How many awards will be given per round?
MA partners determine the number of awards given each round based on the quality of applications received and their alignment with MA’s priorities. In R4 MA expects to make at least 30 awards across all sectors.
How is the amount of funding determined?
Funding for Stage 1 grants is fixed at Rs. 30 lakhs, where 10 lakhs are designated for capacity building. Stage 2 grants may be awarded up to Rs 1 crore. The amount of funding will be determined by the needs of the project and based on the input of the Evaluation Committee and Due Diligence experts. Funding for South-South projects are determined on a project-by-project basis, also based on the the needs of the project and based on the input of the Evaluation Committee and Due Diligence experts.
How is the funding disbursed to the awardees?
The MA grant is disbursed in three tranches. The first tranche (45%) is released at the start of the project period; the second tranche (45%) is released based on mid-project milestones; the third tranche (10%) is released upon completion of the project.
The grant money released through these three tranches does not include Rs. 10 lakhs earmarked for capacity building. The capacity building fund of Rs. 10 Lakhs will be retained by FICCI and will be subsequently utilized/ released on need basis.
What is the nature of the relationship between MA program administrators and awardees?
FICCI assigns an ‘innovation manager’ to each awardee. The role of the innovation manager is to collect and review the quarterly reports submitted by the awardee, to monitor the progress of the project and release the tranche disbursements accordingly, and to make connects between awardees and a range of potential project partners or funders. FICCI will periodically invite awardees to participate in innovation expositions and showcases. Awardees may get in touch with their innovation manager with challenges or other requests for assistance.
What support services are accessible to awardees?
MA supports awardees through a capacity building program, which includes workshops hosted by FICCI and other MA partners, as well as access to mentors, networks, and investment opportunities. The MA grant includes a 10 lakh award which is designated for capacity building. This funding may be allocated towards staff/leadership training and access to advisory or incubation services.