NIDHI Accelerator Program

Last Date for submitting the application form 31st May 2022 23:59:59 Hrs

IIMV Foundation for Incubation Entrepreneurial Learning and Development (IIMV FIELD) is the Incubation and Startup Hub of IIM Visakhapatnam.

After starting Operations in 2018, IIMV FIELD is now one of the fastest growing incubators in India. We are located in Visakhapatnam – a Smart City, an aspirational district, and an industrial hub in the state of Andhra Pradesh. IIMV FIELD would like to build the incubation centre by leveraging the strengths of this region. We are keen on promoting innovation and entrepreneurship by encouraging and supporting the students, faculty members, alumni of the Institute, start-ups, and entrepreneurs across the nation, and especially the region, to translate their ideas and concepts into business models and make their products/services ready for commercialization.

Currently, we have seven flagship programs and do a number of capacity building programs. Our programs include Incubation and acceleration support for women-led startups, technology based startups and student led startups. All our programs have received tremendous positive response.

National Initiative for Developing and Harnessing Innovations (NIDHI) is an umbrella programme conceived and developed by the National Science and Technology Entrepreneurship Development Board (NSTEDB), Department of Science & Technology, Government of India, for nurturing ideas and innovations (knowledge-based and technology-driven) into successful startups.

NIDHI Accelerator Program is aimed to help aspiring entrepreneurs in the country, including the ventures already being incubated at TBIs, to be guided in a rigorous and more structured manner, through a deep mentoring process and access to funding and market networks. NIDHI accelerators are positioned for accelerating startups that have made significant progress in terms of market validation and are at the growth and scale-up stage.

IIMV-FIELD is one of the 21 centers selected for the Implementation of NIDHI Accelerator Program. The program at IIMV-FIELD will consist of four Phases

Phase 1 – Outreach & Applications – During this phase, IIMV-FIELD will be reaching out to startups expected to be benefitted through this program. Interested & eligible startups will need to submit the application form in our website.

Phase 2 – Screening and Selection– In this phase, the applications will be reviewed internally, and the startups will be shortlisted for a brief interaction with the Screening cum Evaluation Committee (SCEC) of IIMV-FIELD. A bootcamp is also designed to assist the startups before the interaction with SCEC.

Phase 3 – Acceleration Program – In this phase, the selected startups will be a part of a rigorous 6-month long accelerator Program at IIMV-FIELD (virtual & Physical). The phase will end with a Demo Day connecting the startups with investors for fundraising.

Phase 4 – Post Program Support – Startups successfully completing the phase 3 will be supported in fundraising and networking for an additional period of 12 months.

Focus areas of Startups in the IIMVFIELD Cohort

• Women Led Ventures or Ventures with Solutions designed for Women
• Ventures using Deep Tech Solutions such as AI, ML, Computer Vision, Quantum Computing, AR/VR/MR, Cybersecurity, IoT, Industry4.0, Blockchain, Advanced Materials, Drones, UAV’s, ROV’s, Robotics, NLP, etc
• EdTech Ventures
• Export Oriented ventures (Make in India-Make for the World I.e., Startups with potential to access the international markets)
• Social Ventures – working on skill development, livelihood, etc and improving social sector indices directly / indirectly and are building inclusive business models

Financial Support – At the start and during the program – NIL. At the end of the program, Top 3 performers in the cohort will get a total of INR 350,000 each as grant amount, from DST & IIMVFIELD. This is not Equity or Debt Based.

Why startups should apply for this program at IIMV-FIELD

• 15 Startups will be selected. Acceleration support for 6 Months
• Financial Grant of INR 350,000 for each of the Top 3 performing Startups in the cohort, at the end of Acceleration phase. Which is not Equity or Debt based.
• Support in Fundraising – Demo Day & Investor Connections cum Pitch Events
• 50 Hrs of One-to-One Mentoring/Consulting Support for each startup, from Industry & Academic Experts
• 55 Hrs+ of One-to-many sessions by IIM Faculty and Industry Experts
• 12 Months of Post Program support after successful completion of Acceleration Phase
• Access to certain online & offline learning resources at IIM Visakhapatnam & IIMV-FIELD
• Milestone Based Evaluation & Reviews, once in every two months during acceleration phase
• Online & Offline Events at IIM Visakhapatnam
• Networking Opportunities with Startups, Industry Experts, Faculty, Partner Institutions, Investors, etc

Opportunities for Startups, Eligibility Criteria, Selection Criteria, Application Process, Application Form, Program Timelines