Eligibility Criteria for Application to AIC-SMUTBI Foundation
Entrepreneurs and Start-ups interested in applying for incubation at AIC-SMU Technology Business Incubation Foundation will be considered if they fulfil the following conditions:
Entrepreneurs/Start-ups may be an individual or group of individuals working towards development of innovative products/ processes/ services and must have a scalable business model with a high potential of employment generation or wealth creation.
Entrepreneurs/Start-ups should be registered with either one of the following business entity:
Private Limited Company (under The Companies Act, 2013);
One Person Company (OPC);
A Registered Partnership Firm (under The Indian Partnership Act, 1932);
A Limited Liability Partnership (under The Limited Liability Partnership Act, 2008);
A “Commercial Establishment” in any other form allowed by Government of India laws or as notified in the Official Gazette.
Entrepreneurs/Start-ups with no legal registration may be considered for incubation provided the application is submitted in the names of all promoters/founders. Also the promoters/founders must ensure that the Start-up is registered under either form of business entity listed above, within a period of One Year from the start date of incubation at AIC-SMU TECHNOLOGY BUSINESS INCUBATION FOUNDATION.
The registered Start-up should also be compliant to the following:
Must not be older than 10 years from the date of registration/ company incorporation (Biotechnology-related Start-ups must not be older than 15 years from the date of registration/ company incorporation)
Its annual turnover (as defined in the Companies Act, 2013) in any preceding financial year must not exceed INR. 25 Crore
Must not be formed by splitting up, or reconstruction, of a business already in existence
Must be working towards development of innovative products/ processes/services and must have a scalable business model with a high potential of employment generation or wealth creation.
Screening and selection of applicants will take at least 3-4 weeks after close of application portal
Only the shortlisted applications will be notified/informed about the presentation (pitching) to the Selection Committee. AIC-SMUTBI will not send any communication to applicants that are not shortlisted/selected
Applications will be screened based on several parameters apart from eligibility which includes quality of innovation/technology, potential for IP generation and commercialisation, ability to create sustainable ventures and employment, strength and experience of team etc.
The decision of Selection Committee for selecting and offering incubation will be final and binding
The final decision of Selection Committee will be communicated only to the final selected applicants via email only
AIC-SMUTBI will offer incubation only to those selected applicants who agree to its incubation terms and policy
AIC-SMUTBI will not provide any suggestion/explanation with regards to the applications that are not selected.