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Incubator Guidelines

Guidelines for providing incubation support to the Incubatee

An entrepreneur (any individual or a group of individuals) can apply for registration with MUIT Incubation & Innovation Foundation in order to get support as an incubatee. The entrepreneur may or may not have registered the startup with Govt agencies. The applicant can either be a student (current / past) of MUIT or can be a current student of another university/college or can be any other individual. The guidelines for registering and supporting the applicant are following:

1. Pre-registration process: The MUIT Incubation & Innovation Foundation team will first interact with the applicant to appreciate the purpose of the application. The team can help the applicant define /refine the ideas for proposed startup. The team will also brief about the significance of key aspects in the application form as well as various steps involved in working of MUIT Incubation & Innovation Foundation. The applicant may take time to get convinced for registration. The applicant will also be informed about grades of incubatee. A methodology ( please see Annexure 1) exists in place to grade registered incubatee, so that focus of MUIT Incubation & Innovation Foundation is defined accordingly for the concerned incubatee. There will be following 4 grades of Incubatees:

a. Grade-1: Incubatee is already in trial mode with its financial model and is earning some profit too . It is very close to being self sustaining.

b. Grade-2: Incubatee is ready with either technology/process or with financial model.

c. Grade-3: Incubatee is not ready either with technology/process or with financial model, but idea/ novelty exists at refined level.

d. Grade-4: Incubatee at grade-4 is at the apprentice stage. Apprentice incubatee is willing to be an entrepreneur and has some idea, which needs to be refined.

2. Registration:
a. The application forms, available with MUIT Incubation & Innovation Foundation, will be filled by the applicant entrepreneur. The application form consists of queries on aspects related to Intellectual property rights, also. If the applicant needs any consultancy services from MUIT Incubation & Innovation Foundation for protecting/generating any IPR, the same will be provided by MUIT Incubation & Innovation Foundation . The charges for such IPR related services will be decided in following way:

i. For students/Alumni of MUIT or for students of other university/colleges or for any other individual/ group of individuals having no profit from their startup/company: MUIT Incubation & Innovation Foundation will offer free consultancy, but there will be charges for consultancy/services (if needed, by applicant) by other agencies, like IPR/patenting agencies, etc.

ii. For students/Alumini of MUIT or for students of other university/colleges, having profit from their startup/company: MUIT Incubation & Innovation Foundation will charge Rs. 1000/- for single consultancy. There will be additional charges for consultancy/services(if needed, by applicant) by other agencies, like IPR/patenting agencies, etc.

iii. For any other individual/group of individuals having profit from their startup/company: MUIT Incubation & Innovation Foundation will charge Rs. 2000/- for single consultancy. Additionally there will be charges for consultancy/services (if needed, by applicant) by other agencies, like IPR/patenting agencies, etc.

b. Charges, if any, will apply, only when the applicant opts for the specific consultancy services, like patent search, patent filing, etc. Charges for consultancy at MUIT Incubation & Innovation Foundation will be modified from time –to-time, will be on no-profit basis and will be inclusive of taxes, if any. The charges by other agencies will be as per their terms and conditions.

c. The application form will be processed at the MUIT Incubation & Innovation Foundation and the Incharge- MUIT Incubation & Innovation Foundation may seek clarifications, if any, from the applicant. Incharge-MUIT Incubation & Innovation Foundation may form a coMUIT Incubation & Innovation Foundationttee of experts (the applicant may nominate an expert of his/her choice as part of the coMUIT Incubation & Innovation Foundationttee) for their opinion on the application and for further interaction with the applicant. The main purpose of this exercise is to clarify all aspects related to the idea/applicant particulars/ any other issues, before approval for registration.

d. The registration process will be complete with assigning of a MUIT Incubation & Innovation Foundation registration number to the incubatee and a faculty mentor. The certificate of registration (with mention of grade) will be provided by Incharge- MUIT Incubation & Innovation Foundation. The faculty mentor will also receive a certificate to this effect.

3. Agreement: After the completion of registration, MUIT Incubation & Innovation Foundation and the incubatee will enter into an agreement on a judicial stamp paper. The details will be mutually agreeable between the two parties. The agreement will focus on the terms and conditions, including obligations (financial/legal or otherwise) from either of the parties as well as the list of specific services, as agreed upon and as required by the incubatee.

4. Following services will be offered by MUIT Incubation & Innovation Foundation to the incubatee:

a. MENTORING

i. Business Plan
ii. Strategic plan & execution
iii. Team Development and Support
iv. Industrial Leads, networking and Introductions
v. Periodic performance audit


b. FINANCIAL ADVISORY AND SUPPORT

i. Financial Modeling and Evaluation
ii. Valuation Advisory
iii. Fund Raising
iv. Legal & Patent


c. INFRASTRUCTURE SUPPORT

i. Laboratory
ii. Office space
iii. An office computer including printer & network facility

d. Virtual support

i. Online video/audio interaction for above services, except infrastructure support
ii. Periodic performance audit, at the location of the incubatee, if required
iii. support in networking / collaborations at incubatee location

Most of the above mentioned services will be managed through consultants, available on the panel of MUIT Incubation & Innovation Foundation or from outside. The consultants will be hired on case-to-case basis for specific needs of the incubatee. The consultants will have identified deliverables to service the incubatee. There will be charges by consultants for each of such services, depending upon extent and the status of the incubatee, as identified above. Finalization of such charges will involve costing of services at no-profit basis to MUIT Incubation & Innovation Foundation. A notification on charges, payment mode and other terms & conditions to this effect will be issued by Incharge, MUIT Incubation & Innovation Foundation to facilitate the process. The procedures for finalizing such consultancy services will be following:

• The incubate during the interaction with faculty mentor and/or industry expert mentor will identify the services, its extent and the consultants.

• Incubatee can directly hire the consultants or can assign the job of hiring consultants to MUIT Incubation & Innovation Foundation.

• After completion of services, the incubatee will provide the payment (if hiring is done by MUIT Incubation & Innovation Foundation) and give a feedback about the quality of services

5. Mentoring: Mentors are long term guides and they need not necessarily have deliverables for the incubatee. The incubatee gets general guidance from them depending upon their expertise. A panel of faculty mentors as well as industry expert mentors will be prepared by MUIT Incubation & Innovation Foundation. These mentors can be from industry, Govt organizations, educational institutions, professional bodies, etc. These mentors will be assigned to the incubatee, depending upon the requirements. The charges, if any for the expert mentors, will be borne by Incubatee for each interaction or for a series of interactions. The expert mentors and incubatee will enter into a mutual agreement for the same, if they require so.