Entrepreneurship & Innovation Cell St Aloysius College (Autonomous), Mangalore - 3
Dr Adarsha Gowda M.H. Dean of Entrepreneurship & Innovation Cell
St Aloysius Incubation Centre (SAIC) Mangaluru, a unit of St Aloysius College (Autonomous), Mangaluru has a vision to encourage men and women who have an innovative ideas, products and an ardent desire to realise their dreams of creating and innovative products or services or both for the ultimate benefit of the larger section of the society. Start-ups have a vital role to play in the future of India by creating innovative solutions to the country’s challenging issues and generating large-scale job opportunities for the upcoming workforce. SAIC helps entrepreneurs to develop their business, especially in the initial stages. Incubator support includes providing technical infrastructure and advice, initial growth funds, network and linkages, co-working spaces, lab facilities, mentoring, and advisory support. To facilitate this, the Centre has adopted an Incubation Policy to provide guidance and management structure to facilitate development of entrepreneurship.
1. Eligibility Criteria and Admission Procedure:
Any student, staff, alumni or persons desirous of availing incubation facilities have to apply in the prescribed format along with required documents. The prospective candidate should submit an application in the prescribed format containing the business plan and shall present the executive summary to the review committee. The committee is authorized to make comments on technical and business feasibility of the idea and recommend to the Centre.
2. Infrastructure and Services provided to incubates:
2.1 Mentoring and Advisory Services: the candidates can take a faculty advisor as a mentor for startup issues. Support for research activities/ legal services / market accessibility - An incubated company can take a faculty advisor as a mentor on technology issues.
2.2 Institutional Infrastructure: SAIC may facilitate access to the Institutional infrastructure or laboratories as per the norms of College. The Centre offers fully furnished space to the incubators with Wi-Fi facility along with Seminar / Conference Halls.
2.3 Common Infrastructure: SAIC provides a common pool of hard and soft infrastructure to be shared by all incubated companies. The following resources are provided: Photocopying machine, Access to college Library: Books, Subscription to IT, Business, Management and Trade journals and newspapers, Meeting/Conference room with Audio and projection equipment, Tele or Video conferencing facilities.
3. Tenure of Incubation:
The incubators will be permitted to utilise the incubator services for a period of two years. They may be granted a maximum of two extensions of 6 months each, at the sole discretion of the Institution.
An incubated company will leave the incubator under the following circumstances:
• Completion of two year stays (if no extension granted).
• Underperformance or non-viability of business proposition as decided by Committee
• Violation of the policy of institution (SAIC).
• Any other reason for which SAIC may find it necessary for an incubated company to leave.
4. Periodic Assessment:
A review committee set up by SAIC will evaluate the performance of the incubatee every six months.
5. Seed Funding:
SAIC may provide seed fund subject to the availability of funds/ grants/ schemes meant for this purpose. A company desirous of getting seed fund may submit an application for seed fund after three months of incubation at SAIC. The seed fund will be sanctioned based on the eligibility criteria as decided by SAIC from time to time. It would also be subject to the terms stipulated as per the Seed funding Guidelines of SAIC.
6. Business Plan Template:
The following template can be used for creating a comprehensive business plan. Though the sequence shown is not mandatory, the plan must cover all the sections listed in the template:
Introduction / Company overview
Concept / Proposition / Product description
Development plan and milestones
Management / Organizational chart
Risks and de-risking strategies
All incubates shall enter into the following agreements with the Institution:
Incubation Agreement: Contain rules and other incubation norms, consideration, equity holding, etc. (Applicable to all.)
Seed-Fund Agreement: Contain rules of disbursement and repayment. (Applicable to incubate availing seed-fund.)