About the Program

North East Entrepreneurship Development Program (NEEDP) is an initiative of NEC (North Eastern Council) implemented in association with IIM Calcutta Innovation Park, aimed at creating an inclusive entrepreneurial ecosystem that can help foster, Socio-Economic Development and Employment Generation in the North East region. As a part of this initiative, North East Entrepreneurship Challenge (Hunt) is being organized for existing and aspiring entrepreneurs across all the eight states of North East to identify a target group of 270 entrepreneurs through a systematic, transparent selection process ensuring representation from each state. These startups will be taken through incubation (for revenue stage startups) and pre-incubation (for pre revenue stage startups) programs - which will help them to commercialize and grow their businesses.

Program Benefits

 

  • For Incubation group: Rs 3 lakhs commercialization grant for 120 startups, additional Rs.7 lakhs for top 20 performers
  • For Pre-incubation group: Rs 1 lakhs prototype grant for 150 startups, additional Rs.4 lakhs for top 25 performers.
  • Connect to strong network of mentors drawn from pool of seasoned entrepreneurs, angel investors and people from senior managerial level in corporate sector.
  • Access to structured incubation curriculum. Bootcamps and knowledge sessions will be conducted by speakers drawn from the IIMC faculty, alumni, ecosystem partners and domain experts.

 

Timeline

2nd September, 2022
Registration Starts
Last Date for Applications
31st October, 2022
15th November, 2022
Announcement of Shortlisted Candidates
Selection Events
16th November, 2022 - 15th December, 2022
January, 2023
Start of incubation/Pre-incubation

Eligibility Criteria

Pre-incubation:

  • The applicant must be a citizen of India.
  • The applicant must be a permanent resident from any of the 8 North Eastern states in India.
  • The applicant should have an idea or a working prototype with commercial viability.

Incubation:

  • The applicant must be a citizen of India.
  • The applicant must be a permanent resident from any of the 8 North Eastern states in India.
  • The applicant should either be at early revenue stage or should have established a Proof of Concept for the business model.
  • It is mandatory for at least one of the applicants in the team to work full time on the business.

FAQs

IIM Calcutta innovation Park (IIMCIP) is a non-profit company set up under the aegis of IIM Calcutta to promote entrepreneurship and innovation and established itself as a premier hub of entrepreneurship development in East and Northeast India.

The North Eastern Council is the nodal agency for the economic and social development of the North Eastern Region which consists of the eight States of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura.

A business idea is a concept for commercial purposes and typically centers on a product or service that can be sold for money by adopting an operational and practical model. The characteristics of a unique business idea are:

I. It must fulfill customer needs
II. It should be innovative and solve market failure
III. Uniqueness in features and appeal
IV. Clear Focus
V. Profitable in the long run

The process of improvement in the existing product/services in its manufacturing/delivery/use and applicability by way of technology and enhances efficiency adding to its value proposition/benefits is termed as innovation. For example, the mobile app services are innovation for delivering product and services which were earlier possible to be delivered only through a computer.

Any new idea or concept when translates into a product/services is first tested within closed group of experts is a testimony of the proof of concept. The incubation centers are usually the places that provide the support and services for proof of concept of new idea/concept. The PoC is a stage before the test marketing (or beta stage) of any product/services.

An entity shall be considered as a Startup:

a. Upto a period of seven years from the date of incorporation/registration, if it is incorporated as a private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008) in India. In the case of Startups in the biotechnology sector, the period shall be upto ten years from the date of its incorporation/ registration.

b. Turnover of the entity for any of the financial years since incorporation/registration has not exceeded Rs. 25 crore

c. Entity is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.

Incubation is a process whereby an entrepreneur/organization get help for their new and startup business to develop by providing services such as management training, capital or office space. The incubation provides the eco-system for harnessing new business idea/concept and develop it into a commercial venture.

Pre-incubation refers to the phase aimed at validating projects ideas, company planning and creation, and the possibility of developing possible business by analysing technical and economic viability and entrepreneur profile.

Terms and Conditions

  1. The information provided through the application will be kept strictly confidential and will be used for the purpose of the program only.
  2. The decision of the organizing team, regarding selection of candidates, is final, firm and binding.
  3. The application and / or incubation / fellowship will be cancelled if misrepresentation of facts are found at any point of time.
  4. During various stages of the program the participants need to disclose information of the work and / or company

Contact Us

IIM Calcutta, Joka,
Diamond Harbour Road
Kolkata 700104

In case of any question / concern of an applicant, a short form to Fill Up and Submit