 lakhs per grantee for prototype development.
- Project duration: Maximum upto 10 months.
- The PL and Applicants should not have received another grant for the same objective and scope of the project.
- If selected, the applicant will become an incubatee of Venture Center after fulfilling the admissions criteria. Venture Center will execute appropriate agreements with the grantee.
- The applicant should be an incubatee of Venture Center for the entire duration of the Project.
- The Grantee has to ensure that he/she/they have all required IP rights (if applicable) (including any license or assignment) to take the technology ahead. The Grantee may also be required to ensure that they will have Freedom to Operate. This requirement may be a Condition Precedent to release of the Grant. Grant funds cannot be used to seek/procure a technology license/assignment.
- Release of funds: Venture Center shall release funds in tranches of 50%-60%, 30-40% and 10% against specified milestones.
- The grant can be used for the following indicative heads:
- Outsourcing charges for R&D/ design engg/ consultancy/ testing/ experts
- Raw materials/ consumables/ spares
- Fabrication/ synthesis charges of working model or process
- Manpower (Max 20% of approved project cost)
- Business travel, event participation fee (Max 10% of approved project cost)
- Patent filing costs, PCT (Max 10% of approved project cost)
- Contingency (Max 10% of approved project cost)
- The grant cannot
be used for the following heads:
- Pay/ repay any loans/commitments made before
signing the project agreement
- Pay rent or related costs for own accommodation
- Creation of new infrastructure facility, shed etc
- Expenses incurred before the start date of the