The program would be implemented in three stages for most of its grantees unless there is an exemption, a decision for which would be taken by Program Advisory Body.
- The first stage would involve providing seed fund to the grantee. This would be aimed at creating a pool of innovation products, services and art forms.
- The second stage would involve converting these products, services and art forms into enterprises either by supporting the founder members or by inviting outside entrepreneurs to take forward the business.
- In the third and final stage of this program, the enterprises established would be pitched to a group of angel investors or growth funds.
Though the core strategy would be to provide monetary support, the program would also involve mentoring support to all its grantees. This support would be critical especially in the first stage of the program, where lot of hand holding support would be required for the grantees.
Fund Size & Project Time-line
The project aims to attract Rs. 5 crore to be utilised for the objectives outlined. Currently, around Rs. 20 – 25 lakhs have already being raised in form of commitments to be honoured when project launches. The first phase of the project is estimated to last for three years. The estimated size and project time frame is indicative and are subject to revision by the Program Advisory Body in consultation with Secretary, SRISTI. The mandate of the project is maximizing social impact through supporting as many creative minds in the field of culture, education, technology and governance as possible.