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Exploration Program

Empowering early-stage innovators: Transitioning from prototype development to market-ready solutions with tailored support.

Overview

The exploration program is tailored to empower early-stage entrepreneurs and innovators who are at the prototyping or product development stage of their startup journey. Designed to provide comprehensive support, the primary objective of the program is to guide startups in transitioning from prototype development to refined and market-ready solutions.

Duration: 3 Months, Program Fee: INR 16000/- (for the entire duration of the program)
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Objective

Primary objective of the program is to guide startups in transitioning from prototype development to refined and market-ready solutions. Provide the support they need to become a validated & viable initiative to be incubated for further support.

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Participant Profile

Participants should have a strong desire and commitment to building a startup and bringing their innovative ideas to market. Ideal participants are at the prototyping or product development stage, meaning they have moved beyond the ideation phase and are actively working on creating a prototype or developing a product.

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Support

Assist startups in transitioning from prototype development to a refined and market-ready solutions. Curated mentoring and training workshops.

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Outcome

Participants should make significant progress in developing Minimum Viable Products (MVPs) and move closer to a market-ready solution. Get an opportunity to become a part of next level Incubation Programs with IIT Mandi Catalyst.

Key Features
  • Curated mentoring sessions & workshops to provide personalized guidance, industry insights, and tailored support. Mentors will work closely with founders to address specific challenges, refine strategies, and accelerate progress.
  • The program offers a structured curriculum of curated workshops and intensive bootcamps.
  • Clear milestones will be established for each startup, providing a roadmap for development and success. Our team will closely monitor progress and offer guidance to ensure startups stay on the path to achievement.
  • Mentorship to startups in refining their business models, revenue strategies, and go-to-market plans, which will help them identify competitive advantages, target markets, and market positioning.
  • Expert guidance on legal aspects, including business structures, contracts, and intellectual property protection.
Program Flow & Engagement Plan

Mentors/Advisors

Each team will be allotted a mentor from a relevant industry background. The team may suggest a suitable individual as a mentor, which Catalyst may connect to. Alternatively, Catalyst may appoint a mentor from its pool of experts.

Curated Workshops

Teams will undergo a training program structured over the duration of the exploration program. In depth training sessions on the following relevant issues related to starting up will be held:

  • Workshop 1: Goal Setting: Guide participants in creating specific, measurable, achievable, relevant, and time-bound goals. To make it easier to track progress and guide accordingly.
  • Workshop 2: Visioning Exercise: Why startup? Aligning thinking with action to achieve effective execution.
  • Workshop 3: UI/UX: Overview of the planning, user-centered study and designing, enhancing the usability of the offerings to develop an efficient interface for the end users.
  • Workshop 4: Designing Value Proposition and Business Model: Learn what is an efficient business model and why it is important. Explore the importance of customer value propositions.
  • Workshop 5: Founders' Trust with Technology: Importance of Technology Management for founders, Using Technology to build core competencies.
  • Workshop 6: Fundamentals of Finance: Understanding Finances: Asset, Liability, Income, Expenses.
  • Workshop 7: Legal Clinic: Understanding necessary legal compliances and regulation related to startup operations.
  • Workshop 8: Patent & IP Management: Understanding Patent & IP Management basic processes for startup success.
  • Workshop 9: Funding Schemes for Startups: Details of different funding schemes available for startups, application process, eligibility criteria and related details.
  • Demo Day:Serves as a culmination of the program and a platform for startups to showcase their progress while identifying opportunities for startups to transition to the next level of incubation programs.

Exploration Check-ins

Monthly meeting with the Catalyst team to gauge progress and identify bottlenecks and areas of additional support required.

Expected Outcome:
  • Refined Product or Solution: Startups are expected to emerge from the program with a significantly improved and refined prototype or product. The program will guide them in enhancing the quality, functionality, and scalability of their offerings.
  • Market Readiness: The startup will be equipped with the knowledge and resources necessary to prepare their product for the market. This includes understanding target audiences, conducting market research, and devising effective market entry strategies.
  • Network Expansion:The program will enable startups to expand their professional network, connecting them with mentors and advisors who can contribute to their growth and success.
  • Path to the next level of Incubation:Ultimately, the desired outcome is to have the startup well-positioned to enter the next level of support programs, having addressed critical early-stage challenges.