Initially, Wadhwani Invent will focus on small businesses that are engaged in developing technologies and products in the biotechnology field. These small businesses must meet certain eligibility criteria to participate in the Wadhwani Invent program as specified below:
- A small, technology-based business with a place of business located in India
- Indian-owned (excluding PIO-Person of Indian Origin, and OCI-Overseas Citizen of India card holders) and independently operated (business incorporated under the Companies Act 2013)
- For-profit, incorporated under the Companies Act 1956 / 2013 or Limited Liability Partnership (LLP) under the Limited Liability Partnership Act, 2008 or Joint Ventures either in the form of Company or LLP except where the form is a joint venture, and registered with the Ministry of Corporate Affairs, GOI (www.mca.gov.in) with 51% or more ownership held by Indian citizens
- Limited to 500 employees in size
- Employer of the Principal Investigator
- The one who will serve as the applicant, and not the collaborating or subcontracting companies or research institutions and universities
- For Phase II B (CAG), the applicant must have established technical and market feasibility, and demonstrated and validated technology and be ready to translate prototypes into commercial products and attract private capital.
Applicants will be required to maintain their “India-based” status (“a business with its principal place of business in India and no less than fifty-one percent [51%] each of its property and payroll located in India) at the time of Wadhwani Invent Phase I, Phase II, and Phase II B awards and for a minimum of 60 months after the final receipt of the award funds under the Wadhwani Invent Program or they will risk having to forfeit and reimburse the Wadhwani Foundation all funds (total of Invent Phase I, Phase II, and Phase II B awards) received. Applicants will be required to submit a certificate on their “India-based” status from a CA from the State they are located in.