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Innovation and Incubation Centre

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Innovation and Incubation Centre

About

JCT College of Engineering & Technology started the “Incubation Centre” in 2019 for nurturing and overseeing innovation and entrepreneurship. The aim is to encourage entrepreneurship among locals with the colleges serving as focal points. It is a platform for nurturing, encouraging and developing innovation and entrepreneurial skills among its students, research scholars and alumni, as well as students of the region. Entrepreneurship in India is on the verge of explosive growth. Angel investors, venture capital, media, startup clubs, service providers, mentors and training companies are going to grow. And one important cog in the wheel is the incubator – the place where startups are born. When a baby is born, he/she is kept in the incubator for first few hours and maybe days – this gives them a chance to adjust to outside environment, and grow stronger before they face the outside world! In a similar way, a startup is incubated in Incubation Center, which gives them a chance to bring their business in shape, before they reach out to the world.

OBJECTIVES:

  1. To create jobs, wealth and business aligning with national priorities
  2. To promote new technology/knowledge/innovation based startups.
  3. To provide a platform for speedy commercialization of technologies developed by the host institution or by any academic/technical/R&D institution
  4. To build a vibrant startup ecosystem, by establishing a network between academia, financial institution, industries and other institutions.
  5. To provide cost effective, value added services to startups like mentoring, legal, technical, intellectual property related services.

VISION:

Incubation Centre is a space for new age entrepreneurs and young minds to transform their innovative ideas into viable business propositions. Our primary vision is to facilitate a platform for a budding entrepreneur to start a business venture with minimum risks. Incubation will ensure that incubates have access to technological assistance which will be generated through mentors with multidisciplinary expertise. We encourage young enthusiasts with creative pursuits with an inherent zeal to be entrepreneurs to take advantage of this novel initiative.

 MISSION:

The mission of Incubation Centre is to nurture and empower the next generation entrepreneurs to serve the local problems. The students, alumni of JCTCET, local industries and also students of the Coimbatore district can come up with their ideas which might lead to the startup.

SAILENT FEATURES:

  1. To encourage Entrepreneurship and innovation and incubation of ideas.
  2. To support the incubation of around 5 projects each year.
  3. Each project will be executed by a team of entrepreneurs (students/alumni/ Industry)
  4. Each project will be given infrastructural support such as workspace, internet etc.
  5. The program will cater to the projects that solve problems and find solution to local needs (district and state) rather than global problems and needs.
  6. To facilitate the students to get internships through the companies which are under incubation.

