AAU incubator offers a physical incubation program of 15-18 months to interested entrepreneurs.
A. ENTRY POLICY:
1. To promote rural & tribal entrepreneurship, AAU will reserve 30% of the occupancy for rural & tribal youth and women.
2. All applicants will apply on AAU incubator’s online platform and express his/her business model or innovation in the given format & upload the application on the portal.
3. AAU will also conduct agri-innovation challenges in the State/s to encourage innovation and out-of-box thinking. These contests will be open to all candidates in NER. In case there are eligible entrepreneurs from other parts of the country who are keen to apply for the incubator, they must commit full 18 months towards the incubator program.
4. The selection committee formed by the University will screen the applicants as per the details given in the application and they will be shortlisted based on Viability & Feasibility of the Idea for a Business Model and the team/individual’s passion and commitment towards the idea.
5. The shortlisted applicants will then be asked to present their Idea or Innovation in-person to an “Idea Evaluation Committee”, (hereinafter referred to as “IEC”) the composition of which is the same as selection committee.
6. Thereafter, the IEC would select the final Applicants who shall sign an incubator agreement to occupy their office in AAU Incubator and avail its benefits. AAU incubator will charge a token amount of INR 2000 per month from each incubated company towards office infrastructure and secretarial support. Usage of pilot production units shall be payable on actual on monthly basis.
7. AAU will provide technology transfer services from its existing and emerging portfolio; any entrepreneur who will utilize AAU technologies will sign a separate MoU with the University and pay fees accordingly. The process will be facilitated by the incubation team.
8. AAU will facilitate advisory for trademark, IP registration and commercialization. AAU will give its logo to products which qualify quality assurance process.
9. A seed fund is available with AAU incubator, the amount of which will be decided by the investment committee formed by the University. The requirement for seed fund will be evaluated after completion of pre-incubation program and demo day. Seed fund is not a pre-requisite to incubation.
10. The final decision for incubation and/ or seed fund amount will rest with the advisory board which will consider the recommendations of the selection committee and/or investment committee in case of any issues.
11. Total average value of services and seed fund to each incubated company is INR 14.14 Lacs; the incubator will pick 5% equity in lieu of these services.
B. Exit Policy:
1. University along with Incubatee will set an exit timeline with certain defined process compliances and return on investment to the incubator.
2. The incubation period is for 12 months, extendable by another 3 months after which the Start Ups would have to make payments to all its service providers which include University, legal service providers, accounting service providers etc. from their sources.
3. The University may ask the Start-up to exit in case of any indiscipline which is against the campus culture. Furthermore, underperformance or unviable business proposition in view of environmental changes may also require exit. Some other reasons could be:
• When the company enters in an acquisition, merger or amalgamation deal or reorganization deal resulting in a substantial change in the profile of the company, its promoters, directors, shareholders, products or business plan.
• Incubatee converts itself to a public limited company.
• Change in promoters’/ founders’ team without concurrence of Incubator team.
4. In exceptional circumstances, AAU may modify the incubation period of start-ups with the incubator.
The above policies are indicative, and entrepreneurs can discuss flexible options with the incubation team.