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.
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.
CIMP-BIIF receive applications only via. Startup Bihar application portal and Startup India portal.
External as well as Internal mentors are being assigned to the Startups based on the project requirements.
The updated CIMP Mentor list is being uploaded on the website, startup.bihar.gov.in
For all the projects registered before November 2019, mentors were assigned from the expert committee on Startups created in consultation with Department of Industries, Government of Bihar and headed by Director, CIMP.
For all the projects registered after January 2020, Startup Incubation Centre (SIC) seeks pitch desk (business plan presentation) before assigning faculty mentors.
Once SIC receives pitch desk, it gets circulated to all the internal faculty members via e-mail (with attached pitch desk). Projects are being assigned to all the faculty mentors on the first come, first serve basis. To make the process as transparent as possible, updated list is also being uploaded on the website under the section, Startup Portfolio.
If no faculty shows any interest for any project, it will be assigned to suitable faculty expert after consultation.
Startup units reserves the right to opt for/ change a mentor before commencement of mentorship process. A preferred mentor will only be assigned based on the availability of mentor and mutual consent.
A project ceiling of 10 projects (ongoing) has been fixed per mentor to avoid unequal distribution of workload among faculty mentors. Any deviation from this will be considered only after approval of Director, CIMP.
Faculty mentors will be responsible for submitting all the updates including quarterly/ annual submission of business progress/ financials. They will be serving as a single point of contact between Startup Incubation Center and Startup company.
