We are no stranger to the fact that the pandemic has impacted small businesses and startups, creating a negative environment for aspiring entrepreneurs. To help India retain the title of world’s third-largest startup ecosystem, several states are launching their incubator programmes to encourage startup ideas from tier-2 and tier-3 cities right from their infancy to maturity.
Recently, The Department for Promotion of Industry and Internal Trade ( DPIIT) under the Ministry of Commerce and Industry has selected the Margao-based Forum for Innovation Incubation Research and Entrepreneurship ( FiiRE) as one of the two incubators for Startup India Seed Fund Scheme (SISF), the other incubator being IIM Kozhikode.
Here in this story, we are going to have a detailed understanding of how this Goa-based incubator will work for startups.
What is Forum for Innovation Incubation Research and Entrepreneurship (FiiRE)?
FiiRE (Forum for Innovation Incubation Research & Entrepreneurship) is an incubator with the support of the Department of Science & Technology, Government of India under the National Initiative for Developing and Harnessing Innovations. It is currently operating from Don Bosco College of Engineering, Fatorda, Goa.
How was FiiRE qualified to be an Incubator?
The Department for Promotion of Industry and Internal Trade (DPIIT) under Startup India Mission held a meeting in Delhi, to select incubators, after which FiiRE was selected as an incubator to disburse seed funds to startups.
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FiiRE (Forum for Innovation Incubation Research & Entrepreneurship) is an incubator with the support of the Department of Science & Technology, Government of India.
Which Startups are eligible for this incubation programme?
FiiRE is focussing to support early-stage technology ventures that work on innovation, development or improvement of products, processes or services with a scalable business model that solves real challenges, has global impact and provides value to customers. This incubation programme is sector agnostic and has an affinity towards product development and manufacturing startups. FiiRE has a systematic incubation process that aids startups build prototypes, build connections with strategic mentors, early adopters and investors.
What FiiRE Plans to offer the startups?
FiiRE will offer its startups tailored infrastructure, business support and access to networks. Here are the advantages a startup can get under the aegis of FiiRE:
Infrastructure
Modern workspaces, meeting rooms, conference room, auditorium, cafeteria and more.
Business support
Accelerating the learning curve and building networks by facilitating access to external resources, knowledge and expertise.
Prototyping
The startups under this programme will receive handholding and counselling during its ideation stage. It will get support in establishing proof of concept with mentoring and prototyping support. FiiRE has established testing labs and design centres with the latest technologies like CNC machining, 3D printer, PCB, software, etc.
Seed Funding
FiiRE will provide assistance and guidance to startups to avail seed funding through various schemes of the Government of India. It will also facilitate access to angel investors and venture capitalists every quarter.
Selection Process
The aspirants will be required to visit FiiRE’s website to fill up a google form by writing a short description of the startup and a few other details based on which selection will take place and disbursal of seed funds to the chosen startups.
FiiRE’s Pricing Plan
To fulfill the needs of startup entrepreneurs, FiiRE has designed tailor-made support for ideators, early-stage startups, growth-stage startups and mature startups.
Incubator Pricing Plan
Charges: Rs 3000/month
The selected startups under the Incubator pricing plan can get access to :
- Structured program with mentors
- Access to all infrastructure
- Incorporation and IP advisory
- Prototyping support
- Access to seed fund/investors
- Freebies and discount benefits
Virtual Pricing Plan
Charges: Rs 5000 / year
It is open to all the startups, where they can get :
- Access to mentors on request
- Limited access to infrastructure
- Incorporation and IP advisory
- Paid prototyping support
- Access to seed fund/investors
- Limited access to training and workshops
Co-Working Pricing Plan
Charges: Rs 4000/month
In the plan, the selected startups will get the following advantage:
- Modern dedicated workspace
- High-speed internet
- Meeting rooms and auditorium
- Pantry and Cafeteria
- Power backup
- Access to college talent
How can startups and small Businesses get benefit from FiiRE?
By opening an incubation centre in Goa, the Government plans to develop an entrepreneurial spirit in the local startup ecosystem. Most incubation programmes are limited to metro and tier-1 cities leaving the local startups devoid of investor connections, mentorship and resources.
The selected Startups from this incubation programme will enjoy an array of facilities like physical space, shared services, business and legal advice, and financial inputs to facilitate their ideas to fruition and assist them till they become financially viable and freestanding.
