STSP- Science and Technology Start-Up Park

Science and Technology Start-Up Park established in the year 2017 with an office space of 7500 Sq.ft for Incubation support within the premises of the Institute. STSP is pioneer in the region for supporting the entrepreneurs to establish successful business with a special focus on Smart Manufacturing and Unmanned Aerial Vehicles. The ecosystem for incubation program is Start-Up friendly with minimal overhead on Start-Up and benefits provided in terms of access to facilities and seed fund support.

The financial institutions like MSME, CITD, NRDC and DST extending their support for resource mobilization. To facilitate development of an entrepreneurial ecosystem, institute allocates a separate fund for supporting innovation and Start-Ups related activities which is approximately 1.5% of total annual budget of institute.

Vision

To promote economic development of our nation through establishing a successful innovative entrepreneurship model that provides high quality services through young entrepreneurs.

Mission

To build a vibrant start-up ecosystem, by establishing a network between alumni, students, faculty, and industry.

Objectives

• Skilling and training of students, faculty, Innovators and Entrepreneurs to take up Startuppreneurship which will be achieved by entrepreneurship and startup development program.
• Identifying ideas, Proof of Concepts (POC) , prototypes and translating them into product development and MVP stages through TRL activities.
• To Establish world class Incubation centers supported by different Govt. Agencies like DST, MSME, NITI Aayog etc.
• Bridging the gap of research and commercialization of products flanking faculty members to adopt rather than sticking to research publications.
• Empowering startups for business technology and marketing support.
• Strengthening the partnerships with various stakeholders from industry, R & D, financial institutions and academia enabling a complete spinoff of synergies with mutual support and outcome.

Start-Ups Enabled Infrastructure facilities

Pre- Incubation / Incubation centres will be accessible 24/7 to all students and faculty across the institution to bridge the gap between innovators and incubators. The following facilities are available within the Institution.

In order to facilitate the new start-ups, the IARE – STSP would

• Encourage and motivate the students of our institution to do the innovative projects in order to promote technology Start-Ups.
• Facilitate the students to exchange their new innovative thoughts and ideas, and to collaborate across various disciplines in the institution.
• Provide sufficient spaces & built up area with all facilities for accommodating new Start-Ups on lease basis.
• Provide services such as business advice, financial counselling, assistance with business management and accounting, legal and regulatory guidance, access to mentors etc.,
• Provide early stage / idea to SIPP (Student Innovative Project Proposal) funding.
• Encourage Start-Ups which may need early stage funding to stimulate commercialization of research discoveries and to help in validating proof of concept and subsequently to assist them to cover costs like certification, manufacturing pilot services etc.,
• Promote capacity building through exposure visits and organizing facilitation workshops.
• Organize Start-Up festivals to create an exhilarating climate to inspire innovation.
• Provide technical services that include R&D activities, product development, re-engineering,
• Calibration and testing facilities, quality assurance and market research to the Start-Up business.
• Provide mentorship assistance to the Start-Up student entrepreneurs of our institution by inviting the government officials from MSMEs, EDIs, successful alumni entrepreneurs and other related field experts to our institution.
• Provide learning resources, laboratory facilities and other services of the institution for the benefit of their operation.
• Provide seed funding to the Start-Up business with lesser rate of interest.
• Assist & help the Start-Up student entrepreneurs to get subsidies & incentives from government where ever possible.

Support for Faculty & Students Driven Start-UpsSTSP support faculty and students to transform the ideas based on IPR owned / co-owned by them for running Start-Up Company. The following mechanisms are evolved for running Start-Ups within the Institute.

For Faculty

• The Institute may provide space, infrastructure, mentorship support, seed funds, support for accounts, legal, IPRs etc. for the Start-Up company owned by Faculty and staff. In return for the services, the Institute may take 2.0 – 9.5 % equity / stake in the company (As per the policy guidelines of the state government and affiliated university).
• If a faculty member is an Owner or Co-owner of such companies with the permission of the Institute and be a Director on the Board, he / she may also play an operational role (Technical Adviser, CEO, Manager etc.,) with the approval of the Institute with the conditions given below:
  • No restriction on the shares that faculty / staff can hold, as long as they do not spend more than 20 % of office time on the Start-Up company in the role mentioned and do not compromise in their academic and administrative work / responsibilities.
  • Faculty must clearly separate and distinguish on-going research work at the Institute from the work conducted at the Start-Up / company.
  • Faculty must not involve research staff or other staff of institute in the activities of the Start-Up and vice versa.
• In case the faculty / staff holds the executive or managerial position for more than six months in Start-Up company, they should be on sabbatical /leave without pay/ or utilize existing leave.
• Other Faculty members may undertake projects from the company owned by a faculty member / staffs following the Institute norms of consultancy projects that prevails. Similarly, for the utilization of any testing / characterization of product developed by the company it should be as per the norms of the Institute testing charges.
• The IP Rights for the technology developed by the company and faculty as per the IPR Policy of the institute.
• A Company owned or co-owned by a faculty/ staff will normally be required to incubate at the Institute incubator. However, in exceptional cases, where the faculty / staff /wants to incubate outside the institute, a sufficient justification has to be provided for the approval of the Institute. Decision of the Institute is final and binding in this case.
• 7.For the incubation of the Company owned or co-owned by a faculty / staff evaluation should be as per the incubation policy of the existing incubator in the Institute.

