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What Facilities are available :

IIITB Innovation Centre provides incubation assistance to new ideas right from the seed stage. The support includes working space, internet connectivity, access to library, meeting rooms, cafeteria, and the opportunity to hire our post graduate students as interns, and part time employees. Besides the faculty are also available for consultation, guidance and advice.

IIITB Innovation Centre also network the entrepreneurs with consultants in domains of finance, strategy, marketing, legal compliance etc and also introduces them to angel investors and other investment avenues. IIITB Innovation centre arranges visits of leading consultants to meet with the entrepreneurs on one on one basis.

In addition to this support , we also provide seed funding support ( not exceeding Rs 25 lakhs) as equity to one or two promising new idea every year.

Who are eligible :
Any one or a group of professionals with interesting ideas can approach us for incubation in the area of Information Technology. Though preference will be given to students, faculty and alumni if the Institute , others with interesting idea are encouraged to apply. Currently out of eleven enterprises being incubated , three ideas are from students and faculty, the rest eight are from outsiders.
How are ideas chosen for incubation :

IIITB Innovation Centre incubates ideas only in the area of information technology. It looks for novelty , non triviality and usefulness of the ideas. By novelty , we mean ideas which are not merely extensions of already existing ideas or businesses , ideas that are not merely finding a new market for an existing product/service. There must be some originality in the proposed idea.

By non triviality we mean that the proposed idea must be capable of resulting in commercialisable intellectual property. The new idea should not be so simple that any one spending some time in thinking can come up with the same idea. In short, the idea must be able to create an entry barrier for competition.

By usefulness we mean that the idea should reach market and start earning revenue within two years. It should be found useful by a section of the society in India or abroad within this span. It may take longer to break even , but it should start earning revenue in this period.

Additional Criteria :
In addition we also look for the possibility of our post graduate students to work as interns with the enterprise. The idea should be intellectually challenging to attract our students and faculty . The interaction between the institute community and the enterprise must also result in teaching material , by way of case studies etc.
Seed Funding :
The IIITB Innovation Centre provides to one or two enterprises in a year , a seed funding not exceeding Rs 25 lakhs. The IIITB IC provides this as equity and takes about 12% stake in the enterprise. If fund required are less, the stake taken will be pro rata reduced. The decision to invest is taken by an investment committee and require a business plan . The process may take about four months . In the last two years we have funded four enterprises. Currently preference is given to ideas which involve a new hardware/embedded system design.
Financial Conditions :

Incubation facility is provided for a period of two years that may be extended by a year . Our incubation facilities are based on open plan interiors and hence incubating companies share the room of about 25 work desks. The facilities may be used for 72 hours a week ( from 9 a.m to 9 p.m for six days) , but facilities manager need to be informed if it is to be used beyond 6 p.m or after 9 p.m.

We charge Rs 5000 per month per desk. We may postpone colleting of this charges , for a period of six months in case the incubating enterprise is boot strapping and do not have resources to pay the charges in the initial stages.

How Does One Apply :

There are no prescribed application formats. Please send in your application giving some details of your idea, its novelty, usefulness and your expectations from IIITB. Please indicate the number of seats you may want to take . This could be sent as e-mail to raj@iiitb.ac.in

For seed funding support , you need to send in a business plan . You can use any of the standard formats available .