R&D and Marketing Support Fund

R&D and Marketing Support Fund

The R&D Support Program is designed to foster innovation and accelerate the development of new technologies, products, and services by providing financial and strategic support to startups and aspiring startups, incubators, and research institutions. The program aims to empower these key players to drive cutting-edge solutions to market, foster collaboration, and contribute to the broader ecosystem of technological advancement.

1. R&D Support for Startups

Eligibility  

 a) Aspiring Startup who are selected through Mizoram Kailawn competition are eligible for R&D support funding. 

b) DPIIT recognised Startup may apply for R&D Support Fund and should fulfil the following criteria: 

1. The startup should have a scalable business model with a focus on innovative technology, product, or service development, employment creation. 

2. The startup must be engaged in research and development activities, such as developing new products, improving existing technologies, or exploring new methodologies. 

3. The R&D project should demonstrate a clear path to commercialization or practical application. 

4. The startup must have a capable and experienced team with the technical and business acumen to execute the R&D project successfully. 

5. The leadership team should demonstrate a track record of innovation or industry expertise. 

6. Early-stage startups with proof of concept, prototype development, or demonstrable progress in their R&D activities are encouraged to apply. Startups at the ideation stage may be considered if they can demonstrate the technical feasibility and market potential of their R&D project. 

7. The startup must have a clear financial plan, including how the R&D funding will be utilized. 

8. Startups should disclose any existing funding sources and demonstrate the need for additional R&D funding. 

9. The startup should have a clear strategy for managing intellectual property (IP), including patents, trademarks, and trade secrets related to their R&D activities. 

10. IP ownership and licensing agreements must be clearly outlined.

Funding 

a) Funding Amount: The maximum funding amount for Mizoram Kailawn Winners shall be part of the Rs.2 lakh per Startup for R&D and Marketing Support Fund. The fund amount may be amended by MSUM Executive Committee. 

b) Budget: MSUM may create a separate budget for R&D Support fund for DPIIT recognised Startup. The funding amount for DPIIT Startups will vary based on the scope and stage of the R&D project. Grants will be offered based on project evaluation. 

c) Funding Structure: Funding will be provided through a combination of non-dilutive grants, equity investments, or convertible notes. The specific structure will be determined on a case- by-case basis, depending on the startup's needs and the project's potential. 

d) Milestones and Reporting: Funding will be disbursed in tranches tied to the achievement of specific milestones. Startups must provide regular progress reports detailing their R&D activities, use of funds, and any challenges encountered. 

e) Duration: The duration of R&D support may range from 6 months to 2 years, depending on the nature of the project and the startup's progress. Extensions may be granted in exceptional circumstances. 

f) Co-Funding and Partnerships: Startups are encouraged to seek co-funding or partnerships with other investors, research institutions, or industry partners. The program may provide matchmaking support to facilitate such collaborations.

2. Marketing Support Fund for Mizoram Kailawn Winners

Eligibility 

a) Aspiring Startup who are selected through Mizoram Kailawn competition are eligible for Marketing support funding. 

b) Aspiring & early-stage startups in Mizoram needing capital for proof of concept, prototype development, or market entry. 

c) Must have a clear business idea with the potential for commercialization. 

Funding 

a) The maximum funding amount shall be part of the Rs.2 lakh per Startup for R&R and Marketing Support Fund. The fund amount may be amended MSUM Executive Committee.

b) Support funding will be provided in phases, contingent upon the achievement of specific project milestones. 

c) Startups must provide regular updates and financial reports. 

d) Additional support for marketing, legal, and technical services may be offered.