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.
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.
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.
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.