Kerala Startup Mission (KSUM), the apex organisation of the state government for supporting startups, will organise an Idea Fest during the first week of April to promote the culture of innovation and entrepreneurship among the youth.
The 10th Idea Fest will focus exclusively on innovative projects coming out of various colleges in Kerala. The applications that are already open since January 25 will have two stages.
The deadline for the first and second stages will be February 11 and March 4, respectively. The initial screening will be done by the IEDCs and the next level of screening will be done at a zonal level. The final selection will be through a demo day on April 7.
The shortlisted innovators will have to present their ideas to a panel of experts. Innovators recommended by the selection panels will be provided an innovation grant depending on the stage of their idea or product.
They will also be given workshops for developing their ideas into ventures and all ideas have to be accompanied by a certificate from the respective IEDC of the college or endorsed by the principal.
“There is an urgent need for enhancing entrepreneurship and innovation among the youth in Kerala. Setting up of technology startups during the college days gives a great learning experience for students as the practical experience they acquire during the process compliment well with the theoretical knowledge. It eventually leads to creating professionals,” said Dr. Saji Gopinath, CEO, KSUM.
“As an agency committed to promoting innovation and entrepreneurship, KSUM is making multiple interventions among the youth of Kerala to realise this objective.The month-long Idea Fest is expected to bring out great ideas which have potential to be converted into full-fledged ventures in the near future,” he added. KSUM will also organise a set of lead up events to prepare students for participating in the Idea Fest.
This will include a series of webinars and workshops delivered through partners to help students understand the basics of entrepreneurship and insights into how to build a product and a customer base.
Moreover, IEDCs across the state will organise various ideation, design thinking, product development and idea pitching workshops.
KSUM has selected 65 ideas so far for innovation grant support through the past eight Idea Days. The ninth Idea Day will be held at IIM Kozhikode on February 5. For registration, visit: https:tartupmission.kerala.gov.in/pages/ideaday
The Idea Day was conceptualised by the Kerala government to promote innovation in the state and play a vital role in the identification of new innovations in core sectors and futuristic technologies.
At an idea stage, the innovators will be provided up to Rs two lakh for building the prototype. Startups, which have already developed their prototypes, will be given up to Rs 7 lakh for launching their product and the startups in the early revenue stage will be given up to Rs 12 lakh for scaling up their venture.
For student startups, the funds will be disbursed through IEDCs and registered incubators for innovators. Startups, which have registered as a private limited company, can avail the grants directly from KSUM.