IMACX TIRAC Fund is a product-focused, seed-stage fund created with an intent to enable the creation of Sustainable, Scalable & Impactful solutions. We usually fund / invest at pre-seed and seed stages.
The Institute and its Innovation Centre receive multiple Research & Innovation Grants (be it from Governments, Corporates, Corporate CSR grants, Corporate University Research grants, etc.) in a form that permits :
- Creation of multiple solutions / projects
- Collaborative Development involving more than one faculty member
- In partnership with external entities (innovators, startups, etc.), optionally
- Under the supervision of one Principal Investigator (referred to as the Grant PI)
Given that the ultimate purpose of such grants is to nurture research and innovations that positively impact our society (researchers, citizens, communities, enterprises, etc.) through intellectual property & solutions: IIITB & IIITB Innovation Centre actively solicits Project / Research / Innovation Proposals from IIITB faculty and startups.
Such proposals will be evaluated by Institute’s Technology Innovation & Research Assistance Council (TIRAC) and approved proposals will be provided with necessary TIRAC Funding.
The following members will constitute the TIRAC committee:
- Dean (R&D) & Board Member, IIITB Innovation Centre – Chairperson
- Advisor, IIITB & Regulatory Expert – Member
- Dean (Academics) – Member
- CEO, IIITB Innovation Centre – Member
- Outreach Officer, IIITB Innovation Centre – Secretary
The committee’s evaluation should essentially encompass the following:-
- Whether the proposal is in line with the spirit of the fund / grant provided by the Financial Sponsor (be it government or corporate)
- Whether the research / innovation / investment proposal conveys the relevance & impact it would produce on the society
- Whether the proposal is technically sound
- Whether the scope of work is clearly spelt out and the role of each of the parties in achieving this work is also clearly spelt out
- Whether the financials budgeted & requested is commensurate with the scope of work put out in the proposal
- Whether the scope of work identifies the milestones and also spells out the financials to be disbursed upon achieving each of the milestones.
- Whether the proposal specifies clearly the IP rights of all the parties involved
The committee will either approve (or) reject the submitted proposal with the necessary feedback for the proposer to update & resubmit (if appropriate).
No financial approvals will be made without the evaluation report of TIRAC.