Centre for Innovation, Incubation & Enterprises at SPPU is set up to promote innovative startups through the University ecosystem. Centre would facilitate and hone ideas and innovations that are useful to the society and address some of the problems faced through development of product, process and services.
Upon admission to the incubators following infrastructural facilities will be offered to the incubate companies on an individual basis apart from set of shared / common infrastructure mentioned hereinafter:
• Office Space: Company specific.
• One personal computer per team.
• Internet connection.
Centre will facilitate the incubatee companies to access departmental laboratories and other resources of SPPU for its product development process.
Certain facilities be shared by all incubatee companies:
• Fax Machine
• Laser Printer
• Photocopier Machine
• Meeting / Conference Room
• Pantry facilities
Apart from physical infrastructure as stated above, centre intends to create other supports and services which would include:
• Pool of mentors, Domain experts, Legal, Financial experts, Marketing experts & Website experts.
• Organise events to help companies in networking & showcasing their technologies.
• Meetings with visitors to the Incubation Centre.
specific Lab requirment have to be given in advance and time soug from department Lab
Consumables have to be brought by the incubate from his resources.
The following agreements are required to be signed by the companies to the extent applicable:
a) Service agreement: Between centre & an incubatee company for admission of the company in BI.
b) Equity agreement: Between centre, an incubatee company and its Promoters for centre’s equity holding in the incubatee company.
c) Transfer of technology Agreement / Technology License Agreement:Between SPPU & an incubate company for transfer of technology from SPPU in favour of incubate companies in case technology is devolpoed in the department of the university
d) Usage of Department: Between Departement & an incubatee company for usage of departmental resources of SPPU by the incubate company.
Centre may provide loan / funds / grants subject to availability of funds seed fund will be sanctioned only to the registered companies and shall be based on merit of each company. Promoters / Founders whose companies are not registered at the time of application shall not be eligible.final decision seed fund sanction lies with the centre.
Company desirous of getting Seed Loan may submit an application for Seed Fund on admission to the Incubation Centre.Sanction of Seed fund will be decided by the commeettee constituted for this purpose on eligibility criteria as decided by the centre. Though seed money may be sanctioned, disbursement shall be linked to the milestones one of the criteria for approval of the Seed fund will be to help the company reach a level of maturity in terms of product development or go to market stage. Preference shall be given to companies with strong commitment & contribution from their promoters. Centre will have sole discretion to sanction or reject an application for Seed Loan & the decision of centre in this reard shall be final.
Companies shall be permitted to stay at Incubation Centre for a period of 18 months. No rental charges will be levied to a company that is selected through the process defined.
c) Exit (Graduation) Incubate Company will leave the incubator under the following circumstances
• Raising substantial investment from angel investor / venture / capital fund / any othr investor Rs. 50 Lacs more.
• Completion of stay for 18 months, unless stay is extended by the centre.
• Underperformance or unviability of the business proposition: Criteria for the same will be decided by the centre from time to time.
• Irresponsible disputes amongst Promoters / Founders. Centre will decide the position or point when disputes are deemed to be irresponsible.
• When the number of employees of the company exceed 12.
• When the annual revenue of the company exceeds Rs. 1 Crore or when the company achieves a profit before tax of Rs. 30 Lacs.
• When the company enters into amalgamation, merger, acquisition or reorganization deals resulting substantially.