VJTI Technology Business Incubator Program

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VJTI Technology Business Incubator Program

Veermata Jijabai Technological Institute (VJTI)  is inviting applications for its Cohort-3 of the Business Incubation Program. It is designed to help Entrepreneurs and startups working in the domains of energy, cleantech, AI/ML, IoT, electric vehicles, and cybersecurity. The current article briefs VJTI Technology Business Incubator Program.

Note on VJTI

VJTI Technology Business Incubator (VJTI-TBI) is the NIDHI-TBI  (National Initiative For Developing And Harnessing Innovations (NIDHI) – Technology Business Incubator (TBI)). established at the Veermata Jijabai Technological Institute (VJTI), Mumbai with the support of the Department of Science and Technology, Govt. of India. VJTI is one of the most prominent engineering institutions in the country.

 

VJTI Technology Business Incubator is now accepting applications from entrepreneurs and startups for its Cohort-3 of the Incubation Program. Entrepreneurs and startups working in the domains of energy, cleantech, AI/ML, IoT, electric vehicles, and cybersecurity are welcome to submit their applications.

Eligible Startup for VJTI-TBI

The following type of startups can apply for the VJTI Technology Business Incubator Program

  • Accelerator and Incubator
  • Investor and Mentor
  • Individual and Corporate
  • Ideation Stage Startup
  • Validation Stage Startup
  • Early Traction Startup
  • Scaling Stage Startup

Eligibility Criteria for VJTI  Incubator Program

The eligibility criteria for startups to participate in the VJTI Technology Business Incubator Program are as follows:

  • The Applicant for VJTI-TBI Incubation Program must be a start-up working preferably in the following areas:
    • Clean-tech
    • Energy
    • IoT
    • Cloud Computing
    • 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 the following legal entity:
    • Private Limited Company (under the Companies Act, 2013)
    • One Person Company
    • A Registered Partnership Firm (under the Indian Partnership Act, 1932)
    • A Limited Liability Partnership (under The Limited Liability Partnership Act, 2008)
    • A “Commercial Establishment” in any other form allowed by Government of India laws or as notified in the Official Gazette.
    • The incorporated start-up must not be older than 7 years from the date of registration/ company incorporation
    • Biotechnology-related startups must not be older than 10 years from the date of registration/ company incorporation.
  • The incorporated start-up’s annual turnover (as defined in the Companies Act, 2013) in any preceding financial year must not exceed Rs. 5 crores.
  • The incorporated start-up must not be formed by splitting up or reconstructing, a business already in existence.
  • The incorporated start-up must be working towards the 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 will be mandatorily required to register with the ‘Start-up India Scheme’ under Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India.
  • They should obtain ‘Udyog Aadhar Registration’ with the Ministry of Micro Small and Medium Enterprises (MSME), Government of India.

Other Conditions

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 above. 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 above within three months from the date of signing of the incubation agreement with the VJTI-TBI.

Benefits offered to Startups

Being a government-backed Incubator, VJTI-TBI  offers all possible institutional support for start-ups incubated with them

Fiscal Incentives

Financial support will be offered to incubated startups towards procurement of thrust area equipment and consumables, towards attending training programs, workshops, conferences, and trade expos in the relevant areas.

Non-Fiscal Incentives

The startup will get access to thrust area lab infrastructure, tools, and platforms including MatLab, Simulink, SOLIDWORKS, AWS, ZOHO, MyOperator, and more.

Special Incentives

CSR Funds from VJTI-TBI Industry and Corporate Partnerships  will be provided

Focus Area

VJTI-TBI Incubation Program is looking to collaborate & work with startups in any of the following themes:

  • Analytics, Automotive, and AI
  • Green Technology and Renewable Energy
  • Technology Hardware and Internet Of Things
  • IT Services and Non- Renewable Energy
  • Social Impact and Security Solutions
  • Robotics

 TimeLine of VJTI-TBI Incubation Program

Application Opens 2nd December 2021
Deadline to Apply 31st December 2021
Application Result Date 31st January 2021

Application Procedure

The Application Procedure for VJTI-TBI Incubation Program is explained in detail below:

  • Access the official webpage of VJTI Technology Business Incubator, from the home page click on the Apply option and then select the “Apply for Incubation”.
  • On the new page, click on the apply now option, the link will redirect to Startup India.
  • Login to the portal, the application form will be displayed. Provide all the details in the application form, and submit the form.

Selection Process

All applications received by VJTI-TBI until 5 pm, 31st December 2021 will be considered for the screening process.
Screening and selection of applications will take at least 1-2 weeks after closing the application portal.

  • Applications will be screened based on several parameters apart from eligibility which includes quality of innovation/technology, the potential for IP generation and commercialization, ability to create sustainable ventures and employment, strength and experience of the team, etc.
  • Shortlisted applicants will be separately notified about the pitch presentation to be made to the Selection Committee. VJTI-TBI will not send any communication to applicants that are not shortlisted/selected
  • The recommendation of the Selection Committee for the selection of start-ups for Cohort-3 of the Incubation Program will be final and binding. Only selected candidates will be intimated via email.
  • Incubation at VJTI-TBI will be offered only to those selected applicants who will agree to all terms and conditions under the Incubation Agreement.
  • VJTI-TBI will not provide any suggestion/explanation concerning the applications that are not selected.

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