Proposals are invited for On-Boarding of Startups in Development of Quantum Technologies 2024. The last date of application is 31 August.
About the Proposal
To foster and accelerate the growing demands of the Quantum Technology ecosystem in India; the Department of Science and Technology (DST) through I-HUB Quantum Technology Foundation (I-HUB QTF) , the Technology Innovation Hub (TIH) at IISER Pune, under the National Mission on Interdisciplinary Cyber Physical Systems (NM-ICPS) scheme of the DST – is inviting call for proposals from Startups working in the domain of Quantum Technology.
Objective
- To support the development of Quantum Technology startups of India at the nation’s quantum innovation hub.
- This unique initiative adheres to the new guidelines under the National Quantum Mission (NQM), and aims to seed, nurture and scale up research and development along with creating a vibrant and innovative startup ecosystem in Quantum Technology for our country.
- Startups would be incubated/funded by I-HUB QTF, a Section-8 company promoted by IISER Pune, dedicated to the development of Quantum Technology.
- Proposals are invited from startups for Physical or Virtual Incubation at I-HUB QTF working in Quantum Technologies and related areas.
Technology Domains
The startup proposals should be from the technology domains given below:
1. Quantum Computing
2. Quantum Communication
3. Quantum Sensing & Metrology
4. Quantum Materials & Devices
Eligibility
- The startup, should be registered by DPIIT at the time of application. If not registered, funds will only be released after successful registration by DPIIT.
- The startup must have a business idea to develop a product or a service with a market fit, viable commercialization, and scope of scaling.
- The startup should be using technology in its core product or service, or business model, or distribution model, or methodology to solve the problem being targeted.
- Only ‘Indian Companies’ defined as ‘holding company registered in India’, and ‘IP resides in India’, and ‘majority owned in India’ can apply.
- Shareholding by Indian promoters in the startup should be at least 51%, as per Companies Act, 2013 and SEBI (ICDR) Regulations, 2018. Any future change in the status as ‘Indian Company’ will be covered in the subsequent incubation agreement if the startup is selected.
Support
- Co-working Space
- Infrastructure & Resources Support
- Mentoring Support from Quantum Experts
- Incubation Support Programs
- Business Plan & Pitch Preparation Training
- Industry/Investor Connect
- Exchange or Collaboration Opportunities
Submission of Application and About IEMC
(a) Submission of Application
Applicants have to refer to the ‘Format for Submission of Startup Proposal’ given below. The Non-Disclosure Agreement will also have to be signed, stamped and submitted. All documents and data requested should be merged into a single PDF & sent to startup@quantech.org.in
Last date for Submission of applications is 15th September 2024.
(b) Investment Evaluation & Monitoring Committee (IEMC)
An Investment Evaluation & Monitoring Committee (IEMC) will be constituted by the Hub Governing Board and Board of Directors which will be responsible for overall selection, execution and monitoring of startups.
Selection Criteria
The startups shall be selected through an open, transparent and fair process.
- Applications must be submitted online only, on the email id specified
- The applicant must submit all documents & data requested as per the Format for Submission of Startup Proposal. Incomplete or invalid applications will be rejected
- There will be a pre-screening of applications to determine eligibility, followed by screening by a Committee of Technical Experts constituted by the Hub/IEMC
- Shortlisted applicants undergo a second round of interactions with the IEMC along with few invitees, like Business Leaders, VC Fund representatives, Angel Investors, CEO/Project Director of the Hub, and other domain experts.
- Eligible applications will be evaluated by IEMC using the following criteria:CriteriaDetails1Is there a need for this idea?Market size, what market gap is it filling, does it solve a real-world problem?2FeasibilityFeasibility and reasonability of the technical claims, methodology used/ to be used for PoC and validation, roadmap for product development3Potential ImpactCustomer demographic & the technology’s effect on these, national importance (if any)4NoveltyUSP of the technology, associated IP5TeamStrength of the team, Technical and business expertise6Fund Utilization PlanRoadmap of money utilization7Fund raisedFund raised from other organizations including private and government8Additional ParametersAny additional parameters considered appropriate9PresentationOverall assessment
- The entire process from the last date of application to disbursal of the funds may be upto a maximum of 3 months.
- Applicants who are rejected will also be notified through email.
- The selected list of applicants recommended for investment will be shared with the professional legal team for legal and financial due diligence.
- The final selected applicants will be submitted to the Project Director (PD) or CEO of the HUB for further due diligence i.e. signing Equity Agreement with the startups and take necessary approvals from the BoD/HGB before the formal release of the amount to the startups. An appropriate Legal Agreement will be signed, clearly defining the terms and conditions.
- Upon Board approval, the HUB will engage in equity-sharing discussions with the selected startups.
- Funds can be given to the startups based on the following slabs: Slab A & B: For supporting matured idea stage, for supporting development of Prototype Stage and for Product testing / validation / product development etc. Slab C: For scaling up of the technology, product development and for commercialization.
