Introduction
The NIDHI Accelerator Programme is positioned as a post incubation initiative to fast track the growth of potential startups through rigorous mentoring and networking support in a short span of time through existing TBIs. NIDHI Accelerator Programme, usually delivered as a 3 to 6 month fast-track structured program, is designed to help startups who have achieved substantial progress in terms of market validation and deemed ready to scale up.
The Accelerators can be used to boost the Incubator’s existing activities – to build and attract high quality startups – and have a customer centric validation model which enhances investment readiness as well as worthiness. Accelerators employ a “fail fast” approach i.e. ideas or prototypes unable to generate traction are abandoned (or modified) quickly, allowing founders to redeploy resources to other projects or even new companies at a rapid pace. Two broad types of Accelerator Programs are supported by NSTEDB under this scheme : a.) Sector-specific and b.) sector-agnostic; with specific focus areas under both. The Programme ends on a special demo-day with curated Startups pitching before investors.
Objectives
The objectives of NIDHI-Accelerator are :-
- To fast track the growth of potential start ups through rigorous mentoring and networking support in a short span through existing TBI.
- To attract subject matter experts, mentors, and angel investors get associated with TBIs through the structured accelerator program.
- To build a vibrant startup ecosystem, by establishing a network between academia, financial institutions, industries and other institutions.
- To act as a hub for several incubators in the region, so that high-potential startups can be fast-tracked for increased exposure and validation
- Accelerators should employ a “fail fast” mentality: ideas or prototypes that are not getting traction should be abandoned (or modified) quickly, allowing founders to redeploy resources to other projects or even new companies at a rapid pace.
Guidelines for Applying for NIDHI –Accelerator Programme :
a. Who can apply?
Below is the eligibility criteria:
1) TBIs previously funded or currently funded by DST or any other central or state government agencies are eligible to apply, with a minimum 3 years in existence, having nurtured and
incubated at least 20 startups in multiple domains.
b. Budget
The NIDHI-Accelerator contribution towards the overall Budget for running accelerators shall not exceed 40 Lakh/program of one cohort. The budget should be divided into the following 2 categories:
I. Accelerator Program (Upto 30 lakh) – This budget category shall include manpower, logistics, travel, mentoring, infrastructure, training, and all other costs.
II. Demo Day Award (Upto 10 lakh) – May be considered to award to top 3 to 5 startups of the batch on the basis of their performance/ achievements during the accelerator program as recommended by the evaluation committee on the basis of defined parameters and the same may be given as a reward grant during the demo day.
c. Structure
One to one session of startups with mentors should be preferred as compared to classroom training. At Least 70% of the total mentoring should be one to one sessions. Ideally, the program must
have a minimum of 20 hours of training in a one-to-many format for startups in the acceleration batch and a minimum of 50 hours of dedicated mentoring in a one-to-one format with the relevant mentors for the startup in the acceleration batch.
d. Accelerator Partner/s
It is recommended that the TBI may consider engaging an external partner to professionally manage the accelerator program so that the program can be implemented in a structured manner, through a deep mentoring process and startup acceleration must get access to funding and market networks. A maximum of 40% or up to 15 lakh (whichever is lesser) of the total budget sanctioned for the accelerator program can be outsourced to external partners. This engagement should be a Capability transfer model where members of the TBI team are expected to get trained by the external partner. Partners must be engaged from outreach to selection, screening and implementation and future support. Roles and
responsibility must be defined as per the norms of formal partnership. For identifying such professional accelerator partners, TBIs can check competent accelerator partner’s profiles on www.startupindia.gov.in.
Alternatively, competent accelerator partners can also reach out to TBIs, where TBIs must execute a proper due-diligence for selecting the accelerator partner/s.
e. Evaluation and Mentoring Expertise
Running an Accelerator program requires operational expertise as well as evaluation and mentoring experience, both in-house as well as externally. At the time of application, TBI will provide a tentative list of internal team members expected to be involved in running the program as well as a list of external mentors proposed to be associated with the program. Selected external mentors should have strong industry-specific expertise as well as past investment experience.
f. Award to startups
Top 3 or Top 5 potential startups may be considered to be provided a grant during the demo day, where a quantum of amount can be decided by the evaluation committee on the basis of defined parameters such as: the need, stage and potential of the startups,
Beneficiaries :
Entrepreneurs/ Startups/ Students/ Researchers/ Innovators
Useful Links
Guidelines: Click Here (PDF 1MB)
List of NIDHI Accelerator Centres: Click Here (PDF 109KB)
Contact Information: For more information, please write us an email on rgaur[at]nic[dot]in