The Indian Institute of Management (IIM) Udaipur has announced grants for start-up ideas that help to mitigate climate change. The institute will offer these grants in association with Meity Startup Hub, Meity, government of India, and Transworld Group.
The institute will offer Rs 4 lakh for prototype validation and development grant to up to two entrepreneurs-in-residence, and Rs 7 lakh will be bestowed for product development and pilot run to up to 2 startups.
According to a statement released by IM Udaipur, “The grant focuses on supporting early-stage climate tech ventures whose products or services are explicitly focused on reducing GHG emissions or addressing the impacts of global warming.”
Individuals with start up ideas focused on innovative technology or service with potential for commercial viability to make a positive impact on the climate can apply. Application can be done through the official website of IIM Udaipur.
To apply for the grants, a startup should have more than one individual. The idea should at least be at the stages—proof of concept/prototype development/a tested prototype/MVP created, and a roadmap designed. Innovative ideas with the potential to be patented or already patented will get added advantage.
Kannan Soundararajan, CEO of the IIM Udaipur Incubation Centre, said that it will provide the startup with state-of-the-art mentoring and online training, as well as access to financial support and networking opportunities. The bottom line is success, both for the ideator and start-up and for the environment with tangible climate solutions.
The ministry of electronics and information technology (MeitY), Government of India is facilitating innovations and IPR related activities across the country towards expansion of this ecosystem. With the aim to facilitate MeitY’s vision of promoting technology innovation, start-ups and creation of intellectual properties, the ‘MeitY Start-up Hub’ (MSH) has been set up. MSH will play the role of a national coordination, facilitation and monitoring centre. It will integrate all the incubation centres, start-ups and innovation related activities of MeitY.
The applications for the startup ideas will be evaluated from February 14 to 25. The results will be announced on March 7 by the IIM Udaipur Incubation Centre.