KIT’s Innovation and Research Foundation Ignition Grant (India)

The Foundation will provide grant to convert Technology and Science based Ideas and Innovations into Prototype/Products.

Funding Information

• Prototype must be capable of being completed within 12 to 14 months.
• The ignition grant support can be provided – min INR 2.00 lakhs to max. up to INR 10 lakhs to the innovator/startup.

Ignition grant will not be used for

• To pay the grantee or their relatives.
• To repay pre-existing loans or other commitments of the innovator.
• To pay rents, creation of infrastructure facility like shed, creation of movable property, creation of permanent facilities etc.
• As a stop gap arrangement to support any other professional pursuits.

Eligibility Criteria

• An individual innovator without having a startup or founder of a startup can apply for ignition grant.
• In case of an applicant being an individual innovator without having a startup applying for grant:
  • The applicant has to be an Indian Citizen with a government approved proof of nationality such as a valid passport, voter’s id etc.
  • The applicant should be minimum 18 years of age, as on the date of application.
• In case of an applicant being a co-founder of a Startup applying for grant:
  • The applicant has to be an Indian citizen with a government approved proof of nationality such as a valid passport, voter’s id etc.
  • The applicant should be minimum 18 years of age, as on the date of application.
  • The startup should be incorporated in India with a minimum 51% of its equity held by Indian citizens.
  • The startup should not be more than 2 years of existence.
  • The startup should not annual Turnover exceeding INR 25 Lakhs for any of the FYs since its inception.
• Not with-standing the above, the followings will not be considered:
  • Projects related to Pure Software development, e-Commerce, Service solutions, App based solutions.
  • Funding research or student internship in Academic institutions or R& D organizations.
  • Proposals for the products having crossed the prototype level are not eligible for support under ignition grant.

General Criteria

• The ignition grant shall be for development of prototype/products.
• The ideas and innovations should be based on technology and science.
• The product prototype has to be a physical product.
• Idea or Innovations should have a roadmap towards commercialization.
• Applicants can be individual innovators or early-stage startups.
• The IP generated if any, should vest with the Innovator or the Startup.
• Applicants will have ownership of the Project Knowhow or IP of the proposed Products or right to use knowhow or IP if it is owned by a Third Party.
• Innovators should have Technical Skills or Background.

For more information, visit Kolhapur Institute of Technology.