Have an idea? make a change

THIRUVANANTHAPURAM: Have an idea that can make a positive change in society or create a saleable product? Do not hold it back over lack of funds. For a 10-minute presentation before the right set of people can turn a campus idea into a company.

Realising the importance of creating an ecosystem for startups on campuses, the Kerala Startup Mission (KSUM), the implementing agency of the government for entrepreneurship development and incubation activities, has expanded its scope for financing student ideas. A new financial aid project called ‘Idea Day’ will provide fund for innovative projects, ideas and products from college campuses.    

“Ideas can be scaled up for social good as well as for turning it into a patentable product,” said KSUM CEO Saji Gopinath. “When financial support is given to such projects, the students will also be motivated. This will enable them to think about more innovative projects.” KSUM has identified many projects from the Innovation Entrepreneurship Development Centres (IEDC) across the state.

As a startup promoter, KSUM is in a stage to expand its services after it supported an initial set of budding entrepreneurs. It aims to flourish the startup ecosystem from the college-level. “If monetary support is extended to these innovative projects and startups, it will be a hand-holding to the students for taking their projects to the next level,” said Saji.

Idea Day

The Idea Day will be conducted on the first Saturday of every month. However, the date for receiving applications for the grant for this month has been extended to September 29. From October, applications received until the 25th of every month only will be considered for the Idea Day presentation.
Shortlisted applicants can present their ideas before the panel. The internal committee of the KSUM will conduct the initial screening of the applications. Startups, which have registered their operations in Kerala, are also eligible for the grant, said KSUM officers.

The shortlisted candidates will be informed five days before the Idea Day, which is to be conducted at any one of the KSUM offices in Thiruvananthapuram, Ernakulam or Kozhikode. The shortlisted candidates should present the idea in a six-slide PowerPoint. There will be ten minutes for idea presentation.
For application and more details, visit www.startupmission.kerala.gov.in/ideaday.  

The innovation fund will be given to novel projects from IEDCs in 196 colleges across the state and technology product startups from outside. The grant is given in the Idea Grant, Prototype Grant and Scale-up Grant categories.
1. Idea Grant
Limit - Rs 2 lakh per idea
It will primarily be for conversion of idea to prototype.
2. Productisation Grant/Scale-up grant
a. Productisation grant
Limit - Rs 5 lakh
This is given to people who received idea grant as well as for others who have a working prototype available with them. A valid business plan using Business Model canvas has to be presented in the application. The applicant can avail grant up to Rs 7 lakh, if the idea grant has not been availed.
b. Scale–up Grant
Limit - Rs 5 lakh
People having a minimum viable product to develop initial market can use this grant. There should be clear indications and deliverables in the application. The applicant can avail grant up to 12 lakh, if the idea and productisation grants have not been availed