- Any start-up or anyone having a novel business idea.
- The Candidate should be cleared at least 10th standard is the minimum academic Qualification.
- Should be registered as a Pvt Ltd Company,
- If a similar Product/Service already Exists in the market then a value addition must be proposed.
- All the applicants shall have to read and agree to the terms and conditions of the incubation then submit their details along with the business plan after which their applications shall be processed.
- A multistage process – the initial levels of screening done by the review committee management and final decision taken by the INSPIRE management.
- On approval of incubation support, the start-up needs to sign the incubation agreement with INSPIRE. It is mandatory for the start-up to form a for-profit company before signing the agreement.
- All the facilities mentioned on the facility page are made available to the incubatee. The incubatee is expected to interact with the assigned mentors on regular basis.
- Incubatee to submit monthly progress report and detailed quarterly report. A monitoring & review committee comprising of faculty, alumni, entrepreneurs and investors reviews the progress every quarter and advices on the way forward.
- On becoming self-sustainable, on raising funds to finance expansion plan, on selling the venture to larger company, on expiry of the incubation period.
The standard incubation period at the INSPIRE is 24 months.
- The INSPIRE facilities (except the outsourced support services) are provided to the incubatees at no charge. The support services will have to be availed by the incubatees, at their discretion, on paid basis from the service providers.
- INSPIRE will take a small percentage of equity as a consideration for the incubation support