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TIRAC Fund

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
  • Program Manager, MINRO - Secretary
  • CEO, Outreach - Member
  • CEO, Innovation Centre - Member (Invitee)
  • The Terms of Reference for this Committee are as follows:
  • The term of the committee is for a duration of 3 years
  • The committee will meet as frequently as possible (at least once a fortnight) and as and when such proposals are submitted to evaluate and dispose of the same.
  • The committee is empowered to co-opt member(s) depending upon the domain of the proposal being evaluated.
  • 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 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.