1.1 Business Innovation and Incubation Centre (BIIC), established by Mahatma Gandhi University is first of its kind, in the field of higher education in Kerala, aspiring to support innovation, incubation, entrepreneurship, by extending administrative, academic and financial support to students through R& D Support , Start-Up Grants, Patent facilitation and Entrepreneurship support and Industry Collaboration.
1.2 This Incubation Policy of the BIIC is oriented towards providing guidance and support to facilitate the development of entrepreneurship.
2.1 The objectives of the Incubation Policy are:
a) to provide initial support for conversion of the business/technical idea of students,
Faculty and researchers and other innovators to working business model
b) To identify the innovators with scope and attitude for transforming into workable business activity
c) To provide the infrastructure and necessary services for the initial operations
d) To create, and foster an ambience in which new ideas, research and scholarship flourish and from which pioneers of tomorrow emerge
e) To monitor on a timely basis, enabling the assessment of the performance and to give timely management/technical support through mentors
f) To develop new tools of technology transfer and to foster the entrepreneurial spirit.
g) To facilitate speedy commercialisation of R&D Outputs and technologies developed.
h) To provide orientation to entrepreneurs towards business basics/management of business enterprises including help in the preparation of the business plan, and Consultancy (Technical, legal, Financial) as well as Technology support services, quality assurance and marketing assistance, Intellectual Property Rights (IPR) issues.
i) To support high growth and knowledge-based venture creation.
j) To give technical research support for the product development suitable for market entry.
3.1 Following categories of persons can apply for availing the incubation facilities provided by BIIC.
(i) Students of the Regular Graduate and undergraduate courses offered by the
(ii) Research Scholars of Mahatma Gandhi University
(iii) Grass root level innovators including common people like farmers
3.2 Any person desirous of availing incubation facilities has to make the application in prescribed format before the Executive committee of the BIIC.
3.3 Along with the application, applicants shall file a detailed project report containing
(i) Details regarding the intended business to be started,
(ii) Profile of the core team/promoters,
(iii) financial viability and 3-year projections of Profit and Loss Account, Balance Sheet, and Cash flows
(iv) funds requirement and viability of raising finance,
(v) Technical and other support expected from the BIIC
3.4 After the Application is filed before the Executive Committee of BIIC, the applicant will be given an opportunity to present the Project for proper Evaluation by the Executive Committee of BIIC.
3.5 The Executive Committee of BIIC shall after evaluation of the documents submitted and the presentation make a final decision regarding the applicant’s entry to incubator facility
3.6 The Executive Committee of BIIC will be the final authority to decide on the competence of the applicant's admission to the incubator facility.
3.7 On being selected to the incubator facility, the applicant shall agree to the terms and conditions proposed by BIIC and in case of any violation of any terms and conditions, the BIIC can unilaterally terminate the contract and the applicant will no longer be treated as an incubator and will not be able to avail any facility provided by BIIC.
3.8 The applicant can seek capital investment from external sources with the prior approval of BIIC.
3.9 The applicant shall also get the prior approval of the BIIC for any substation change in the profile, shareholding or equity pattern.
3.10 All norms and condition for regular students of PG, M. Phil. and Ph. D. courses will remain unchanged for those students who express interest to use the incubator facility as a student entrepreneur. This includes norms for completion of course, the award of the degree and availing fellowships.
4.1. Upon admission to the incubator facility, the following facilities will be offered to the applicants
(i) Office Space
(iv) Internet connection
(v) Basic electricity and water
4.2 BIIC may facilitate access to University’s infrastructure or Laboratories as per norms of Mahatma Gandhi University.
(i) Students and Ph. D. scholars of Mahatma Gandhi University may be permitted to use the
infrastructure and instrumentation facilities as per the norms for in-house students of
University whereas grass root level innovators may use the facility as per norms for use by
external individuals or industries.
(ii) The students of M G University shall pay an amount of Rupees 200 per month as the rent for the space provided by BIIC whereas grass root level innovators pay an amount of Rupees 500 per month for the same. For both cases, the minimum period can be 3 years.
5.1 The BIIC head will meet with Applicants at one in two months for strategy reviews and discussion of operational issues
5.2 An incubate company has to take a faculty advisor as a mentor on technology issues.
5.3 An incubate company can avail the services of professionals, Faculty, and industry personnel who are empanelled by the BIIC.
6.1 The applicant will be permitted to stay in the incubator for a period of 3 years. After the said period, the applicant shall vacate the premises.
7.1 On completion of 3 years as provided in Clause 6.1
7.2 Violation of the Terms and conditions entered with the BIIC.
7.3 Not withstanding anything contained in the Policy Document, the decision in connection with the exit of an incubate company by the Executive Committee of BIIC will be final.
8.1 BIIC shall provide financial support to the applicants based on the availability of the funds and the need of the applicant on a case to case basis.
8.2 The applicant is not having any right to claim any fund as a matter of right.
8.3 The executive committee of BIIC shall decide on granting of financial support to the applicants and its decision will be final.
After the incubation period, the incubatee shall share 5% of the profit with the BIIC for the next 10 years. This shall be kept in a separate fund known as BIIC Incubation Fund and can be utilized for the management and administration of Incubator.
The right for amending this policy is vested with the Executive Committee of BIIC. The changes proposed may be presented in the meeting of the Executive Committee of BIIC.