Entrepreneur in Residence is a pre-incubation initiative offered by Pravartak Technologies Foundation for budding entrepreneurs with ideas in Cyber-Physical Systems that have high-growth potential. The objective of this program is to provide a platform for faster experimentation and novel approaches in idea-to-market transformation. This would enhance the quality and quantity of Pravartak’s vibrant innovative ecosystem. The duration of the program is for 1 year, within which they are expected to prove their potential in the form of a prototype or a pilot project.Eligibility Criteria:
Any person who is an Indian Citizen who has completed 18 years of age and has an innovative idea with a potential to scale up to a prototype and then market their product is eligible to apply.Selection Process:
The candidate is expected to prepare a proposal in the specified format with the objective, milestones, and expenditure details and submit it to Pravartak. Once the proposal is evaluated and shortlisted, the candidate will be invited to give a presentation to the technical committee. The technical committee will be evaluating if the idea is truly innovative and have marketing potential, and if found to be eligible, the candidate will be offered the position as Entrepreneur in Residence.Benefits:
EIRs will be eligible for a grant of up to Rs. 35000 per month for 12 months. Periodical evaluation will be done to understand the progress of the project. Once the prototype has been developed, the EIRs can apply under another scheme such as PRAYAS or Seed Support System for further funding, till the product is brought to the market successfully.