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How to Apply for Seed Fund Incubator at IITI Advanced Centre for Entrepreneurship Foundation

ACE Foundation Seed Fund

Introduction

Starting a startup is exciting, but early-stage entrepreneurs often face a major challenge — access to funding, mentorship, and infrastructure. Innovative ideas alone are rarely enough; founders need support to transform concepts into scalable, sustainable businesses.

The IITI Advanced Centre for Entrepreneurship (ACE) Foundation, established at the Indian Institute of Technology Indore (IITI), addresses these challenges. ACE Foundation is a technology-driven incubator that provides startups with equity-free seed funding, mentorship from industry experts, co-working spaces, and networking opportunities. This ecosystem ensures that innovative ideas have the resources and guidance to grow into viable ventures.

If you’re wondering “how to apply for seed fund incubator ACE Foundation?”, this comprehensive guide covers eligibility criteria, application steps, funding details, success tips, and benefits of joining the program.

What Is IITI ACE Foundation?

The Advanced Centre for Entrepreneurship (ACE) Foundation at IIT Indore is a not-for-profit technology business incubator. It was established to foster innovation and entrepreneurship among early-stage startups, providing a structured environment to develop, validate, and commercialize products or services.

Key Features of ACE Foundation:

  • Mentorship: Guidance from seasoned entrepreneurs, industry experts, and IIT faculty.

  • Infrastructure: Co-working spaces, laboratories, and meeting rooms equipped with modern technology.

  • Networking: Access to investors, potential collaborators, and startup ecosystems.

  • Funding Support: Seed funding through the Startup India Seed Fund Scheme (SISFS) and ACE-specific grants.

  • Workshops & Bootcamps: Training sessions to enhance entrepreneurial and managerial skills.

ACE Foundation primarily supports startups in technology-driven sectors, including AI, IoT, Deep Tech, HealthTech, EdTech, Sustainability solutions, and ventures with a social impact focus.

Key Offerings of ACE Foundation

Zero-Cost Incubation
Startups receive access to co-working spaces, labs, and mentorship without upfront costs, allowing founders to focus on product development and market validation.

Seed Funding Opportunities
ACE Foundation provides equity-free seed funding of up to ₹50 lakh to help startups develop prototypes, scale operations, and prepare for subsequent investment rounds.

Mentorship & Advisory Support
Personalized guidance from industry experts, investors, and IIT Indore faculty helps startups overcome technical, operational, and market challenges.

Networking & Exposure
Regular pitch sessions, workshops, and networking events provide exposure to investors, corporate partners, and potential clients.

Sectoral Focus
ACE Foundation emphasizes high-growth sectors such as:

  • AI & Machine Learning

  • HealthTech & MedTech

  • Deep Technology & IoT

  • Clean Energy & Sustainability

  • EdTech & Skill Development

Eligibility Criteria

To apply for seed funding at ACE Foundation, startups must meet the following requirements:

  • Incorporation: Registered Private Limited Company, LLP, or OPC in India.

  • Promoter Ownership: At least 51% of shareholding held by Indian founders.

  • Stage of Development: Early-stage startups with a working prototype or MVP.

  • Sector Focus: Preference for technology-driven or innovative solutions, including social impact ventures.

  • Government Recognition: Startups recognized by DPIIT are preferred.

Application Process

Step 1: Visit the Official Website
Go to the ACE Foundation portal to access detailed guidelines and the online application form.

Step 2: Register Your Startup
Create an account with basic information about your startup and founders.

Step 3: Fill the Application Form
Provide comprehensive details about your startup:

  • Startup overview, mission, and vision

  • Problem statement and solution

  • Market analysis and target audience

  • Business model and revenue strategy

  • Financial projections

  • Team composition and expertise

Step 4: Submit Required Documents
Attach necessary documents such as:

  • Certificate of Incorporation

  • DPIIT Recognition (if available)

  • Pitch Deck

  • Financial Statements (if any)

  • Founders’ CVs

Step 5: Selection Process
Applications undergo multiple evaluation stages:

  • Screening: Initial assessment for innovation, scalability, and alignment with ACE Foundation’s objectives.

  • Pitch Presentation: Shortlisted startups present their idea to a selection committee.

  • Due Diligence: Evaluation of feasibility, financials, and operational readiness.

  • Onboarding: Successful startups are inducted into the incubation program.

Funding Details

1. Startup India Seed Fund Scheme (SISFS)

  • Funding Amount: Up to ₹50 lakh

  • Purpose: Product development, market entry, and operational costs

  • Disbursement: Milestone-based

  • Eligibility: Startups incorporated within the last 2 years, working on innovative solutions

2. ACE Foundation Seed Fund

  • Funding Amount: Up to ₹50 lakh

  • Instrument: Equity-free, debt, or a combination

  • Eligibility: Startups incubated at ACE Foundation for a minimum of 3 months

  • Reporting: Quarterly financial updates and annual audits

Tips for a Successful Application

  • Clearly Define Problem-Solution Fit: Demonstrate how your solution addresses a real-world problem effectively.

  • Understand Your Market: Show deep knowledge of your target audience, competitors, and trends.

  • Highlight Scalability: Present a roadmap for regional, national, or global growth.

  • Show a Strong Team: Investors and incubators value capable, committed founders with complementary skills.

  • Provide Realistic Financials: Clear projections and fund utilization plans increase credibility.

  • Prepare a Compelling Pitch Deck: Visual clarity, storytelling, and impact metrics matter.

Success Stories

Several startups have leveraged ACE Foundation’s incubation and seed funding:

  • HealthSense AI: Developed AI-driven healthcare solutions and secured early-stage funding for prototype testing.

  • GreenEnergy Solutions: Leveraged mentorship and funds to scale clean energy innovations across India.

  • EdVantage Tech: EdTech startup that gained national recognition after incubation at ACE Foundation.

These examples highlight how funding, mentorship, and a structured ecosystem accelerate startup growth.

Benefits Beyond Funding

  • Mentorship from industry leaders and IIT faculty

  • Access to state-of-the-art labs, co-working spaces, and meeting rooms

  • Networking with investors, corporate partners, and fellow entrepreneurs

  • Exposure to workshops, bootcamps, and pitch competitions

  • Guidance on commercialization, market entry, and fundraising strategies

ACE Foundation ensures that startups are not just funded but equipped for sustainable growth.

Contact Information

Conclusion

For early-stage startups, applying for seed fund incubator ACE Foundation is a golden opportunity. With mentorship, funding, infrastructure, and networking, ACE Foundation equips startups to scale innovations into successful businesses. By following the application process, preparing a strong proposal, and leveraging the ecosystem, founders can transform their ideas into impactful ventures.

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