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April 11, 2021

INNOVATION AND INCUBATION CENTRE

 

INCUBATION POLICY

  • Prospective incubatee will submit the business proposal in a standard format titled "Incubation Application Form", which can be availed from Institute coordinator.

  • The Terms, Conditions and other rules and regulations framed by PSRIIC shall be adhered to by the incubatee / promoters of the start-up company.

  • The Incubation Application Form will be scrutinized internally by the incubation centre.

  • Based on the documents submitted, the business plan will be screened by the incubation centre team for assessing the suitability of the proposal for further evaluation by expert members regarding its potential for incubation.

  • Detailed scrutiny including financial and technical due diligence of the proposal shall then be carried out by the expert members. Applicants would be invited with their teams to make a presentation on their proposal. In order to enable the expert members to take an appropriate decision, members may ask for any additional information from the applicants and/or revision in the proposal.

  • Upon admission to the Incubation centre, basic infrastructure facilities (space, furniture, electricity, internet etc.) will be made available to the Incubatee.

  • The Incubatee companies will have to give preference to PSRIIC students for internship.

  • Incubatee companies will have to submit information to incubation centre about all material changes or developments taking place in their companies from time to time. Such information would include 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.

  • It is also agreed by the parties that the start-up company or on its change of name or when whole business is transferred to a new company or in case of split of business, the entities concerned will not use the name of PSRIIC or any other name similar or deceptively similar. The start-up company must however state that it is a "PSRIIC" incubated/supported (as the case maybe) company".