MITS Foundation incubation

MITS Foundation's own Innovation, Incubation and Startup Policy is the document that governs incubation here, and it is linked publicly from the Startup Cell page. Applications are open through the year; there is no cohort and no deadline.

What you get

• Office space with basic infrastructure, a computing facility and a common meeting room
• Laboratory access at nominal charges as per the college norms
• Professional services covering accounting, legal work and IPR
• Mentoring from MITS faculty and domain experts, and interns from among MITS students
• Introductions to alumni, investors and industry professionals
• Possible seed support, as a discretionary loan to a registered company, applied for no earlier than three months after admission
• A stay of up to two years, with up to two further extensions of six months each

Who can apply

• Any student, faculty member, staff member, alumnus or individual who wants to start a company, per the eligibility clause
• Companies based away from the campus, through the virtual incubation component, which the policy names but does not describe
• A startup promoted by a MITS faculty member also needs the Head of the Institute's approval
• An approved student idea is expected to be incorporated as a partnership firm, an LLP or a private limited company
• In practice the intake is overwhelmingly campus: of seventeen published incubatees across two years, twelve are student ventures, three faculty, one student and faculty, and one external

How selection works: A review committee chaired by the Principal meets once a month. It scores the strength of the idea, the IP it creates, commercial and financial viability with three-year projections, funding need, time to market, break-even period, demand in India, scalability, and mentor details with a recommendation letter. Due diligence on the promoters may follow, and MITS Foundation states it signs no non-disclosure agreement at any stage.

How to apply: There is no online form. Fill the application printed as Annexure I of the MITS Startup Policy document on the Startup Cell page and hand it to the Manager or Assistant Manager of MITS Foundation, with PAN, Aadhaar, an executive summary or business plan on the template in the same document, a photograph of the promoters, and a signed agreement to the incubator's rules.