Sona Comstar has partnered with IIT Delhi to support innovative solutions from startups in this area with the Sona Comstar IIT Delhi Innovation program.
It is felt that innovative mobility solutions can change the way we travel. The need of improvement over existing solutions subsists in various areas including, but not limited to
Concepts/ideas relating to e-mobility, smart mobility, solutions for safe and clean mobility with IP potential and having strong translational/commercial prospects.
The Entrepreneur Project Leader/ Principal investigator / must be an Indian citizen and technically qualified to undertake the project. The Project Leader must have completed postgraduate training in sciences or engineering.
The Entrepreneur is required to formally register a company before or after joining the program if not already a startup. It is expected that the startup formation is completed within 6 months of joining the incubation program, failing which, they may be deemed ineligible for further support.
The applicant needs to provide an undertaking that he/she plans to terminate his association with the current employer and take up the project full time in the event of grant approval. A resignation/ relieving/retirement letter will be needed as supporting documents before the final approval and release of the grant.
The company should be registered as a Pvt. Ltd. Entity under the Indian Companies Act, 2013. The date of incorporation must be within the past 5 years from the date of application to the program to qualify as a startup for this program. The cash in-flow in terms of funding/grants/revenue from sales or operations should not be exceeding ₹ 2.5 Cr. in any fiscal year since its incorporation. The majority stake (>51%) and control of the startup company should be held by resident Indian citizens.
The major shareholders/ promoters or directors (having >20% stake) should not be directors/promoters of ineligible companies. *This may be waved off only in case of bonafide serial investors
The incubation and funding support will be provided over a period of 24 months in determined installments against milestones laid as per the objectives of the project. However, mentorship and networking opportunities will be provided even after the completion of this incubation period.
a. Financial support up to ₹ 80 Lakhs will be provided as a grant in aid which shall be provided in 4 or more tranches as per the progress made under predetermined milestones decided based on the objectives of the project.
|Installment||Released at||% of total budget|
|1st||Signing the agreements for Incubation||Max 30%|
|2nd||Completion of 1st Milestone||~20%|
|3rd||Completion of 2nd Milestone||~20%|
|4th||Completion of 3rd Milestone||~20%|
|5th||Submission of Final report/exit from the incubator||~5%|
(the 5th/last tranche will be in form of reimbursement against actual expenditures)
|Equipment||Maximum of 25% of the total project budget can be utilized for acquiring equipment not available at the incubator and not easily outsourceable. The startup will be required to present justifications for the equipment required to complete the project.|
|Human resources||A maximum of 30% of the total project cost can be utilized for salaries/hiring of manpower. There will be a cap on the maximum salary and no individual can draw a monthly salary of more than ₹ 50 thousand.|
|Consumables||The applicant can utilize this with flexibility if the items procured can be justified for their utility in the project.|
|Contingency||A maximum of 7.5% of the total budget, can be utilized for project-related travel within India and miscellaneous bona fide expenses.|
|Outsourcing||Maximum of 30% of the total budget can be used for outsourcing like necessary equipment usage at paid facilities/consultancy work at industries/prototype designing and manufacturing from advanced manufacturing facilities, market research etc.|
|Patent filing||The applicant can use up to a maximum of 3 lakhs for their IPR filing costs.|
a. Incubation space and support will be provided per institute norms regarding the engagement and equity terms according to institute guidelines.
a. National call for application once a year.
b. The application template can be downloaded from the FITT website and the duly filled soft copies can be submitted by email to firstname.lastname@example.org
(The applicants are requested to provide sufficient details within the mentioned word limits under each column to facilitate an informed and fair evaluation /review. Applicants are advised to provide self-contained proposals, with any other relevant supporting materials to be provided as separate attachments.)
c. Proposals submitted will be treated as final and any requests for changes will not be encouraged.
d. Any incidence of incorrect information provided in the application may lead to disqualification of the application.
a. First level selection shall be effected by a technical expert committee having representatives from academia, research and majorly industry The evaluation of the proposal will be based on technical innovation, feasibility; technology readiness level and preliminary technical data etc.
b. In the second round, the shortlisted candidates will be called for the presentation of their techno-commercial plans. The selection committee shall have representation from industry, financial bodies, investors and FITT. The evaluation of proposals will be done based on technical strength, entrepreneurial intent, the strength of IP, team and business plan.