- The startups have to apply before 15th February 2020
- The startup must have a working prototype or show technical capabilities of being able to produce the product
As per a report by the New Indian Express, Brinc India has called for applications from companies in the fields of IoT and hardware for a total grant of Rs 1.79 crore for each selected startup from the country. The grant has been brought out in association with the Kerala Startup Mission (KSUM) and Maker Village. Previously, it had helped two companies incubated in the Maker Village. The startups have to apply before 15th February 2020.
The report added that the grant will go to the selected startups in three instalments. The first instalment will be of Rs 28,55,820 for initial development and market value estimation. The second instalment will be of Rs 57,11,640 for last-stage development and market-oriented design. The last instalment to enter the market in small batches will be of Rs 92,81,415.
At least two co-founders with relevant industry experience
This scheme will also make Brinc eligible for holding 12.15 per cent to 22.42 per cent of the startup’s shares. It will provide expert advice, facilitating cooperation with investment establishments and training.
The report added that the parameters on which the startups will be judged include a focus on creating a product that fits within one of the Hardware and IoT investment categories. It must have a working prototype or show the technical capabilities of being able to produce the product. It should also have at least two co-founders with relevant industry experience and scalable business model with high-growth potential. The startups accepted under this program will also need to have at least one member of the team to be in Kochi.