Eligibility

For Pre-incubation-

Only student, staff, alumni or persons associated through extension services of the college desirous of availing pre-incubation facilities has to apply in the Proper words along with required documents. He/she shall be called as Pre-incubate.

For Incubation and Virtual incubation-

Any one desirous of availing incubation facilities has to incorporate as a company under the Indian Companies Act and apply in the proper format along with the required documents. No application for incubation shall be entertained if the applicant has not incorporated a private/public limited company under the Companies Act.

The Applicant for Incubation Program can be a start-up formed by an individual entrepreneur or group of entrepreneurs that have not incorporated under either of the legal entities. In such cases an application may be made in the names of all promoters/founders of the start-up. However, if selected for the Incubation Program, the promoters/founders of the start-up must ensure that their start-up is incorporated under either of the legal entities within a period of three months from the date of signing of the incubation agreement.

Also, the following eligibility criteria will be applicable to the Applicant:

1. Start-ups working as a Proprietorship Company or Public Limited Company is not
2. The incorporated start-up must not be older than 7 years from the date of registration/ company
3. The incorporated start-up’s annual turnover (as defined in the Companies Act, 2013) in any preceding financial year must not exceed ₹ 5 crore.
4. The incorporated start-up must not be formed by splitting up, or reconstruction, of a business already in existence.
5. The incorporated start-up 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.

The startup or innovation promoted by Faculty of GFGCOE shall be governed by and approved by the Institute. Companies that are promoted by students in GFGCOE shall not be offered incubation if student is holding Executive position, however companies promoted by students are eligible to apply for incubation provided student is not actively engaged with the company beyond any engagement which may be permitted by the Institute.

Regular Government staff or employee shall be offered incubation only upon submission of 'No Objection Certificate' from the competent authority or employer. However, companies having faculty, students or employees as shareholders are eligible to apply for incubation.

Any company that is engaged or is proposing to be engaged in activities that are in conflict with GFGCOE, like imparting educational courses and/or training programs including vocational trainings or is planning to undertake such activities during the incubation period shall require explicit permission from GFGCOE upon Institutes’ approval such companies shall be offered the incubation.

SELECTION CRITERIA

A start-up applying to the Incubation Program at Incubation Center will be selected based on following criteria:

1. A start-up must be working on an innovative idea/technology/product/service in one of the trust areas
2. A start-up that is willing to pursue the Incubation Program full time with no other concurrent commitments during incubation period.
3. A start-up that will preferably have a market ready prototype or Proof-of-Concept (PoC), or willing to commit to convert their idea into prototype during the tenure of the Pre-incubation Program.
4. A start-up that will preferably have a clear IP strategy and a technology commercialization plan that will create jobs.
5. A start-up that has a strong business proposal, can confidently pitch to investors and raise funds, can be scaled up and become self-sustainable in 18 – 24 months’ time.
6. A start-up that offers technology enabled solutions with a social and strategic
7. A start-up that has a potential for large resource generation and can create an impact value and visibility for Incubation Center.
8. A start-up that is incorporated under either of the legal entities and under Eligibility, will have to meet the following additional criteria:
   1. At least 51% of the start-up company should be owned by Indian nationals (directly or indirectly).
   2. The start-up company has to ensure they have all required IP rights (if applicable), including any technology license or patent assignment, to take the technology ahead. The start-up company may also be required to ensure that they will have Freedom to Operate.
9. A start-up applying to the Incubation Program at Incubation Center Incubatee will not be considered for incubation if the proposed idea/ innovation/ technology or business plan falls under following conditions:
   1. Start-ups proposing products, services or processes which lack novelty with no or limited incremental value.
   2. Start-ups have been formed by splitting up or reconstruction of a business already in
   3. Start-ups with proposals that do not have potential for commercialization, or Start-ups proposing products, services or processes with no differentiation factor
   4. Start-ups with proposals those are not scalable and

ADMISSION PROCEDURE

Note- For GFGCOE members the applications shall be processed once the applicant(s) has taken due recommendation from respective HoD and approval from Principal for Faculty members, full time students and research scholars and read & agreed to the “terms and conditions” of Incubation Center.

The Selection Committee (SC) constituted by the Director, Governing Council would be setup to evaluate and carry out the selection procedure. The SC will consist of experienced and qualified professionals from specific industry, leading bankers, seasoned venture capitalists, academicians and successful alumni entrepreneurs.