 Selection Process

A panel of eminent technocrats will process the applicants, interview the promoters 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 of experienced and qualified professionals from specific industry, leading bankers, seasoned venture capitalists and academicians of repute. INCUBATION ADMISSION PROCEDURE & POLICY STATEMENT STAGE 1: Submit Executive Summary/ Business Plan As a first step in the admission process, the prospective company should submit an Incubation Application with the Business plan, Certificate of incorporation and Memorandum & Articles of Association. We then shall present the executive summary to an internal review committee for comments on technical and business feasibility of the idea. Here are the Evaluation Criteria:
  • Some representative criteria to be applied for evaluation (not limited tothese).
  • Strength of the product idea in terms of its technology content, innovation, timeliness and market potential.
  • Profile of the core team/promoters.
  • Intellectual Property generated and the potential of the idea for IPcreation.
  • Financial/ Commercial Viability and 5 year projections of P&L, Balance Sheet and Cash Flows.
  • Funds requirement and viability of raisingfinance.
  • Time tomarket.
  • Break-evenperiod.
  • Commercial potential, demand and requirement in India.
STAGE 2: Presentation to Evaluation Committee If the initial evaluation of the business plan / executive summary is positive, we will arrange a meeting with the company founders, during which the company will be expected to present a PowerPoint presentation describing critical aspects of the business plan to the evaluation committee. The presentation will be followed by Q&A session. After the presentation, a final decision will be made regarding the company's entry into the incubator. The company will be informed of the final decision after the presentation. The presentation through video conferencing is also permitted. The constitution of the evaluation committee will be according to the MoU between JCT College of Engineering and Technology representatives along with technical, financial and other experts. Research & Due Diligence: Throughout the application process, on an as-needed basis, we will perform research and due diligence of the company, the management team, the industry, and the current and future competitive elements facing the business. we may require further information from the applicant, and may ask the applicant to revise the executive summary and/or presentation. Non-Disclosure: JCT College of Engineering and Technology adheres to strict confidentiality throughout the application process. However, we will not sign any 'non-disclosure' agreements. Infrastructure and services provided to the Incubates Upon admission, the following facilities will be offered to the incubated companies or to the entrepreneur on an individual basis: Officespace:
  • Computers - Up to two on rental basis. More than two can be availed at market rates.
  • Broad Band Internet Connection(wired and wireless)
  • Phone connection - Each company will pay the rentals and bills.
  • Standard Furniture as decided by College.
  • One Accommodation to Director/Promoter depending upon the availability (One room in Guest house/ student residential hostel).
 Common Infrastructure: We provide a common pool of hard and soft infrastructure to be shared by all incubated companies. The following resources are provided:
  • Access to college Library: Management Books, Subscription to IT, Business, Management and Trade journals and newspapers.
  • Meeting/Conference room with Audio and projection equipment.
  • Tele or Video conferencing facilities.
Institute infrastructure: We may facilitate access to the Institute infrastructure or laboratories as per the norms of JCT College of Engineering and Technology  Mentoring and Advisory Services: Strategic Checkups: The R&D Head will meet the company CEOs or New Entrepreneurs at least once a month for strategy reviews and discussion of operational issues. An incubated company will have to take a faculty advisor as a mentor on technology issues. Specialized mentors will also be made available to the companies to assist with particular strategic areas or to provide project-oriented consultation. These arrangements may begin as a pro bono arrangement with an option for both parties to graduate to a paid relationship. An incubated company may avail the consulting services by empanelled professionals.  Mentorship One of the objectives of Incubation is to utilize the technical expertise and lab infrastructure of JCT College of Engineering and Technology. Therefore, every company that is offered incubation has to select one faculty member from the Institute who shall act as a mentor to the incubated company and guide the company on product development. The company has to offer minimum 1% of share equity to the mentor as a consideration of mentorship.  Tenure of Incubation The companies will be permitted to stay in the incubator for a period of two years. They may be granted maximum two extensions for 6 months each at a time at the sole discretion of the Institute. Exit: An incubated company will leave the incubator under the following circumstances:
  • Completions of two years stay (if no extension granted).
  • Under performance or non-viability of business proposition as decided by College on case to case basis.
  • Irresolvable promoters dispute on a case to case basis.
  • Violation of JCT College of Engineering and Technologies’s policy.
  • When the company enters in an acquisition, merger or amalgamation or reorganization deal resulting in a substantial change in the profile of the company, its promoters, directors, shareholders, products or business plan.
  • Change in promoters'/ founders' team without concurrence of Incubation cell.
  • Any change of more than 50% of equity ownership would require a prior approval.
  • Any other reason for which we may find it necessary for an incubated company toleave.
  • Notwithstanding anything written elsewhere, Our decision in connection with the exit of an incubated company shall be final and shall not be disputed by any company.
Periodic Assessment A committee set up will evaluate the performance of incubatee every 3 months. The emphasis of evaluation will be on checking if the milestones specified in the business plan are met. For a company which has taken seed fund loan, additional checks will be done on the financial health of the company in terms of its order booking, expenses, profitability, utilization of seed money loan for the specified purposes and its ability to repay the loan. Further seed fund disbursal will be dependent on the progress shown in previous appraisal. Periodic assessment would vary depending on the stage of incubation the company is in. Some representative criteria for evaluation are:
