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Incubation Center Policy Document

Pote Science & Technology Entrepreneurs Park
Approved by AICTE, New Delhi & Affiliated to SGBAU, Amravati Accredited by NAAC, Kathora Road, Amravati – 444602

Incubation Policy

1. Introduction

R. Patil College of Engineering, managed by P.R.Patil Group of Educational Institutes Amravati was established in the year 2008 and is located 10 kms away from Amravati center, Bus stop and Railway station. The campus spreads over 100 acres. In a stimulating environment, greenery surrounded area. It has created standard in infrastructure which supports co-curricular as well as extra-curricular activities with modern facilities. Students avail services such as fully air-conditioned auditorium, class rooms, conference room, computer laboratories with 24 hours online support, fully automated 24 hours library & online journals etc for their projects. It also provides sports facilities & inimitable canteen facility. The Campus is equipped with facilities like swimming pool, gymnasium etc. It also provides various recreation facilities. Thecollege has established an incubation center pSTEP (Pote Science Technology Entrepreneurship Park), to promote budding entrepreneurs.
Entrepreneurship in India is on the verge of explosive growth.  And one important cog in the wheel is the incubator – the place where startups are born. A startup is incubated in Incubation Centre, which gives them a chance to bring their business in shape, before they reach out to the world
Incubation policies and procedures are defined for the operational matters related to Incubation Centre at pSTEP, Amravati. The policy is subject to periodical review and amendments.

Vision:

The primary vision of incubation Centre is to facilitate a platform for a budding entrepreneur to start a business venture with minimum risks.

Mission:

  • Themission of Incubation Centre is to nurture and empower the next – generation entrepreneurs to serve the local
  • Thestudents, research scholars, faculty and alumni of GNITS can come up with their ideas which might lead to the

2. Objectives of Incubation Centre

  1. Tocreate jobs, wealth and business aligning with national
  2. Topromote new technology/ knowledge/ innovation-based
  • Toprovide a platform for speedy commercialization of technologies developed by the host institution or by any academic/ technical/ R&D institution
    1. Tobuild a vibrant startup ecosystem, by establishing a network between academia, financial institution, industries and other
    2. Toprovide cost effective, value added services to startups like mentoring, legal, technical, intellectual property related

    3. Eligibility

    Incubation center pSTEP is open to:

    1. Studentsof PRPCEM
    2. Facultymembers of
    • ResearchScholars/Innovators.
    1. Alumniof
    2. R &D partners of

    Admission Procedure

    pSTEP, invites applications from potential technology start – ups to avail the services of pSTEP business incubator. The process of selection is detailed under selection process. At the opening level, applicants for admission in business incubator will be required to submit filled application, the application can be availed from the pSTEP office. A brief idea about the technology and business, type of research or development assistance needed, availability of start -up capital, services expected from pSTEP and declaration that the details shared are not for any trade or commercial secret.

    4. Selection Process 
    A panel of eminent technocrats will process the applicants, interview the promoters will be held and select the ventures for incubation after carefully evaluating the business idea, market availability, potential value of the technology, growth prospects, innovative content and promoter team. The panel will consist

    1. Management representative – Patron
    2. Principal – Chairperson
    • Faculty – Central Coordinator
    1. Department faculty  – EDC Cell

    iv   EXPERT – Industrial Nominees

    5. Intellectual Property

    Intellectual Property (IP) can be a patent, software code, copyright, design registration, developed product, or alike. IP for incubation purpose will be assessed based on the following details:

    1. Whether any seed grant (from public or private sources) has been used indeveloping the technology which will go into the product(s) of the proposed
    2. If yes, details of the understanding with the funding agency in terms of sharing of the
    3. Whether any people other than the applicants have worked on the technology and if their work will be incorporated in the product(s). If yes, whether such other person has a right in IP ownership.
    1. Ifthe IP is developed at pSTEP, Amravati, whether any pSTEP infrastructure (hardware, testing setup, instrumentation, computing resources, processes) has been used in developing the technology that will go into the product(s).
    2. If the IP is developed at pSTEP, whether any consultancy projects wereexecuted in the proposed
    3. Astatement from the “owners/ innovators/ creators” of IP to the effect that they are the “owners/ innovators/ creators” of IP as the case may

    Applicants, who are current faculty or students or alumnae of PRPCEM, aspiring for incubation shall first obtain necessary permission and approval from the Institute for transfer / licensing to use IP in favor of prospective incubate companies in the Business Incubator intended to be promoted/ supported by the inventor. The companies or promoters/founders will pay consideration in lieu of the transfer / licensing of / permission to use IP in their favor, which will be decided by pSTEP, Amravati.

