INCUBATION

The incubation program at Catalyst features two phases. Phase I is a three month structured engagement program during which startups prove their idea’s worth. During this is a period startups set goals for themselves and achieve them in a focussed and time bound manner. Startups that complete Phase I with desirable outcomes are then moved to Phase II of the incubation program involving a commitment of one year or more from Catalyst. More details are as follows.

We also call it ‘Idea Exploration’ phase. The objective is to help the participants refine their business idea, create a prototype, and test for market potential. The duration of the program may be 3-5 months where the participants work with mentors and utilize physical/financial support with an aim of making it to the next phase.

Objective

The objective of this phase is to help a startup to achieve concept validation and to prove market potential. This is a three month residential program based out of IIT Mandi campus.

Eligibility and Selection Process:

The program is open to Indian nationals who have a technology based innovative startup idea. Selection involves a multi-stage process including online application, screening, tele-pitch, in-person pitch to a selection panel and final discussion.

Duration:

We start with three months with flexibility for extension based on the nature of product/service.

Program Structure

During the three months of residential time on campus, startups undergo a structured training program. Every month a bunch of hands-on workshops are held to help startups get in place the basics of building a business. These workshops are conducted by industry mentors and experts with years of experience in dealing with startups and related issues. These workshops cover aspects ranging from business strategy to legal & financial issues. One-on-one mentoring time with mentors is facilitated for the startups. During this time, startups get to access the intellectual prowess of young and dynamic faculty of IIT Mandi for technical mentoring on product building. Many startups use this time to build a prototype, test and refine the prototype with the guidance of faculty.

The startups are expected to stay in the campus and travel for work when required. Work space and access to laboratories is provided to the startups. The startups set goals for themselves that they intend to achieve in the three months. A check up meeting is held every month to assess the progress and identify areas where support is required.

This program helps us:
  • validate the idea that a startup is working on.
  • establish a strong connect with the founding team
Financial Support

Financial support of upto ₹1,50,000 is made available to startups based on the goals of the team and a utilization plan. The amount available may change from time to time based on availability of funds or other factors. The funds can be utilized for product development purposes.

Expected Outcome

We bring clarity to the minds of founders about the ideas that they are working on, help them validate their assumptions about the market, and bring them to a point of where they reach any of the following conclusions:
  • I can do it!
  • I can’t do it.
  • It can’t be done.
  • It can be done, but I can’t do it.
  • It can be done, but not this way.
  • It can be done, but it is not worth doing.
Good ideas that need more work are given an extension, while ideas or teams that don’t show promise are parted with. Startups that show market traction are moved to the next phase of the incubation program.
Startups that show some evidence of market traction are provided support in Phase II of the incubation program. We spend more time with startups in this phase and help them in market linkage. The startups are expected to build an MVP and find paying customers using the learnings from their work in Phase I.

Eligibility:
  • Completion of Phase I
  • Evidence of market traction
  • Exhibition of high level commitment, sincerity and focus.
  • Alignment with vision of Catalyst
Selection Process:

Startups meeting the eligibility criteria apply through an application form. Shortlisted startups are invited to pitch to a selection committee.

Program Structure

Startups in this phase are expected to commercialize. There is no structured engagement plan for startups in this phase although they get access to ongoing workshops for Phase I startups. We do a written commitment of providing support for one year to begin with which can be extended by another 6-12 months on a case to case basis.

Seed Funding

Startups in this phase are extended seed funding upto INR 50 Lakhs against a stake in the company. Catalyst takes less than 10% equity for any amount of seed fund. All startups undergo a due diligence process and sign a shareholder agreement with Catalyst. The funds are disbursed in tranches based on milestones.

Expected Outcome

We bet on the success of the startups in Phase II. We put ourselves behind these teams to ensure that they see success as soon as practical. Typical growth path for startups is to move out of the campus gradually and survive in the real world. One yardstick of success is the external funding that the startup is able to attract the seed funding.

IIT Mandi Catalyst: Call for applications from aspiring entrepreneurs (Individuals) under EIR Scheme

EIR Programme is an entrepreneurship fellowship/grant in the form of a stipend to an aspiring entrepreneur with a potential for pursuing a promising technology business idea. The support to early-stage, product-focused young entrepreneurs working on the innovative big ideas would be for a maximum period of 12 months.

Objectives of EIR Scheme

  • To encourage graduates in taking their first step towards entrepreneurship by providing support as a fellowship.
  • To provide a platform to innovators with the technical background looking to validate their ideas or find cofounders.
  • To create, nurture and strengthen a pipeline of entrepreneurs.
  • To provide a platform for deserving and budding entrepreneurs to pursue their ventures by providing financial support for a limited period.

Benefits

  • Grant support of upto INR 30K per month for a maximum period of 12 months subject to periodical performance review.
  • Guidance from mentors & experts on productization, commercialization, business concepts and market strategy.
  • Office space, Access to IIT Mandi laboratories and infrastructure.
  • Access to IIT Mandi faculty and students.
  • Co-working space as per the availability.

Guidelines

  • EIR is a full-time position. EIR support recipients should not treat this support as a stopgap arrangement to support them in their academic pursuits or transition between jobs.
  • EIR support recipients are expected to pursue their entrepreneurial aspirations full time. EIR cannot be concurrent with any other remuneration or fellowship.
  • Once the candidate raises funding or investments for their business ideas, the grant support shall be discontinued from the date of receipt of the first tranche of funds.
  • The applicant shall spend 80% of the time on exploring his/her business idea and 20% of the time to support Catalyst in administration/operations
  • The maximum duration of the program is one year. Progress evaluation will be done quarterly. Upon satisfactory performance, a decision will be taken for continuation.

