Business Incubator for Fostering of Innovative Ideas & Entrepreneurial Development (BIFIED-IAHT)

Facilities

Upon association / admission to BIFIED-IAHT, the resources can be provided on charge basis on the request of Incubatee and subjected to rules & regulations in this regard as applicable from time to time. The following facilities will be offered to the incubatee on an individual basis:

  • Office space
  • Standard office furniture
  • Mentoring support in terms of professional consultancy.
  • Phone connection – each incubatee to pay the rentals and bills
  • Computers, Printer – up to two on a rental basis. More than two can be availed at market rates.
  • Internet connection (separate line is provided for each incubate) – each incubatee to pay the rentals and bills

Common infrastructure: BIFIED-IAHT provides a common pool of hard and soft infrastructure to be shared by all incubates. The following resources are provided

  • Document Scanner
  • Photocopying machine
  • CD-cutting machine
  • Meeting/Conference room with projection equipment
  • Tele or Video conferencing facilities
  • Institute infrastructure: BIFIED-IAHT may facilitate access to institute infrastructure or Laboratories as per norms of IAHT, Ludhiana.
External Experts

BIFIED-IAHT may associate with external professionals for Accounting, Intellectual Property (IP), Legal and Management expertise on a part-time basis. Incubates can avail of their services. Any direct services provided to an incubate would have to be paid for by the incubate to the service provider.

Intern Support

For support in management or technology, incubates can be assigned an MBA / B. Tech student, if desired.

Regular Incubator – Incubatee Meetings

The BIFIED-IAHT Head or his assigned / authority shall meet with the incubate once every six months for a strategic review and discussion of operational issues. Further meetings will possible and can be scheduled based on the needs of the incubate.

Industry Mentor

BIFIED-IAHT will create a database of Industry mentors. Every incubatee incubated at BIFIED-IAHT may select (if, needed) one Industry mentor.

Mentoring

An incubate can take a mentor to provide technical expertise, if desired. Priority will be given to IAHT faculty. However, if no appropriate mentor can be found within IAHT, an external mentor will be hired. This mentorship agreement shall be on a pro-bono basis. Specialized co-mentors are also available to the companies to assist with particular strategic areas or to provide project-oriented consultation. These arrangements shall be on a pro bono basis. An incubate may avail of consulting services by empaneled professionals of BIFIED-IAHT on mutually accepted terms and conditions.

Off-Campus Incubation Services

Off-Campus incubates will be the start-ups or entrepreneurs, which can operate in the open market, while BIFIED-IAHT supports in the fields of skill, technology and business development including access to overseas market. Incubates receiving support from other incubators but need the domain area support of BIFIED-IAHT as mentioned earlier shall be eligible for support under this category. The services and support shall be equal to on-campus incubates other than sharing physical space and direct monitoring.

Intellectual Property Rights [IPRs]

Any Intellectual property rights [IPRs] developed by the Incubatee during Incubation period will be the property of the Incubatee only. If such IPRs are created with the involvement of the BIFIED-IAHT, Ludhiana through intellectual mentorship then any agreement between the Incubatee and BIFIED-IAHT, Ludhiana specifying the sharing rights for the IPRs will prevail. The Incubatee will be required to execute a separate agreement for licensing or assignment of any IPRs, the ownership of which lies with BIFIED-IAHT, Ludhiana.

Financial Support

Grant-In-Aid

  • GOI provide the financial assistance up to Rs. 15,00,000/- to BIFIED-IAHT for nurturing of the approved per idea.
  • In case of Entrepreneur / MSMEs / Others, 15% financial contribution of the total approved project cost needs to be deposited to the BIFIED-IAHT (not refundable as per guidelines of GOI)
  • In case of student, no financial contribution required.
  • Approved fund disbursement:

    • After approval, the funds will be released in two installments as per following:

  • 1. 1st instalment 70% of the approved project cost on the approval of competent authority (GOI) and signing of agreement between BIFIED-IAHT by the Incubatee.
  • 2. 2nd instalment 30% of the approved project cost after utilization of 80% of 1st instalment and physical verification by the monitoring committee of BIFIED-IAHT after submission of status report by incubate.

Seed Loans

  • BIFIED-IAHT may provide seed loans, subject to the availability of funds/ grants / schemes meant for this purpose. Seed loans shall be based on merits of each incubatee. Further, admission to BIFIED-IAHT shall not automatically entitle the incubatee to seed loan.
  • A Incubatee desirous of receiving a seed loan, may apply for seed funding three months after the date of admission to BIFIED-IAHT. Approval of a seed loan will be decided based on the eligibility criteria as decided by BIFIED-IAHT.
  • One of the criteria for approval of the seed loan will be the contribution brought in by the promoters to the capital of the start-up. Preference will be given to start-ups, which already have some sources of revenue or some customer order booking. BIFIED-IAHT will have sole discretion to approve or reject an application for a seed loan and the decision of BIFIED-IAHT in this regard shall be final.
  • BIFIED-IAHT is not bound to give any reason in case an application for a seed loan is rejected.
  • Though seed loans may be sanctioned at the time of approval of the proposal for admission, disbursement shall be subject to satisfaction of BIFIED-IAHT Head that suitable progress has been made.
  • Incubatee / applicant shall have to agree to separate agreement for this.

Connecting with Investors

  • As an incubator, one of BIFIED-IAHT’s core functions is the strengthening of the innovation ecosystem, to provide start-ups and entrepreneurs with an increasingly favorable environment for building their business.
  • For this reason, BIFIED-IAHT shall connect incubates with investors and financial institutions, including Venture Capitalists, Angel Investors and others.