Eligibility for a Start-up
- Students/Companies desirous for setting a start up shall have a ready proof of concept that can be transformed to final product.
- Company formed as Pvt. Ltd, One person company , LLP registered as per Govt. of India’s appropriate laws are eligible.
- Start ups desirous to incubate at TIES and not formally registered will have to register their company within 3 months of entry to TIEC.
- Faculty start up to be allowed subject to permission from Director -SGGS as per guidelines.
- Students start-ups shall be allowed to incubate
- Educational training companies, courses, vocational training, distribution or trading of a goods etc shall not be entertained.
The prospective start-up shall be evaluated on following criterion
- The business idea proposed shall be Technology based . Preference will be given to those who have a ready proof o f concept ( POC). It will also be evaluated for relevance of technology, product idea innovation, Timelines and market availability.
- Profile of the core team / promoters.
- IP already generated or potential of the idea for IP generation.
- Financial commercial viability – Start up may give 5 years projection on P&L, Cash flow
- Time required to put the product to market (If product is under development / prototype ).
- Break even period
- Based on commercial potential and market demand
- Scalability of idea.
The Start up companies will exit from TIEC
- On completing 3 years unless mutually extended.
- Unsatisfactory business performance or no business.
- On attaining annual turnover of 2 cr or net profit after tax exceeds 25% of turnover , which ever is higher.
- When number of employees exceed 30 excluding intern students.
- In case of dispute among promoters
- Change in promoters without acceptance of TIEC
- Violation of policies laid down by TIEC
- Any other reason that TIEC management feels that incubatee leaves the TIEC.
Facilities to Startup.
- Infrastructure and Equipments
- Basic facilities of standard furniture and fixtures with Single phase power supply suitable for technology start ups without financial liability.
- Access to equipments available and workshop at concessional rates.
- To connect with ecosystem of design houses, conducting field trials.
- For manufacturing and scaling up
- For showcasing the product in appropriate platform.
- For events like demo day for pitching to investors.
ii)Mentoring and Coaching
- Two mentors will be assigned to each start up.
- Connect with functional expertise and CxO level inputs.
- Expert sessions on business and technology development.
- Regular networking events with entrepreneurs and industry experts.
- Sessions on state and central govts. Schemes.
- Exposure to VC’s and Angel Investors.
Intellectual Property (IP) Policy
- The IP already owned remains property of Start up
- IP developed by Start up exclusively and independently at TIEC will be owned by them.
- Any IP developed in partnership with the faculty and students shall offer due credit to the members.
IP developed by faculty/Students and licensed to the incubatee for monetization, shall have revenue share in form of equity as decided by TIEC on time to time.