    6. Seed Loan

    pSTEP may provide seed loan subject to the availability of funds/ grants/ schemes meant for this purpose.
    Investment committee-
    Investment Committee entail of following members-

    1. Principal – Head
    2. Angel & V. C. Investor (2 members) – Member
    3. Industry Expert (2 members) – Member
    4. Finance and Accounting Officer – Member
    5. Legal Cell – Invite Member
    6. Faculty Coordinator – In charge of pSTEP

    7. Infrastructure and Services Provided to Incubate

    Upon admission to business incubator, the following infrastructural facilities will be offered to the incubate companies on an individual basis, along with a set of shared/ common infrastructure mentioned herein under :

    • Officespace
    • Internetconnection

    Apart from company specific infrastructure as stated above, pSTEP will provide certain facilities be shared by all incubate companies which would include: File Server, Fax machine, Laser Printer, Photocopier, Scanner and Teleconferencing facilities as available, Meeting/Conference room with projection equipment, pSTEP Library facilities and pantry facilities.

     8. Infrastructure of the Host Institution

    Besides, pSTEP will facilitate the incubate companies to access departmental laboratories and other resources. Access to Institutional resources is possible as per extant rules of the Institutes, after observing necessary formalities and on payment required fees if any. Usage of such resources should be with permission of the concerned department to avoid conflict with departmental activities and objectives. However, decision as to whether to accept such consideration in form of equity will be solely rest with the Institute. Augmentation of resources in the department on account of such usage shall be the properties of the concerned department. Irrespective of requirements of departmental facilities for usage, all incubate companies will primarily locate at business incubator.

    9. Other Services

    Apart from physical infrastructure as stated above, business incubator intends to create certain other supports and services which would include but not limited to:

    • Poolof mentors, experts in technology, legal, financial and related matters, with or without consideration,
    • Organizingevents to help companies in networking and showcasing their technologies,
    • Meetingswith visitors such as alumni, Venture Capitalists, industry  Incubate companies can avail of above support and services when required.

    10. Information Submission

    Incubate companies will submit information to pSTEP about all material changes or developments taking place in their companies from time to time. Such information could be (but not limited to) change in name of the company, change in business or product profile, change in directors, promoters or shareholders, acquisition of a new office, additional equity or debt investments.

    11. Tenure in Business Incubator

    Companies will be permitted to stay in business incubator, to begin with, for a period of 36 months (3 years). pSTEP may, at its own discretion, permit companies to extend their stay for a maximum period of another 24 months.

    Exit (Graduation)

    Incubate companies will leave the incubator under the following circumstances:

    1. Completionof stay for thirty-six months, unless the stay is extended by pSTEP.
    2. Underperformanceor in viability of the Business

    12. Disclaimer

    The incubate company will understand and acknowledge that pSTEP intends to provide support and service to the Company in good faith to pursue its objective to promote entrepreneurship by converting innovative technologies developed in the Institute to commercialization by incubating and supporting new enterprises. It is understood that by agreeing to provide various support and service, pSTEP does not undertake responsibility for:

    • Ensuringsuccess of an incubate company, its products/ process/ services or
    • Ensuringquality of support and services provided by pSTEP and business incubator to the complete satisfaction of the incubate companies or their promoters/
    • Ensuringquality of services of the consultants engaged by the incubate companies through business incubator/ pSTEP.

     

    Incubate companies will have to apply their judgements before getting in to a relationship with them. The incubate companies agree that business incubator/ pSTEP, Amravati or their employees shall not be held liable for any reason on account of the above.

    13. Agreements:

    The following agreements are required to be signed by the incubate companies to the extent applicable:

    • Serviceagreement/MoU: Between pSTEP & an incubate company for admission of the company in business
    • LicenseAgreement: Between pSTEP & an incubate company for transfer of technology from pSTEP in favor of incubate
    • Loan Agreement: Between pSTEP& Incubate Company on sanction of any seed loan to the incubate company in business
    • Usage of Facilities at Host / Partner Institute: Between pSTEP& an incubate company for usage of institutional facilities / resources by the incubate company as per the prevailing policy of host

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