IKP COVID Fund (I-CO Fund): Funding Assistance for Startups United Against COVID-19 – India
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Deadline: 3 April 2020
IKP Knowledge Park, along with IKP Trust, has launched the ICO-Fund, to nurture innovations that are ready for production to fight the COVID-19 situation.
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The COVID-19 I-CO Fund is an initiative of IKP Knowledge Park (IKP) to identify and fast track technology driven solutions from entrepreneurs that can be deployed to help control COVID-19 in India and around the world. Through this endeavor, IKP and IKP Trust will be working with entrepreneurs, corporate(s) and government agencies to contribute in the management of the COVID-19 pandemic.
The Trust will enable the selected entrepreneurs to fine-tune their solutions for manufacturing, and connect with manufacturing facilities and supply-chain networks to help in the production, deployment and distribution of their innovations.
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The Trust invites ideas that provide integrated solutions in the following areas:
Screening tests
Home based health screening and monitoring, including measurement of Heart Rate, BP,
SpO2 and Body Temperature, with indication of when to seek medical help /move to hospital
Application that uses coughing pattern to detect COVID-19, educates and directs patient to the nearest laboratory for testing; geo-locates cough clusters
Diagnostics
Affordable Point of Care Diagnostic kit
Reagents needed for diagnostics
Safe methods of sample collection, storage and transportation
Equipment for patient management
Non-Invasive Ventilator
Contact less device for monitoring respiratory distress
Face Mask
Protective face shield
Other PPE
Any other product or solution that will aid and ease patient management
Funding Information
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The Trust plans to select up to 8 candidates, who will be eligible for an initial rapid funding of up to INR 20 Lakhs each for a maximum period of 1 month to develop a solution that is ready for manufacturing/deployment.
The financial assistance will be 50% grant, and 50% returnable capital with simple interest of 5% per annum over 36 months.
Further funding for procurement, manufacturing and deployment will be sought from government agencies and corporate.
Eligibility Criteria
The Trust is seeking applications from entrepreneurs for solutions for combating COVID-19 that can be made ready for manufacturing / deployment within a period of two weeks from receipt of the award.
This Call for Proposals is open to startups and SMEs.
Proposals will be selected on the basis of the following criteria:
Alignment with the mandate of the Call
Manufacturing readiness
Affordability
Execution capacity
Indian companies applying for the award should have Registration under Companies Act 1956/ 2013 and must have 51% equity or shareholding by Indian Nationals only, including NRIs. Non-Indian companies will need to partner with an Indian company, so that the Indian company can be the beneficiary of the I-CO Fund.
This is open to anyone working in India. You may be of any nationality, but the Trust requires that the work happen in India.
For more information, visit https://ikpeden.com/funding/