Frequently Asked Questions
What is the FINILOOP PLASTIC LAB (FPL) program?
FINILOOP PLASTIC LAB – part of FINILOOP (Financial Inclusion & Improved Livelihoods Out of Plastics) – a city-level solid waste management model designed to work towards plastic waste free cities.
FINILOOP Plastic Lab, run by AspireLabs is a 14-month Incubation & Mentorship program focused on early stage, technology driven start-ups in Plastic Waste Management space with impact in Jaipur city to take their ventures to the next level.
Explore more at www.aspirelabs.com/fpl
How is this incubation program different?
Our biggest differentiator is that FPL program design is such that it would be of great value to all the stages of startups including it is tailored to the specific requirements of the startup, i.e. some startups may need help with their product development; some may need help on refining their concept, while some may need advice on sharpening their go-to-market plans or their business case.
Who is backing up the FPL?
FPL is supported by IKEA Foundation.
How much Grant is being offered to the startups?
The program offers prototype development grants up to Rs 3 Lakh to selected startups for Jaipur city depending on the stage and need of the venture.
How much Funding capital is being offered to the startups?
The program offers pitch preparation and fund raising access to Marquee investors through two demo days and guidance on the side-lines during the course of the program.
What if we don’t need funding? Can we negotiate equity in that case?
Will go as per case to case basis.
How much investment a startup will get at the end of the program?
We would consider Startups which are Scalable and innovative in their approach. Startups would be evaluated and given feedback during the program, we would consider them for the investment based on their performance and feedback from mentors.
What if a startup wants to raise investment during the program?
A startup is allowed to raise the investment during the program. But, it’s not recommended as it can be time wasting and can affect productivity.
Can we build a product while the program is undergoing?
Yes
What if different startups are working on the same idea? Will you support them?
Yes, provided that the market has space to accommodate them
Is it necessary to relocate for the program?
No. However your startup must help the focus city (Jaipur) get plastic waste free by any means.
What kind of startups can take part in the program?
Startups working in Plastic Waste Management at any place in India however have set up operations at Jaipur city and contribute in getting them plastic waste free.
How to apply for the program?
Application are closed now.
What is the evaluation / selection process?
There will be 2 levels of evaluation, we will be uploading the process on our webpage shortly.
What would be the selection criteria?
We would be selecting startups based on Problem Solution Fit, Potential Impact (ESG), Team and Business Viability.
How can I be sure that my idea is secure with you?
We assure you that ideas submitted by you will remain only with AspireLabs and we will never share the details with any third party company or person without your consent.
Do we have to update the management about our progress on a regular basis?
Yes. These regular updates will help us to keep track of what’s going on and to determine the challenges startups are going on. These updates will help us to guide startups in a better way.
Is it necessary for a startup to be in Noida?
No, you can be based anywhere but it must help the focus city – Jaipur in getting plastic waste free.
Do you provide any accommodation to startups during the program?
No, we don’t provide any accommodation. However, AspireLabs may be able to share some good references based on inputs from our earlier startups.
What other facilities will you provide during the program?
All the participants will have access to our world-class office infrastructure during the program tenure. Other amenities like high-speed internet, tea, coffee and other basic services are also a part of the infrastructure.
How will the program help me connect with the investors?
AspireLabs will try to bring in several impact investors and venture capitalists after the program tenure where startups would be able to pitch them for funding. We will help you connect with a network of renowned angel investors, but it’s your responsibility to pitch them your business in a way that they agree to invest.
Can we directly get in touch with the investors?
Yes. You can.
What if none of the investors invest in my startup?
Yes, that happens sometimes. But even if you didn’t get the investment, you will have the knowledge gained from the program and you can use the program learnings to start over again for the fund raising activity. Apart from the knowledge, you will have connections to some of the renowned mentors and marquee investors.
What all benefits I will receive through this program; can you summarize?
👉14-month long hand holding support
👉Prototype grant up to INR 3 lacs* to selected Startups
👉1-1 mentoring sessions with industry experts and entrepreneurs
👉B2B meetings with leading startups/corporates for potential collaboration
👉Workshops with business gurus
👉Technical support in prototype building
👉Pre-Demo Day & Demo-day
👉Opportunity of follow-up funding from Marquee investors
👉IPR filing and company registration support
👉Post program support of 9 months
Is this program available on Startup India, can I apply there?
Applications are closed now.
who all are the partners in this program?
The FPL Program is being implemented by AspireLabs (India) in partnership with WASTE Foundation (The Netherlands) and Trust of People (India) . In addition to this it is being supported by IKEA Foundation.
Who are the beneficiaries?
● Waste pickers
● Start-ups
● Existing business
● Small and Medium enterprises
● Other Stakeholders from the local, national and international ecosystem
Incase my query is not addressed in any of the above FAQs, whom should I be contacting?
That is fine, you may write to us at aspirelabsfpl@gmail.com or visit us physically at B-37, sector -1 Noida, Uttar Pradesh, India.