CIIE welcomes aspirants who want to contribute to its mission. The admission process may be following
- Select the Tenant – Incubate- Graduate
- Select the idea – test the idea -market feasibility – business plan -start the venture – arrange for seed fund-mentorship program- incubate the start-up- graduate,
- Select the technology-upscale the technology- matchmaking with the entrepreneur- mentor –incubate-graduate.
CIIE seeks applications from prospective incubates at the initial stage of operation. If the applicant’s initial assessment is positive, they require to submit a more comprehensive plan that includes:
- Achieving Fit: Problem – Solution Fit (Relevance and adequacy of the innovative solution is addressing the problem)
- Achieving Fit: Product – Market Fit (Technology Readiness Level (TRL) and Manufacturing Readiness Level (MRL) of the innovative solution)
- Potential Market Size and Target Customers (Clarity in Total Available Market -TAM, Serviceable Available Market – SAM, Serviceable Obtainable Market – SOM)
- Competitive Advantages and Uniqueness (Unique Selling Proposition) of the Solution/Innovation/business model (Intellectual Property/Distinctive Features of the Solution)
- Achieving Fit: Business Model Fit (Investment Readiness Level (IRL) and Readiness of the Business model to commercialize the innovation and business/customer tractions achieved if any)
- Specifics of the intellectual property and/or technology upon which a company is to be marketed or formed. Suppose IP/technology was produced at JIT, consent for the transfer/licensing of/permission to use IP in favor of prospective incubate enterprises.
The Business Plan will be assessed by the CIIE experts to determine its suitability for further evaluation by expert members regarding its potential for incubation. The invitation/identification of the expert members would depend on the nature of the proposal. The applicants and their teams may be invited to present their proposals. To facilitate the expert members’ ability to reach an appropriate decision.
2.Annual Registration Fee
The incubatee must pay to CIIE of Rs. 5000/- (Rupees Five Thousand Only) as an annual registration fee when this agreement is signed and then again within fifteen days of the start of each year, starting from the date of this agreement. The students, alumni, and faculty members of JIT are exempt from the annual registration fee.
Virtual Incubation is an incubation idea that allows an incubate to utilize CIIE as a forum for generating creative business solutions rather than being physically present at CIIE of JIT. Through this approach, the virtual incubate makes use of CIIE’s intellectual resources and reaps the associated financial rewards. Furthermore, both staff and students are exposed to a diverse business environment.
On acceptance of a company into the CIIE, it provides the following infrastructure facilities on an individual basis, in addition to a set of shared or common infrastructure facilities listed below:
- Place to work
- Access to the Internet
- Computers (as per availability)
- Photocopier and Scanner
- Teleconferencing & Meeting/Conference room facilities
- Machinery infrastructure (as per availability)
CIIE will offer all of these facilities on a pay-per-use basis as per the guidelines of NISP policy. Each incubate has to pay monthly rent and bills for facilities and physical infrastructure.
CIIE of JIT also provides assistance and services,
- Governmental Agency funding
- Company registration and filings
- Networking and linkages & Entrepreneurship meets
- Accounting services
- HR services
- Intellectual Property
6.Period of Incubation and Exit
CIIE defaults to 24 months of incubation. CIIE clearance extends this to 36 months. Incubate businesses can graduate from the CIIE under the following conditions:
- Expiration of tenure, unless CIIE extends the stay.
- The number of employees at the business exceeds 20.
- . Poor performance or nonviability of the business proposition: the CIIE determines and applies the criteria for this on a case-by-case basis.
- Unresolvable issues between promoters/founders or any other situation in which CIIE deems it necessary for the incubate to depart.
- Acquiring large investments (at least Rs. 50 lakhs) from sources including angel investors, venture capital funds, and other investors.
- The firm/annual company’s income exceeds Rs. 25 lakhs or it achieves a Profit Before Tax of Rs. 25 lakhs or more.
- Firm/Company enters into an acquisition, merger, amalgamation, or restructuring transaction resulting in a considerable change in the firm’s/profile, company’s promoters, directors, partners, or shareholders, goods, or business strategies; or firm/company intends for a public offering.
Based on the aforementioned considerations, the CIIE will make case-by-case decisions about graduation or further extension of tenure.
In exchange for the services that CIIE has provided to the incubate, the revenue will be shared with CIIE of JIT by following the NISP policy. The business plan that has been suggested involves a revenue-sharing arrangement between the prospective incubates and the incubator for three years beginning on the date of graduation.
CIIE does not take responsibility for the following:
- The success of an incubate company, its products/process/services, or its marketability
- Assuring that the level of assistance and services provided by CIIE satisfies the needs of the incubate companies and their promoters or founders to the greatest extent possible.
The policy is going to be looked at and maybe changed regularly. CIIE maintains that it has the authority to deviate from the parameters of the policy if it is deemed appropriate for a particular firm or promoter on an individual basis.