Endowment

Description

With an intention to create a supportive and nourishing environment for entrepreneurs, IIT Hyderabad (IITH) has come up with an Endowment Fund for Startup support. The initiative is to build an endowment needing a fund of Rs. 1-2 Cr per startup or in part for a particular year. The returns arising out of the endowment will provide seed grant to the startups. The support in the name of the donor will be helping faculty and students build fast-growing companies.

The thrust areas at the Incubator are Artificial Intelligence, Aerospace, Telecommunication, Digital Manufacturing, Chip Design, Sensors, IT, Bio-Medical, Automotive, Advanced Materials, Energy, Flexible Electronics, and Other Emerging Technologies.

The idea is to provide the necessary facilities to these startup companies, along with guidance and mentoring by the faculty members of IITH and experts from the industry, to develop a robust ecosystem for entrepreneurship.

Selection process:

Any deep-tech start up is eligible to apply. The appointed committee will evaluate the applications and offer the grants.

1. Interested entrepreneurs or startups who want to avail the facilities of the incubator need to send an 'Expression of Interest' by mail to IITH with the startup information regarding the product/ area of choice.
2. The candidate(s) have to submit their proposals (Technical and Business Model) to IITH in a prescribed format.
3. On processing of the forms, the startup needs to pitch to the Admission Committee describing the technology.
4. Upon receiving the feedback from the Admission Committee, the candidate will need to sign Equity and Facilities Agreements which will be signed with IITH on being recommended by the Admission Committee.

Apart from the above-mentioned, selected startups need to submit PAN, TAN, GSTN, Registered address, and allied details.

Naming the startup support by the donor

1. The selected startup will be given a support of Rs. 5-10 Lakhs. The startup support is proposed to be set up as an endowment, and the returns earned at an average of 5% would support the students.
2. Apart from this the donor may contribute Rs. 5-10 Lakhs towards the startup support, as the endowment would take a year to yield the returns.

Validity of the naming right:

The naming right will be for a period of 10 years’ subject to extension on additional top-up contributions to sustain the infrastructure. This will be based on mutual agreements.

Benefits to the donor:

An opportunity to be associated with an imminent higher education institution and support students to build entrepreneurship skills.