The start-up applicant for the Incubation Program at VJTI-TBI will be considered eligible as per the following criteria:
- The Applicant for VJTI-TBI Incubation Program must be a start-up working preferably in the areas of thematic areas of Clean-tech, Energy, IoT, Cloud Computing and Cyber Security of Smart & Critical Infrastructure.
- The Applicant for VJTI-TBI Incubation Program can be a start-up formed by an individual entrepreneur or group of entrepreneurs incorporated under following legal entity:
a. Private Limited Company (under The Companies Act, 2013); or
b. One Person Company; or
c. A Registered Partnership Firm (under The Indian Partnership Act, 1932); or
d. A Limited Liability Partnership (under The Limited Liability Partnership Act, 2008); or
e. A “Commercial Establishment” in any other form allowed by Government of India laws or as notified in the Official Gazette.
- The Applicant for VJTI-TBI 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 listed in point 1. 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 listed in point 1 within a period of three months from the date of signing of the incubation agreement with the VJTI-TBI.
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Further to the criteria mentioned in point 1, if the Applicant for VJTI-TBI Incubation
Program is a start-up incorporated under either of the legal entities listed in point 1,
then the following criteria will be applicable to the Applicant:
a. The incorporated start-up must not be older than 7 years from the date of registration/ company incorporation (Biotechnology-related Start-ups must not be older than 10 years from the date of registration/ company incorporation).
b. The incorporated start-up’s annual turnover (as defined in the Companies Act, 2013) in any preceding financial year must not exceed ₹ 5 crore.
c. The incorporated start-up must not be formed by splitting up, or reconstruction, of a business already in existence.
d. 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.
- Further to the criteria mentioned in point 1, if the Applicant for VJTI-TBI Incubation Program is a start-up incorporated under either of the legal entities listed in point 1, it will be mandatorily required for them to register with ‘Start-up India Scheme’ under Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India.
- Further to the criteria mentioned in point 1, if the Applicant for VJTI-TBI Incubation Program is a start-up incorporated under either of the legal entities listed in point 1, it will be highly recommended for them to obtain ‘Udyog Aadhar Registration’ with Ministry of Micro Small and Medium Enterprises (MSME), Government of India.