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.