Grand Challenges and Competitions for scouting innovations (GCC)
GCC is a pre-incubation activity targeted mainly to discover innovative ideas in the area of financial technology. Through different challenges like Hackathons, the IBITF can invite people from different areas with innovative solutions for solving issues and challenges in the area of finance particularly to Indian context. The basic objectives of the GCC are
- Find and nurture innovative ideas for addressing major challenges in the area of Fintech and their solution with the help of technology.
- Find untapped sources and convert ideas into start-up.
- Provide a minimal risk entry point into the start-up ecosystem.
- Provide structured guidance, mentoring and funding for application of ideas.
- Generate awareness and build a vibrant entrepreneurship ecosystem.
Promotion and Acceleration of Young and Aspiring technology entrepreneurs (PRAYAS)
At an early stage, a gap exists for young entrepreneurs to build a working prototype from their ideas before progressing to the next level. There are many challenges that are faced by entrepreneurs in preparing the first working prototype. PRAYAS would be filling this gap by providing funding and guidance at this stage to help entrepreneurs and allow a large number of potential ideas into incubation programs. Specifically, PRAYAS aims at the following.
- Enable translation of ideas into prototypes
- Attract a large number of youth with innovative ideas for different types of problems.
- Provide a platform for faster experimentation and modify approach from idea to prototype.
- Provide a platform to test ideas.
Entrepreneur in Residence (EIR)
The EIR program is envisaged to inspire best talents among PG and PhD graduates and provide ample support to minimize risk in pursuing start-ups. The program would provide enormous opportunity for innovative entrepreneurs to expand network and get critical feedback to promote their entrepreneurial goals and aspirations.
- Encourage students to take up entrepreneurship by providing fellowship
- Provide prestigious forum for deserving entrepreneurs to pursue their ideas without additional risks
- To make entrepreneurship related to financial technology an attractive option among available career options.
- Enable creation of new start-ups and allow them to make significant progress towards raising funding and investment.
VIRTUAL INCUBATION (VI)
Virtual incubation is a form of incubation usually provided to remote clients. The Virtual incubation aims to support FinTech start ups located in other TIHs/Incubation Centres/Startup Hubs located in Institutes of Higher Learning/Established by State/Central Government. The start-up should aim towards applying cutting edge technologies like Blockchain, AI/ML, IoT, Data Analytics etc. in the domain of Financial Technologies and services such as Banking, Insurance, Neo-Banks, NFT, Smart Contracts, GST, Micro-financing etc. The focus of the incubation is the entrepreneur rather than the building.
Dedicated Innovation Accelerators (DIAL)
Accelerators are a post-incubation initiative linked with the existing incubators to supplement and complement the scaling up of a start-up. It aims to direct focused resources for a start-up to validate product ideas and engage with customers for scaling up and boosting the incubator’s existing activities. Accelerators also help in realizing and deciding whether to create a scalable start-up from a very nascent stage. The basic objectives of DIAL involve,
- Fast track growth of potential start-ups through monitoring and networking
- Attract mentors, expert, academicians and investors through structure accelerator programs
A significant effort of the TIH is to innovate new ideas and technology for revolutionizing the financial sector. These innovations are incomplete if they are not brought forth for the use of common people. A way to do this is through creating start-ups based on the innovations made. Start-ups are the vehicle through which innovative ideas will not only be implemented, but also have substantial effect on the society around. The objectives of the startup program is to achieve,
- Take forward innovation to the commercialization stage
- Promote start-ups by young Indians students
- Accelerate and guide the journey of an innovative idea
- Provide financial assistance for the initial stage of start-up
Seed Support System (SSS)
The SSS will allow for funding promising ideas and incubate them till next funding is obtained from investors. The funding allows the innovators and entrepreneurs to develop their technology to a level, where they can attract investments from well-known investors. Thus, it acts as a bridge between ideation, development and commercialization of an innovation in a hassle free manner. The basic objectives of SSS involve
- Ensure timely availability of seed support for deserving incubator
- Provide platform for innovative entrepreneurs to carry their idea to commercialization
- Widens the pipeline of incubators by attracting more innovators
- Allow entrepreneurs to carry forward their start-up with minimal risk.
Technology Business Incubators (TBI)
The Technology Business Incubator will be primarily established with some academic, technical or management institution to bring in the innovations and technologies for venture creation by utilizing expertise and infrastructure already available with the host institution. The TBI initiative of the TIH will protect the institute to be funded, from the high risk involved in high growth ventures, to enhance the prospects of their success. The basic objectives of TBI involve,
- Job creation, prototype and product design, businesses etc. aligned with national priorities.
- To facilitate start-ups with cutting edge research mentorship, lab facility etc.
- To provide a platform for speedy commercialization of technologies developed by the host institution or the stakeholders associated with the institute.
- To build a vibrant network of start-up ecosystems facilitating mentorship, technical and R&D related suggestions, financial support etc., by establishing a network between academia and industries, mainly involving the collaborators of the IBITF.