The Invent Program is structured in three phases with technology-led involvement from ideas to commercialization:
- Phase I – Feasibility/Proof of Concept: The objective of Phase I, through a competitive process, is to establish the technical merit, feasibility, and commercial potential of the proposed R/R&D efforts and to determine the quality of performance of the small business awardee organization prior to providing further support in Phase II. Invent Phase I awards (grants) normally do not exceed INR 25,00,000 for 6-12 months.
- Phase II – Full Research and Development: Upon successful completion of Phase I award, the objective in Phase II is to continue the R/R&D efforts that were initiated in Phase I for further R&D and prototyping. Funding, through a competitive process, is based on the results achieved in Phase I and the scientific and technical merit and commercial potential of the project proposed in Phase II. Only successful Phase I awardees are eligible for a Phase II award. Invent Phase II awards (grants) normally do not exceed INR 75,00,000 for 2 years.
- Phase II B – Commercialization Acceleration Grant (CAG): The purpose of this award is to address the funding gap known as the “Valley of Death” between the end of the Invent Phase II award and the subsequent round of financing needed to advance a product or technology towards commercialization. To achieve this goal, this grant is designed to incentivize partnerships between small businesses and third-party investors that can lead to full scale commercialization under Phase III. Only those small businesses that have either received a BIRAC’s SBIRI award or have established the proof of feasibility, demonstrated and validated the technology with additional R&D, and also established proof of market are eligible to apply. CAG award normally does not exceed INR 1,00,00,000 for one year.
- Phase III – Commercialization: The objective of Phase III, where appropriate, is for the small business to pursue commercialization objectives resulting from the Phase I/II R/R&D activities. The Invent program does not fund Phase III. After Invent funding, small businesses seek funds from other governmental or non-governmental sources including private capital.