  • Ideation / Innovation stage
  • Concept development / Opportunity spotting
  • Product Development
  • Market assessment / Competition analysis
  • First level Business Planning / Business Modeling
  • Founding Team
  • Intellectual property protection
  • SeedFunding
  • Pre-MarketStage
Proof of Concept/Prototyping
  • Product Development andenhancement
  • Financial AssistanceRequired
  • Test marketing
  • Full scale business planning including production, sales and sourcing
  • Implementation Stage
  • Full scale Business Planning
  • Pitching for Venture Funding
  • Scaling up operations
  • Large scale commercialization
  • Mature Team Formation
  • Exit stage
  • Going National /Global
  • Full scale business Graduation
  • Post incubation Survival
The incubatee may be asked to provide more frequent updates. Conflicts of Interest In case of any conflicts of interests, the decision of the Institute shall be final and binding upon the parties. Disclaimer: JCT College of Engineering and Technology does not guarantee success and/or feasibility of the technology transferred from the Institute. JCT College of Engineering or any person representing them shall not be liable for any acts or omissions of the incubated company. However, in case of any such event the incubated company shall do all that is required to hold JCT College of Engineering or any person representing them harmless from any loss including damage,penalty.  Agreements: All incubatees shall enter into the following agreements with the Institute: Incubation Agreement: Contain rules and other incubation norms, consideration, equity holding, etc. (Applicable to all.) Seed-Fund Agreement: Contain rules of disbursement and repayment. (Applicable to incubatees availing seed-fund.) Technology Commercialization Agreement: Applicable to incubatees using technology or IP developed by JCT College of Engineering and Technology. (Copies of Agreement rules can be put under Readable) Intellectual Property: Seed Funding We may provide seed loan subject to the availability of funds/ grants/ schemes meant for this purpose. Seed loan will be sanctioned only to the registered companies and shall be based on the merits of each company. Further, the admission to incubation cell shall not automatically entitle the companies to seed loan. A company desirous of getting seed loan may submit an application for seed fund after three months of incubation. The seed loan will be sanctioned based on the eligibility criteria. It would also be subject to the terms stipulated as per the Seed funding Guidelines. One of the criteria for approval of the seed loan will be the contribution brought in by the promoters to the capital of their companies. Preference will be given to the companies who already have some sources of revenue or some customer order booking. We will have the sole discretion to sanction or reject an application for seed loan and our decision in this regard shall be final. We are not bound to give any reason in case an application for seed loan is rejected. Though seed loan may be sanctioned at the time of approval of the proposal for admission, disbursement shall be subject to R&D Head's satisfaction over the suitable progress made by the company. Notwithstanding anything contrary contained herein, the Seed fund sanction and disbursal shall be governed by Seed Fund Guidelines. Business Plan Template The following template can be used for creating a comprehensive business plan. Though the sequence shown is not mandatory, the plan must cover all the sections listed in the template: Introduction / Company overview Concept / Proposition / Product description Market opportunity Competition survey Development plan and milestones Marketing plan Management / Organizational chart Financials Risks and de-risking strategies Appendix Conflict and Agreement Conflicts of Interest: In case of any conflicts of interests, the decision of the Institute shall be final and binding upon the parties. Disclaimer: JCT College of Engineering and Technology does not guarantee success and/or feasibility of the technology transferred from the Institute. JCT College of Engineering and Technology or any person representing them shall not be liable for any acts or omissions of the incubated company. However, in case of any such event the incubated company shall do all that is required to hold JCT College of Engineering and Technology or any person representing them harmless from any loss including damage,penalty. Agreements: All incubatees shall enter into the following agreements with the Institute: Incubation Agreement: Contain rules and other incubation norms, consideration, equity holding, etc. (Applicable to all.) Seed-Fund Agreement: Contain rules of disbursement and repayment. (Applicable to incubatees availing seed-fund.)   Technology Commercialization Agreement: Applicable to incubatees using technology or IP developed by JCT College of Engineering and Technology. Seed Fund Guidelines The processing of seed capital involves: A company desirous of getting seed loan may submit an application for seed fund after three months of incubation. The seed loan will be sanctioned based on the eligibility criteria as decided by the institution. It would also be subject to the terms stipulated as per the Seed fund Guidelines. One of the criteria for approval of the seed loan will be the contribution brought in by the promoters to the capital of their companies. Preference will be given to the companies who already have some sources of revenue or some customer order booking. The final decision regarding it will be announced within a month. We will have the sole discretion to sanction or reject an application for seed loan and our decision in this regard shall be final. We are not bound to give any reason in case an application for seed loan is rejected. The applicant would then enter into a Seed Fund Agreement with the Institute. After execution of agreement, the funds will be transferred to the project account within 10 days. Both the company’s CEO and the Incubation Cell coordinator will be in charge of the bank account. Though seed loan may be sanctioned at the time of approval of the proposal for admission, disbursement shall be subject to R&D Head's satisfaction over the suitable progress made by the company. Notwithstanding anything contrary contained herein, the Seed fund sanction and disbursal shall be governed by Seed Fund Guidelines. The company will be subjected to regular performance reviews. Repayment Options: The repayment options have been decided by a committee comprising members from the grant agencies, advisory Board, Industry Experts, CA & legal consultant.