Applications Invited for LIVE Innovation Fellowship for Entrepreneurship 2020

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About the Organization:

Indian Institute of Management Kozhikode (IIM Kozhikode or IIMK) is an autonomous business school located in Calicut (Kozhikode), Kerala.  The institute conducts a full range of academic activities in the field of management education covering research, teaching, and training, consulting and intellectual infrastructure development.

LIVE Innovation Fellowship for Entrepreneurship 2020

LIVE is an Entrepreneurship Development Centre and Business Incubator at the Indian Institute of Management Kozhikode. This is established by IIM Kozhikode and is supported by Department of Science and Technology, Government of India.

The LIFE program is designed to promote innovation-led entrepreneurship. It provides fellowship awards with subsistence grant to an aspiring or budding entrepreneur of considerable potential for developing technology or business model innovation into a business venture.

Along with the grant awards, it provides pre-incubation support at IIM Kozhikode’s Entrepreneurship Development Center, LIVE and a prestigious forum for deserving innovators to pursue their venturing endeavours mitigating the risks involved in such pursuits.

Support

LIFE Support will include:

• The LIFE award recipient will be eligible for a grant in the form of a monthly stipend limited to Rs.30,000/- per month with a minimum level of Rs.10,000/- per month for a period of 12 months.
• As a LIFE recipient, the recipient gets pre-incubation support that includes subsidized co-working space, professional services support, and guidance to establish/make the most of their ideas and turn innovative breakthrough into a business venture.
• Access to LIVE Ecosystem network and IIM Kozhikode networks of academic experts, investors, corporates, partner institutions, alumni, and other associates.
• Access to entrepreneurship training and workshops at subsidized rates.

Duration

• The duration of the support will not be more than 18 months.
• If LIFE recipient raises funding or investments for their business ideas/ potential startups, the grant support shall be discontinued from the date of receipt of the first tranche of funds
• IIMK LIVE may terminate the support to non-performing LIFE recipients even before completion of 18 months with intimation to IIMK LIVE/ NSTEDB.

Who is eligible?

LIFE award recipient should fulfil all the following criteria to be eligible for consideration

• The LIFE applicant should be citizen of India.
• The applicant should have completed
• Minimum 4 years of formal full time undergraduate/post graduate education towards one or more degree programmes. Basic degree or diploma should be in science or engineering. OR
• 3 years degree or diploma program and have 2 year full time work experience post degree or diploma. Basic degree or diploma should be in science or engineering.
• Should be first generation innovative entrepreneur committed to explore a business idea and has no prior source of income.
• LIFE support recipient cannot be the promoter or significant (>10%) share holder / beneficiary of another company at the time of applying for and receiving the fellowship award approval

Who are discouraged?

LIFE Fellowship cannot be concurrent with any other remuneration or fellowship.

• LIFE Fellowship support recipient cannot be the promoter or significant (>10%) shareholder / beneficiary of another company at the time of applying for and receiving the grant approval
• Entrepreneurs pursuing business ideas with no or marginal technology innovation or those with very short journey (i.e. less than 6 months) to commercialization are discouraged to apply.
• LIFE support recipients should not treat this support as a stop gap arrangement to support them in their academic pursuits or transition between jobs.

LIFE support aspirant should submit the application at www.iimklive.org

Deadline: November  15, 2020

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