Idea Grant

Technological changes through innovations and R&D has been the main driving force for increased productivity, economic growth, and social transformation and for reshaping and redefining every sphere of our lives. Hence innovations are being extensively promoted globally. Govt. of Kerala has introduced the Scheme, Innovation Grant and the following types of Innovation Grants are given to encourage innovations.


1. Idea Grant
2. Productisation Grant

1. Idea Grant
The Idea Grants will be primarily for conversion of idea to prototype and the grant is limited to Rs. 2 lakh/idea. These are normally given to students, through an IEDC/ Incubator.
Eligibilty:
The scheme is open to students/ passout students (first two years), whom shall apply to their iedc/ or nearest iedc. In rare cases, the support is extended to innovators, for which they must register as a company or proprietorship and tie up with a registered incubator with KSUM. The innovators shall also apply through the nearest iedc.
Scope & Support:
Selected projects will be provided financial support upto Rs. 2 lakhs for conversion of their ideas to prototypes. The support shall be given in two installments.
Mechanism:
The students/ passout students (for a period of two years) may apply to their IEDC or nearest IEDC, (in a prescribed format) where their application is vetted by a panel of experts and short listed through a clear objective process. The panel may review the milestones/ deliverables in the project proposals and may guide the student for project completion. The IEDCs may upload the details of the ideas (Shortlisted & Rejected with rationale of selection/rejection) in the KSUM portal before 20th of every month.

2. Productisation Grant/ Scale up grant

a. Productisation grant

The next stage of support under the Innovation Grant is for Productisation as well as for Scale – up.

This is given to people who received idea grant as well as for other who have a working prototype available with them. The grant is limited to Rs. 5 lakhs and a valid business plan using Business Model canvas has to be presented in the application. Scale up grant is to convert prototype to an MVP.

Here, the applicant can avail grant upto 7 lakhs, if he has not availed the idea grant.


b. Scale –Up Grant
People who have an MVP to develop initial market could use this grant, which is limited to Rs. 5 lakhs. There should be clear indications and deliverables in the grant application.

Here, the applicant can avail grant upto 12 lakhs, if he has not availed the idea and productisation grant.
Eligibilty:
The scheme is open to students/ passout students (first two years), whom shall apply to their iedc/ or nearest iedc and is extended to innovators also. In case of innovators applying directlty, they should have a registered company and also be a member of an registered incubator with KSUM. The students/ innovators shall apply through the iedc/ nearest iedc.
Scope & Support:
Selected projects will be provided financial support upto Rs. 5 lakhs for conversion of their ideas to prototypes. The support shall be given in two - three installments.
Mechanism:
The students/ passout students (for a period of two years)/innovators may apply to their IEDC or nearest IEDC, (in a prescribed format) where their application is vetted by a panel of experts and short listed through a clear objective process. The panel may review the milestones/ deliverables in the project proposals and may guide the applicant about the feasibility of the project.