The Innovation Park infrastructure at IIT Jammu is supported by the institution. The park follows the ‘giving-back’ philosophy, while it is aiming to sustain on its own. This mechanism allows the park to support growth-stage startups in the park as well as IIT Jammu’s early stage incubators as well as funding student innovation activities such as prototype manufacturing and other research facilities. The objective of the park is to become the regional technology hub of J&K, create significant socio-economic impact for J&K while making itself self-sustaining.
For the initial stages, IIT Jammu has collaborated with government agencies and companies for necessary mentorships and investment for the park. It is conceived that the park would be funding and nurturing startups that have significant technology traction and at least early market traction from all over India. The funding would be principally in the form of equity or instruments convertible to equity.
The Innovation and Research Park raises funds in the following manner:
- Investments: Individuals, family offices and organizations are invited to invest in the Impact Funds focused around the Centers of Excellence in the park for long term investment in deep-tech and attractive RoI.
- Donations & Grants: The park accepts donations to achieve its objectives of creating centers of excellence and pursuing social causes that will benefit the region. The funds can be grants from corporations, financial institutions, the government, and quasi-government entities. The donations given to the park are tax-deductible.
The park will have auxiliary services required for startups for their easier entrepreneurship transition. These facilities, including legal, secretarial compliances, managed CFO, and investment banking, help the companies get all the services that they need in one place.
The Park is enlisting a pool of experienced mentors, predominantly from industry, corporations, and the startup community. We invite individuals passionate about creating job-givers and about the growth of J&K region to be part of our mentor pool.