What is Incubation Center ?

Incubation is a unique and highly flexible combination of business development processes, infrastructure, and people, designed to nurture and grow new and small businesses by supporting them through the early stages of development and change.

A business incubator is a workspace created to offer startups and new ventures access to the resources they need, all under one roof. In addition to a desk or office, incubators often provide resident companies with access to expert advisors, mentors, administrative support, office equipment, training, and/or potential investors.

Most incubators are created as temporary launching pads for new businesses, with the expectation that participants will eventually graduate and move out. However, not all graduates are successful, unfortunately, and some decide their business concept wasn’t viable and shut down instead.

Eligibility Criteria for Start-ups

For wide coverage and maximum participation across all levels, startups are encouraged to apply with the following conditions are to be met.

I. Startups: Applicants willing to propose and develop solutions must be:

  • A Startup incorporated as a private or public limited under the Companies Act, 2013 or the previous Act 1956.
  • Should have recognition of under the latest notification of DIPP.
  • Should not have raised the investment or revenue more than Rs. 10 Crore.
  • Should have incubated in an incubation center or technology/ research park supported by the Central or State Government. Letter from incubation center or technology/ research park should be submitted with the application.

III. The applicant would furnish proof of such registrations and necessary balance sheets.

III. The applicant should have a working technical prototype that is being proposed to reposition in light of changing business paradigm of post-Covid-19. The scheme does not envisage supporting ideation-stage startups.

Total number of proposals and Support Mechanism

  • Maximum support up to Rs 40 Lakhs for proposed technology products/solutions.
  • A total number of 40-50 proposals will be supported under the scheme.

Implementation Mechanism and Evaluation Process

Startups need to apply online through the MeitY Startup Hub portal proposals received in the portal will be scrutinized as per norms and all the shortlisted proposals would be put up for implementation through the 4 designated Implementing Agencies keeping in mind geographical locations, scope of technology, area of work and preferences if any. During the scheme period startups are expected to work upon and accelerate the production leading to the commercial launch of a ready-to-scale minimum viable product in any of the areas described above.

Leave a Reply