Apply for Incubation
Process & Criteria
The committee would review the project on following aspects:
- Relevance to the thrust areas of Bioincubator.
- Component of innovation/ novelty, potential for IP, Technical viability, Market readiness etc.
- Component relevant to Market requirement/business potential, business plan/ models, Business scalability, time to market, break-even period, bottlenecks etc.
- Implementation timelines and project planning to achieve project milestones etc.
- Profile of the core team/ promoters /ability to address and solve targeted problems.
- Funds availability & financial planning/requirement and viability of raising finance/ financial projections/ cash flows etc.
- Requirements of special permissions/ regulatory/legal/ethics/ biosafety clearance and other issues in technology sector etc.
- Any other relevant criteria/standards, case to case basis, as determined by the committee from time to time.
Eligibility for Incubation
- Any Individual/Promoter intended to avail the SBV – MGM Bio – Incubator facility towards the development of health care related product has to incorporate a private/public private limited company (as defined in the Companies Act, 2013). Exceptions are permitted for a period of 1 year with the recommendation from the center head. The incubate has to sign a declaration(s).
- The companies promoted by Faculty of SBV shall be governed by policies for faculty of the SBV. In case of students from SBV, no objection certificate has to be obtained from the head of the institution and submit the same to the center head.
- Incubation Project Coordinator will be discounted for the students and faculty of SBV based on the recommendation provided by the committee and center head.
Two-Stage selection process is as follows
Stage 1: Submit Executive Summary/ Plan
As a first step, the prospective company/individual should submit an SBV – MGM Bio – Incubator Application containing all the details of start-up venture, team members, stage with a Business plan and other document.
Evaluation of the proposal will be based on, among other factors, the following criteria:
- Strength of the product idea in terms of its novelty, technology content, innovation, timeliness and market potential.
- Profile of the core team/ promoters
- Intellectual Property generated and the potential of the idea for IP creation.
- Stage of the Product/Start-up and Time to market.
- Commercial potential, demand and requirement.
- Financial/ Commercial Viability and 5 year projections of P&L, Balance Sheet and Cash Flows.
- Funds requirement and viability of raising finance.
- Involvement of SBV faculty, alumni, students in the venture.
Stage 2: Presentation
After the initial submission, the internal screening committee will invite the applicant to present before the committee about the critical aspects of the business plan. Based on the presentation final recommendation will be made by the internal screening committee towards the entry of the individual/company into the incubator. The decision of the internal screening committee will be informed to the individual/company immediately or within two days of presentation. The presentation can also be made through video conferencing due to unavoidable circumstances. However, prior information has to be sent to the internal screening committee regarding the same.
The applicant is informed of the final decision within four weeks of the presentation. If the incubation is sanctioned, he will be invited with an Offer Letter.
From the date of offer letter within two weeks the applicant shall enter into the following agreements with the Institute appropriately.
- Incubation Agreement
- Seed-Fund Agreement
- Deferred Payment Agreement
- Technology Commercialization Agreement
- Infrastructure Usage Agreement