Eligibility

  • The EIR applicant should be a 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 candidate should have a tentative business plan for the idea they intend to pursue.

Expected Outcome

  • It is expected that EIR candidates will do research and find clarity on the business idea, find potential team members and move into the Incubation program of Catalyst for more support.
  • EIRs may also get an opportunity to engage as co-founder on faculty/staff startups or commercialize technological innovations of faculty/staff

Click here to Apply

Last Date to Apply: 20 June 2020

We also call it ‘Idea Exploration’ phase. The objective is to help the participants refine their business idea, create a prototype, and test for market potential. The duration of the program may be 3-5 months where the participants work with mentors and utilize physical/financial support with an aim of making it to the next phase.

Objective The objective of this phase is to help a startup to achieve concept validation and to prove market potential. This is a three month residential program based out of IIT Mandi campus.

Eligibility and Selection Process:

The program is open to Indian nationals who have a technology based innovative startup idea. Selection involves a multi-stage process including online application, screening, tele-pitch, in-person pitch to a selection panel and final discussion.

Duration:

We start with three months with flexibility for extension based on the nature of product/service.

Program Structure

During the three months of residential time on campus, startups undergo a structured training program. Every month a bunch of hands-on workshops are held to help startups get in place the basics of building a business. These workshops are conducted by industry mentors and experts with years of experience in dealing with startups and related issues. These workshops cover aspects ranging from business strategy to legal & financial issues. One-on-one mentoring time with mentors is facilitated for the startups. During this time, startups get to access the intellectual prowess of young and dynamic faculty of IIT Mandi for technical mentoring on product building. Many startups use this time to build a prototype, test and refine the prototype with the guidance of faculty.

The startups are expected to stay in the campus and travel for work when required. Work space and access to laboratories is provided to the startups. The startups set goals for themselves that they intend to achieve in the three months. A check up meeting is held every month to assess the progress and identify areas where support is required.

This program helps us:
  • validate the idea that a startup is working on.
  • establish a strong connect with the founding team
Financial Support

Financial support of upto ₹1,50,000 is made available to startups based on the goals of the team and a utilization plan. The amount available may change from time to time based on availability of funds or other factors. The funds can be utilized for product development purposes.

Expected Outcome

We bring clarity to the minds of founders about the ideas that they are working on, help them validate their assumptions about the market, and bring them to a point of where they reach any of the following conclusions:
  • I can do it!
  • I can’t do it.
  • It can’t be done.
  • It can be done, but I can’t do it.
  • It can be done, but not this way.
  • It can be done, but it is not worth doing.
  Good ideas that need more work are given an extension, while ideas or teams that don’t show promise are parted with. Startups that show market traction are moved to the next phase of the incubation program.
Startups that show some evidence of market traction are provided support in Phase II of the incubation program. We spend more time with startups in this phase and help them in market linkage. The startups are expected to build an MVP and find paying customers using the learnings from their work in Phase I.

Eligibility:
  • Completion of Phase I
  • Evidence of market traction
  • Exhibition of high level commitment, sincerity and focus.
  • Alignment with vision of Catalyst
Selection Process:

Startups meeting the eligibility criteria apply through an application form. Shortlisted startups are invited to pitch to a selection committee.

Program Structure

Startups in this phase are expected to commercialize. There is no structured engagement plan for startups in this phase although they get access to ongoing workshops for Phase I startups. We do a written commitment of providing support for one year to begin with which can be extended by another 6-12 months on a case to case basis.

Seed Funding

Startups in this phase are extended seed funding upto INR 50 Lakhs against a stake in the company. Catalyst takes less than 10% equity for any amount of seed fund. All startups undergo a due diligence process and sign a shareholder agreement with Catalyst. The funds are disbursed in tranches based on milestones.

Expected Outcome

We bet on the success of the startups in Phase II. We put ourselves behind these teams to ensure that they see success as soon as practical. Typical growth path for startups is to move out of the campus gradually and survive in the real world. One yardstick of success is the external funding that the startup is able to attract the seed funding.
EIR program aims at supporting graduating students and Alumni of IIT Mandi in taking their first step towards exploring entrepreneurial ideas. This program partially sets off opportunity costs for graduating students so that they can explore entrepreneurship as a career option.

Eligibility
  • Currently, the program is open to only the graduating students and Alumni of IIT Mandi.
  • EIR is a full time position. The candidate can not be working or studying at any organization/institute.
Selection Process:

The candidates need to submit the following on iitmandicatalyst@gmail.com:
  • A business idea
  • Statement of purpose (400-500 words)
  • Suitability for the position
  • Latest resume
  Program Structure:
  • The candidate shall spend 80% of time on exploring his/her business idea and 20% of time to support Catalyst in its initiatives.
  • Maximum duration of the program is one year. Progress evaluation is done quarterly. Upon satisfactory performance, a decision is taken on continuation.
  • EIR candidates have access to the regular workshops and events.
Support
  • Office space
  • Access to IIT Mandi resources, faculty and students
  • Networking and mentoring support
Financial Support
  • A monthly stipend of INR 25000 is paid to the EIR candidates.
Expected Outcome

EIR engagement may lead to exploration or incubation program based on progress made by the candidate.