“Aarohan” – TIH-IoT Seed Support Program 2024 (3.0)
In collaboration with SINE-Society for Innovation and Entrepreneurship at IITB
Call for Proposal
To support new ventures/start-ups working in the area of IoT and IoE, TIH Foundation for IoT & IoE (TIH-IoT) would like to invite proposals for “Aarohan”– TIH-IoT Seed Support Program 2024 (3.0).
Aarohan (Aarohan means ascent, a journey up a steep slope.) program is aimed at promoting and increasing the success rate of start-ups (new ventures) in IoT by providing financial and business support in hassle free manner for bridging the gap between development and commercialization of innovative products/technologies/services.
About the Program
“Aarohan”– TIH-IoT Seed Support Program 2024 (3.0) is an initiative of TIH-IoT for supporting the Start-up Ecosystem and promoting start-ups with ideas, innovations, and technologies in the broad domain of IoT.
Application Areas:
Healthcare | Smart Education | Industrial IoT | Security | Smart Cities | Agriculture
Support
- Financial assistance of up to Rs 50 lakhs as seed support in the form of equity/ convertible instrument (CCPS/OCPS). (However In case of promising start-ups the funding amount can be suitably enhanced).
- Business and Technical mentoring from experts.
- Opportunity for participation in TIH-IoT events and workshops.
- Ecosystem Support by providing access to various facilities, labs, technology resources of TIH-IoT as per its policies.
Who Can Apply
- Any start-up with an idea to develop a product or a service with market fit, viable commercialization, and scope of scaling in the technology area of IoT. The application should be submitted by one of the promoters of the start-up.
- The Start-up should be recognized by Department for Promotion of Industry and Internal Trade (DPIIT) or eligible to be recognized by DPIIT.
- Shareholding by Indian promoters in the start-up should be at least 51% at the time of application for the scheme, as per Companies Act, 2013 and SEBI (ICDR) Regulations, 2018.
- The Start-up should be using technology in its core product or service, or business model, or distribution model, or methodology to solve the problem being targeted and should be in the technology area of IoT. Preference would be given to start-ups for creating innovative solutions in technology focus areas of TIH-IoT.
How to Apply
- Applications will only be accepted through the application form, the link for which has been given at the end of this section (Apply Now Button).
- Please read the guidelines carefully and keep all the required documents ready for submission in the application form.
Apply Now
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Last Date to Apply: March 25, 2024.
Guidelines:
1. The following documents must be submitted along with the application form:
- Certificate of Incorporation
- Memorandum of Association
- PAN card of the organization
- Start-up recognition certificate from DPIIT or an undertaking that start-up is eligible to be recognized by DPIIT
- o Annual Financial Statement (Balance Sheet & P&L) of the last 3 years (if applicable)
2. Budget Details and Milestone based fund requirement should be submitted as per the prescribed Format.
TIH-IoT can provide seed funds to Start-ups for their business needs. The Promoters/Company shall ensure that Seed Support shall be used solely for the purpose of the business needs as mentioned in their application for seed support and their business plan. Broadly the seed support can be sanctioned for the following purposes:
- Product development: Procurement of equipment, Testing, and trials, outsourcing of technical supports and services for the company’s product.
- Manpower: Salaries for promoters and employees. However, payment of salary out of the seed fund to promoters shall not exceed 20% of the seed support unless explicitly approved.
- Marketing: For test marketing, sales, promotions of companies’ products and services including travelling only for business and product promotion.
- Mentoring: Seeking professional mentoring assistance.
- Professional services: For legal, accountancy, IP, marketing, strategy, regulatory compliance, certification, or any other justifiable professional services.
- Contingencies/Overrun. This shall not exceed 10% of the seed support.
- For any other business purpose which needs to be justified in the application itself and as recommended/ approved by the Investment committee from time to time.
3.As part of the review process, shortlisted applicants may be called for a Pitch Presentation. The presentation should be as per the prescribed Format and should be submitted as part of the application.
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