For Seed funding support, currently CIMP-BIIF consider projects only under Startup Bihar. Firm prerequisite under Startup Bihar includes, Registration in Bihar not older than 5 years from the date of application. Startup registered outside Bihar are also encouraged to apply for incubation (limited to mentoring) under Startup India scheme.
The mentoring Process:
Once applications under Startup Bihar received by CIMP-BIIF, Incubation centre contact applicants for Business Plan submission. At this stage, the business plan may be very basic in nature with limited information about Product, Financial projections and traction.
Once basic business plan got submitted and received by CIMP-BIIF, an Institutional mentor got assigned to it for further processing in terms of creation of detailed business plan complied with the requirements of Startup Bihar. Total process takes around 16 weeks that includes mentoring at each stage e.g., product ideation, service blueprint development, market benchmarking, calculation of traction, financial projections and break-even analysis. Final business plan gets submitted at Department of Industries, GoB for seed finding support approval.
Once approved for seed funding, project comes back to the Incubation Centre for Incubation process. It includes support in terms of product development, commercialization, market launch, Strategy formulation (GTM), Financial Management, Scaling and launching IPOs.
CIMP-BIIF do provide support for Venture funding with the help of various accelerator programmes.
How to Apply:
CIMP-BIIF receive applications only via. Startup Bihar application portal and Startup India portal.