Brinc India has called for applications from companies in the fields of hardware and IOT (internet of things) to provide a grant of Rs 1.79 crore (US$250,000) for each selected startup from across the country.
Rolled out in association with the Kerala Startup Mission (KSUM) and Maker Village, the grant has a history of having helped two firms incubated in the Maker Village which is the country’s largest electronic hardware incubator and ESDM facility.
Startups can apply here before February 15. The following are the parameters:
# The program is dedicated to only Indian startups.
# Startup focused on creating a product that fits within one of the Hardware & IoT investment categories.
# Must have a working prototype or show technical capabilities of being able to produce the product.
# At least 2 co-founders with relevant industry experience.
# Scalable business model with high growth potential.
Startups successfully accepted into the accelerator program will need to have at least one member of the team to be in Kochi for the entire program.
The grants will come to select startups in three instalments: of 40,000 (for initial development and market value estimation, $ 80,000 (last-stage development and market-oriented design) and 130,000 (to enter market in small batches) respectively. The scheme will make Brinc eligible for holding 12.15 per cent to 22.42 per cent of the startup’s shares.
The scheme also provides for expert advice, facilitating cooperation with investment establishments and training besides enabling making of models from ideas and their marketing.