For Students

The Institute prepare the students for creating Start-Up through training programs, competitions, hackathons, workshops, boot camps, seminars, conferences, exhibitions etc..

• Institute may allow students to establish Start-Up or working part time for the Start-Up already present with the Institute Incubator while studying / working as intern.
• Students may be allowed to earn credits for working on innovative prototypes / Business Models as per the Regulations of study and approved by the concerned committee.
• Students may be allowed to opt for Start-Up in place of their mini project, seminars, summer trainings with the approval of concerned department committee.
• Students may be permitted to use the Start-Up idea / prototype development as their major project work for the Institute academic requirements with the approval from the affiliated Incubator.
• Students who are under incubation, but are pursuing some entrepreneurial ventures while studying may be allowed to use their address in the institute to register their company with due permission from the institution.
• Students entrepreneurs may be allowed to sit for the examination, even if their attendance is less than the minimum permissible percentage as per the Regulations of the Institute along with due permission from the institute.
• Institute may allow their students to take a semester/year break (or even more depending upon the decision of review committee constituted by the institute) to work on their start-ups and re-join academics to complete the course. Student entrepreneurs may earn academic credits for their efforts while creating an enterprise.
• Institute may set-up a review committee (Senior faculty in charge of EDC, HOD of the Student Department, CEO of Incubator and Principal of the Institute) for review of student startup by students, and based on the progress made, it may consider giving appropriate credits for academics.

SELECTION CRITERIA:

The criteria used to assess planned customers all through the application procedure ought to be founded on the mission and targets of the incubator and be perfect with the expansive blend of the advancements bolstered by the incubator.

Recommended essential assessment criteria include:

• The business must be an innovation related firm creating products or services that can be marketed within three years. Perfect assembling firms that meet these criteria would likewise be qualified to apply, given their space needs are fulfilled by the incubator office.
• The business must be in beginning periods of advancement. Generally, beginning period includes the first two years of business operations.
• The candidate must show capacity to pay incubator rents while they create positive income.
• The candidate must have an administration group that the CIO feels can deal with the specialized parts of the business. The administration group ought to have entrepreneurial business astuteness or acknowledge counsel from an incubator built up admonitory board.
• The candidate business must accept counsel from the expert system as well as the CIO.
• The product or services the candidate plans to provide through the incubator must be specialized and address the needs of one specific sector. The incubates should also give financial advantages to the region including creating new occupations and open doors for zone providers and sellers.
• The candidate must also give the total number of incubation hours required per week and expected duration of the project.

EXIT POLICY:

The exit of any Start-Ups from Incubation Centre may result:

• On completion of duration of the project (Maximum duration for any Start-Up will be 3 years.)
• Non performance or under performance of the business venture
• When the number of employees of the company exceeds 20
• When the annual turnover of the company exceeds Rs. 2 cores
• Violation of any institute policy
• Any other reason for which institute finds it necessary for the Start-Up to leave

FINANCIAL STRATEGY:

Institute’s efforts and processes to make for financially successful entrepreneurship will be as follows:

Financial Honour / Privilege

• Institute can set up its own fund or create a fund with the help of multiple stakeholders to assist Start-Ups approved and admitted to the programme at a very early stage.
• Institute will provide financial support to individual student Start-Ups on a merit-based basis within the scope of the availability of funds.
• Institute will also collaborate with different states Governments. When the students are ready with a Minimum Viable Product (MVP), Institute will help students receive seed funding at their early stage of initiation.
• Institute will develop partnerships with external angel networks, incubators, alumni and help connect relevant derivatives to them to assist student Start-Ups on a real-time basis wherever they are in need.
• Institute shall support the undertakings involved in the programme in various forums, including the financing of events and programmes. To ensure this, a minimum of 1% of the total annual budget of the institution would be allocated for funding and supporting innovation and Start-Ups related activities through the creation of separate ‘Innovation fund’ and managed by the CIO..
• The Institute would also reach out to external funding agencies of government (state and central) such as DST, MHRD, AICTE, DSIR, MSME, NSTEDB, NRDC, Start-Up India, Invest India, MeitY, etc. and non-government sources.

Start-Ups Incubated: