Under the Seed Support System program, statups will have to spend minimum three months in residency at IIT Mandi. During this time, Catalyst will provide an additional grant of 1.5 Lakh to initiate work on the idea and prove its worth. Entrepreneurs that successfully show their idea’s worth will then be eligible to raise funds upto INR 50 Lakh.
Faculty In-charge for Catalyst, Dr. Puran Singh said, “IIT Mandi is committed to building a strong ecosystem in the region and increasing in funding for startups is a strong step in this direction. We have a vision to make Kamand Valley a favoured destination for startups from across the country”.
In last three years, IIT Mandi has disbursed over Rs. 1 crore worth of grants and investments to over 30 startups that have gone through its 3-month residential program. During this program, startups are provided technical mentoring by faculty of IIT Mandi while they build prototype or test and improve their product