Process

Incubation Process:

  1. Application for incubation –A formal expression of interest for incubation along with the business plan needs to be submitted
  2. Selection of incubatees – A multistage process – the initial levels of screening done by the IIMCIP management. Final decision taken by an independent investment committee.
  3. Incubation Agreement – On approval of incubation support , the startup needs to sign the incubation agreement with IIMCIP. It is mandatory for the startup to form a for-profit company before signing the agreement.
  4. Incubation Support – All the facilities mentioned on the facility page are made available to the incubatee. The incubatee is expected to interact with the assigned mentors on regular basis.
  5. Ongoing Monitoring – Incubatee to submit monthly progress report and detailed quarterly report. A monitoring & review committee comprising of faculty, alumni, entrepreneurs and investors reviews the progress every quarter and advices on the way forward.
  6. Graduation – On becoming self-sustainable, on raising funds to finance expansion plan, on selling the venture to larger company,on expiry of the incubation period.

The standard incubation period at the IIMCIP is 24 months.

Charges:

The IIMCIP facilities (except the outsourced support services) are provided to the incubatees at no charge. The support services will have to be availed by the incubatees, at their discretion, on paid basis from the service providers.

IIMCIP will take a small percentage of equity as a consideration for the incubation support

Selection Criteria:

IIMCIP is looking for early-stage start-ups with innovative ideas having a prototype or proof of concept which can become fundable or self sustainable in 18 – 24 months time.

There is a special interest in ventures offering technology enabled solutions with a social impact. Healthcare, Education, Clean Energy, Analytics, Lifestyle, IOT are the preferred domains.

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