1. Admission Process
KIC is open to anyone who wants to make a difference. Applicants must fulfill below criteria for making an admission in the KIC for incubation programme
- Submission of detailed business Plan.
- IP declaration worksheet, along with a copy of letter of approval from IPR Cell, KIC for transfer of licensing of/ permission to use IP in favor of prospective incubate companies.
- Statement of infrastructure requirements.
- Statement of purpose or reason for incubation in KIC (e.g. what benefits and values do the promoters see from getting incubated).
- Time frame – anticipated duration of stay within KIC from the date of admission.
2. Annual Registration Fee
The incubate company will turn out to be a legal member of KIC after enlistment and will be qualified to various benefits and facilities offered by KIC. The incubatee should pay a sum of Rs. 1000/- (Rupees Thousand only) to KIC towards the annual registration fee to be paid at the time of execution of this agreement and consequently within fifteen days of the beginning of each year counted from the date of this agreement and might keep on maintaining their enrolment as long as they are allowed by the Governing Body of KIC to have relationship with KIC as incubatee.
3. Seed Loan
KIC may provide seed loan subject to the availability of funds/ grants/ schemes meant for this purpose. Seed loan for working capital needs will be sanctioned only to the registered companies or firms and shall be based on merits of each company.
- A total loan to be sanctioned to a single company will not exceed Rs 10 lakhs, this cannot be more than 50% of the total project cost.
- The loan will carry an interest rate of 4% (four percent) p.a.
- The repayment schedule will be worked out at the time of sanction of loan application and shall be part of the 1oan Agreement.
4. Virtual Incubation
The virtual Incubation concept is also to be practiced by AIC-KPIET to promote Entrepreneurship. We have a well established entrepreneurship cell conducting sponsored entrepreneurship camps every year.In this regard, KIC welcomes KPRIET alumni and techno-preneurs to open their startups for virtual incubation at KIC. It is an opportunity for them to use KIC as a platform for developing ground-breaking business products without being present at KIC. The product development activities will be coordinated and managed by faculty mentor/s. The annual registration fee for virtual incubates is same as discussed above.
5. Tenure in KIC
- Companies will be permitted to stay in KIC, to begin with, for a period of 18 months.
- A nominal monthly service charge will be levied to a company for the period of first 18 months.
- KIC may, at its own discretion, permit companies to extend their stay for a maximum period of another 18 months
6. Exit (Graduation)
Incubate companies will leave the incubator under two distinct ctegories, namely normal and abnormal exit:
6.1. Normal Exit:
An incubatee would be considered to have had a normal exit when the following criteria are met:
- The determined time of incubation ends. According to this criterion, a normal exit can occur at the end of eighteen months from the date of commencing of the incubation period.
- Either the incubatee or KIC comes to a decision to end the period of incubation. For both of the situations, the party initiating the termination would provide the other with a month’s advance notice.
6.2. Abnormal Exit:
An incubatee would be considered to have had an abnormal exit when the following criteria are met:
- When there is disappointment on part of the incubatee to act in accordance with any clause laid down in this document.
- Under performance or UN-viability of the business proposition: criteria for the same will be decided and applied by KIC on the case to case basis.
- Depending upon the performance appraisal of the incubatee or his/her periodic report.