TIDE 2.0 EIR – Entrepreneurs-in-Residence Grant (EIR)

Eligibility Criteria & Preferences

1. The applicant must have completed basic graduation as on the date of accepting EIR* (Final year students can also apply)
2. The idea should fall within the listed focus areas – Healthcare, Education, Agriculture, Infrastructure & Transportation, Financial Inclusion including Digital Payments, and e-Governance
3. The Applicant should not be employed at the commencement of Incubation and during the incubation period.
4. The Applicant must be physically* incubated for entire idea development for 12 Months at IIITB Innovation Centre (*during Covid-19 Times report every week online)
5. The Applicant should be an Indian Citizen (does not include OCI or PIO) with possession of a Indian Passport.
6. Aadhar Card / PAN Card must be also submitted.
7. The Applicant must be under the age of 35.
8. TIDE 2.0 EIR support recipient/ The Applicant should not treat this support as a stopgap arrangement to support them in their academic pursuits or transition between jobs or as a buffer during COVID-19 times.
9. The Applicant should not be the founder/ promoter of another existing company/venture/start-up.
10. The Applicant should not have raised funding in any other program.
11. Preference will be given to Women Entrepreneurs.
12. Preference will be given to idea with a granted/published patent or at least a provisional patent applied.
13. The Applicant should Register the company in Karnataka.
14. EIR’s who have received previous grants / Funding   from other Programs also will not be considered.
15. Preference will be given for a well-structured dedicated team working towards the Innovation.
16. The disbursement will be given in the following manner Rs. 1L [M1-M3 (Quarter 1), M4-M6 (Quarter 2), M7-M9 (Quarter 3), M10-M12(Quarter 4)] as per prescribed Milestones are completed by Applicant / Applicant’s Company and document Submission subject to Progress Report Evaluation by the Committee (Monthly reports also to be submitted)
17. The Disbursement will happen to the EIR or the company firmed by the EIR subject to Progress Report Evaluation by the Committee; monthly reports also to be submitted by EIR, and Quarterly Report also to be submitted by EIR for disbursement.
18. If the Applicant choses to benefit from funding or investments from any other source/scheme (other than the TIDE 2.0) during the incubation period, the grant support shall be considered discontinued from that day onwards and the concerned entrepreneur/venture.
19. The Applicant has to comply and adhere with all Rules and Regulations that governs IIITB and IIITB Innovation Centre
20. The Applicant / Entrepreneurs-in-Residence additionally will have to pay IIITB Innovation Centre a Membership Charges of Rs 3600+GST per Month this will be for the first period of 12 Month and renewable Later, this would also include the access to 1 Seat at the Innovation Centre Premises for the Founder only, in case of Co-founder or employee to be seated a additional cost of Rs 3500 + 18% GST would have to be paid per seat.
21. No Equity will be charged.
22. If there are other agreements to be signed at the time of Incubation it will be intimated.
23. The Decision by Selection Committee is Final and Binding.