Customer determination and graduation are basic to an effective incubator. The screening procedure ought to be modified to meet the incubator’s mission and to ensure the organization’s growth.
To promote economic development of our nation through establishing a successful innovative entrepreneurship model that provides high quality services through young entrepreneurs
To build a vibrant startup ecosystem, by establishing a network between alumni, students, faculty and industry
The proposed services to new start-ups through SMSMPITR – PSPIP
- Help with business basics
- Networking activities
- Marketing assistance
- Market Research
- High-speed Internet access
- Help with accounting/financial management
- Access to bank loans, loan funds and guarantee programs
- Help with presentation skills
- Access to angel investors or venture capital
- Comprehensive business training programs
- Advisory boards and mentors
- Management team identification
- Help with business etiquette
- Technology commercialization assistance
- Help with regulatory compliance
- Intellectual property management
The proposed application for planned incubates includes the following stages. The overall application procedure should be completed within five days
All planned candidates are required to submit an e-application. A finished application gives the incubator a short portrayal of the current business status, and an extremely preparatory feeling of the applicant’s administration and office needs.
– Prospective candidates who entered Step 1 would be required to enlarge their application with a strategy for success or composed business depiction. The Chief Executive Officer and a person with skill in the applicant’s business would audit the record. It would give more inside and outside data about the phase of business improvement, stature of the administration group, showcase potential, and general potential for progress.
Now, if the business description or strategy for success tends to screening criteria pre-set up by the Board, the Chief Executive Officer could favour the candidate for acknowledgment and illuminate the Board.
In the event that the Chief Executive Officer needs extra help to decide whether endorsement is fitting for a candidate, an extra stride would be included. It includes a concise introduction to an incubator board as depicted underneath.
The customer would exhibit his business case to a board of three to four individuals including Board individuals, fitting industry specialists, and the Chief Executive Officer. The board’s part is to help the Chief Executive Officer in understanding the business case and deciding whether the candidate can be absorbed into the incubator. In view of the panel’s input, the Chief Executive Officer would make a decision and inform the board.
To be executed to formally commence incubation at SMSMPITR – PSPIP
In order to facilitate the new start-ups, the SMSMPITR – PSPIP would
- Encourage and motivate the students of our institution to do the innovative projects in order to promote technology start-ups.
- Facilitate the students to exchange their new innovative thoughts and ideas, and to collaborate across various disciplines in the institution.
- Provide sufficient spaces & built up area with all facilities for accommodating new start-ups on lease basis.
- Provide services such as business advice, financial counseling, assistance with business management and accounting, legal and regulatory guidance, access to mentors etc.,
- Provide early stage / idea to SIPP (Student Innovative Project Proposal) funding.
- Encourage start-ups which may need early stage funding to stimulate commercialization of research discoveries and to help in validating proof of concept and subsequently to assist them to cover costs like certification, manufacturing pilot services etc.,
- Promote capacity building through exposure visits and organizing facilitation workshops.
- Organize start-up festivals to create an exhilarating climate to inspire innovation.
- Provide technical services that include R&D activities, product development, re-engineering, calibration and testing facilities, quality assurance and market research to the start-up business.
- Provide mentorship assistance to the start-up student entrepreneurs of our institution by inviting the Government officials from DIC, TIIC, MSMEs, EDIs, successful alumni entrepreneurs and other related field experts to our institution.
- Provide learning resources, laboratory facilities and other services of the institution for the benefit of their operation.
- Provide seed funding to the start-up business with lesser rate of interest.
- Assist & help the start-up student entrepreneurs to get subsidies & incentives from government where ever possible.
Who can become start-up?
- Students of SMSMPITR
- Alumni of SMSMPITR and
- Faculty and staff members of SMSMPITR
Selection Criteria
The criteria used to assess planned customers all through the application procedure ought to be founded on the mission and targets of the incubator and be perfect with the expansive blend of the advancements bolstered by the incubator.
Recommended essential assessment criteria include:
- The business must be an innovation related firm creating products or services that can be marketed within three years. Perfect assembling firms that meet these criteria would likewise be qualified to apply, given their space needs are fulfilled by the incubator office.
- The business must be in beginning periods of advancement. Generally, beginning period includes the first two years of business operations.
- The candidate must show capacity to pay incubator rents while they create positive income.
- The candidate must have an administration group that the Chief Executive Officer feels can deal with the specialized parts of the business. The administration group ought to have entrepreneurial business astuteness or acknowledge counsel from an incubator built up admonitory board.
- The candidate business must accept counsel from the expert system as well as the Chief Executive Officer.
- The product or services the candidate plans to provide through the incubator must be specialized and address the needs of one specific sector. The incubates should also give financial advantages to the region including creating new occupations and open doors for zone providers and sellers.
- The candidate must also give the total number of incubation hours required per week and expected duration of the project.
- The candidate must not coordinate with any other existing incubator organizations.
Exit Policy
The exit of any start-ups from SMSMPITR may result:
- On completion of duration of the project (Maximum duration granted for any project will be 1 years.)
- Non performance or under performance of the business venture
- When the number of employees of the company exceeds 5
- When the annual turnover of the company exceeds Rs. 25 lac
- Violation of any SMSMPITR policy
- Any other reason for which SMSMPITR finds it necessary for the start-up to leave