- Any and all applicants would be required to incorporate a “Private Limited Company with share capital” within six months of incubation
- The proposed idea for incubation must be technology based and innovative; if a similar product/technology already exists in the market,
a value addition must be proposed.
- Before signing the agreement with KIIT-TBI, companies/persons registering will have to submit following documents:
- PAN Card
- Soft copy of the passport size photo of all promoters
- ID Proof of Promoters (PAN CARD/DL/Passport)
- Two References (Clients/Academics/Any Other)
- Company Incorporation Certificate (to be submitted within 6months of registering at KIIT-TBI)
- Executive Summary of Idea
- Permanent address proof
- All incubatees have to deposit 2 months rental as security deposit before joining to KIIT-TBI (refundable upon exit).
- Maximum 500 sq feet space will be available for incubated companies (KIIT TBI may consider providing extra space on case to case basis)
The Registered Company would be allowed to exit from TBI upon one or the following:
- On completion of two to three years for IT & ICT based incubated companies, three to five years for Biotechnology, Manufacturing Industry based Incubated companies.
- Underperformance or unavailability of the business venture by respective incubated company, criteria for the same will be decided and applied by KIIT-TBI management on the case to case basis.
- When the annual turnover of the company exceeds Rs. 1 crore or when the Company’s profit before tax exceeds Rs. 50 Lakhs annually.
- Raising substantial investment from angel investor/Venture Capital Fund/any other investor Rs 1 Crore or more.
- When the number of employees of the Registered Company exceeds 20.