Guidelines for providing incubation support
An entrepreneur (any individual or a group of individuals) can apply for registration with MUIT Incubation & Innovation Foundation (MIIF) 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 as follows:
1. Pre-Registration Process
The Incubatee Facilitation Committee (IFC) of MIIF 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. IFC will also brief about the significance of key aspects in the application form as well as various steps involved in working of MIIF. 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 to grade registered incubatee, so that focus of MIIF is defined accordingly for the concerned incubatee. There will be following 4 grades of incubatees:
- 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 an ‘idea’, which needs to be refined.
- The application forms, available with MIIF, 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 MIIF for protecting/generating any IPR, the same will also be provided.
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 MIIF 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 by IFC and the IFC may seek clarifications, if any, from the applicant. IFC may form a committee of experts (the applicant may nominate an expert of his/her choice as part of the committee) 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.
- IFC will send its recommendations to Incubation Management Committee (IMC), which will take final decision on approval/rejection of the recommendation of IFC. The registration process will be complete with assigning of a MIIF registration number to the incubatee and a faculty mentor. The certificate of registration (with mention of grade)will be provided by Incharge-MIIF. The faculty mentor will also receive a certificate to this effect.
After the completion of registration, MIIF 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. Constitution of Incubatee Facilitation Committee (IFC) and Incubator
- Prof. (Dr.) H. K.Dwivedi, Incharge, MIIF(Chairman)
b. Faculty Mentor(as identified during registration process)
c. Experts (from amongst the panel of experts at MIIF and/ or
suggested by the applicant)
d. Mr. Sahilendra Kumar Rawat, Incubation Facilitation Officer, MIIF (Member Secretary)
- Prof. (Dr.) Bhanu Pratap Singh, Vice Chancellor, MUIT(Chairman)
b. Shri Rahul Bhardwaj, Director, MIIF (Member)
c. Shri Anoop Srivastava, Director, MIIF(Member)
d. Dr. Santosh Kumar, MUIT(Member)
e. Dr. Sindhuja Mishra, Dean, Maharishi School of Humanities and Arts, MUIT (Member)
f. Mr. Varun Shrivastava, Finance Officer, MUIT(Member)
g. Prof. (Dr.) Akhand Pratap Singh, Registrar, MUIT(Member)
h. Prof. (Dr.) H. K.Dwivedi, Incharge, MIIF(Member Secretary)
Note: IMC may invite expert, for further deliberations, if required, before approval/rejection.
5. Following services will be offered by MIIF to the incubatee
- Business Plan
ii. Strategic Plan&Execution
iii. Team Development and Support
iv. Industrial Leads, Networking and Introductions
v. Periodic Performance Audit
- FINANCIAL ADVISORY AND SUPPORT
- Financial Modeling and Evaluation
- Valuation Advisory
iii. Fund Raising
iv. Legal & Patent
- INFRASTRUCTURE SUPPORT
ii. Office Space
iii. An Office Computer including Printer &Network Facility
- 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 IncubateeLocation
There will be nominal charges for all infrastructural and processing support. The consultants will be hired on case-to-case basis for specific needs of the incubatee. The consultants will have identified deliverables to render specified service to 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 basisto MIIF. A notification on charges, payment mode and other terms & conditions to this effect will be issued by Incharge, MIIF to facilitate the process. The procedures for finalizing such consultancy services will be following:
• The incubatee, 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 MIIF.
• After completion of services, the incubatee will provide the payment (if hiring is done by MIIF) and give a feedback about the quality of services.
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 MIIF. 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 the 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.