Entrepreneur in Residence

This program focuses on the stage before a company is incorporated. Pravartak will be seeding the entrepreneur with an innovative idea in Cyber-physical systems for a limited period and provide them with an opportunity to enhance an idea towards forming a prototype. The maximum period for EIR is one year.

Objective:

This program aims to provide a platform for faster experimentation and novel approaches in idea-to-market transformation. This would enhance the quality and quantity of Pravartak’s vibrant, innovative ecosystem and is expected to prove its potential through a prototype or a pilot project. The vision of this program is to inspire the best talents and provide opportunities to create new startups.

Eligibility Criteria:

• Any person who is an Indian Citizen who has an innovative idea with the potential to scale up to a prototype and then market their product.
• Winners of any Hackathon or Grand Challenge Competitions.
• Preference would be given to ideas for creating innovative solutions in sectors such as Sensors, Networking, Actuators and Control Systems.

Selection Process:

The candidate is expected to prepare a proposal in the specified format with the objective, milestones, and expenditure details and submit it to IITM Pravartak during the call for proposals. Once the proposal is evaluated and shortlisted by the Technical Review Committee, the candidate will be invited to present it to the Technical Evaluation Committee (TEC). The TEC will determine if the idea is innovative and has marketing potential. If found to be eligible, the candidate will be offered the position of Entrepreneur in Residence at the IITM Pravartak.

Benefits:

• EIRs will be eligible for a grant of up to Rs. 35,000/- monthly for 12 months.
• Once the prototype has been developed, the EIRs can apply under another scheme, such as PRAYAS or Seed Support System, for further funding until the product is successfully brought to the market.
• Technical Mentorship, if required.
• Access to the IITM Pravartak Lab facilities.

Review Process:

A periodic evaluation will be done to assess the project’s progress by the technical review committee appointed by IITM Pravartak. The continued funding of projects will depend on the project’s progress and achievement of milestones.

Patents & Licensing:

• All Patents and Technology Ideas will be owned by IIT Madras and others as inventors and exclusively Licensed to Pravartak at zero cost with a royalty-sharing agreement between IITM + IITM Pravartak.
• ICSR will do Indian patent filing, and Pravartak will bear expedition costs.
• Decision on PCT + National Filing by ICSR and the proportional cost met by Pravartak.
• IITM, through IITM Pravartak, will subsequently license the IP/technology to startups whenever they are formed with a royalty clause. An exclusive License option will be made available to the startup subject to meeting the Terms and Conditions of IIT Madras as decided at the time of filing of patents.