FREQUENTLY ASKED QUESTIONS

Who can apply?

Any individual or group of individuals, working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property. A regular Government staff or employee promoted by a company, only upon submission of ‘No Objection Certificate’ from the competent authority or employer.

What is the eligibility criteria?

Individual or team or company with an innovative, patentable and commercial viable idea at any stage of development, less than 5 years, turn over less than INR 25 crore.Existing companies exploring new ideas can enter a MOU with NEC for joint development to form a new company and be a part of the technology development and technology transfer through NEC.

How will incubation help?

The biggest challenge for a new company is support related to space, mentorship, guidance, identifying market segment, patenting and protecting the ideas, visibility to external community, experienced team to support with troubleshooting and problem solving. NEC can provide all the above services under one roof so that the company can focus on its core competency areas and use the space and services available at NEC to convert ideas to products

Will the incubator provide funding?

NEC will provide all the support required to make sure that the incubatee can have access to government grants programs and also access venture capitalist. The Incubatee will have to follow the process or system laid down by the governing body to check the eligibility for funding to support the projects. NEC may provide seed loan/fund/grant subject to the availability of funds/ grants/ schemes meant for this purpose.

What is provided as a part of the incubation?

NEC provides sitting area, internet facility, access to industrial experts (mentoring and advisory board) common facilities include scanner, printer, meeting room, secretarial staff, pantry services and also access to its partners for support in design, rapid prototyping, IPR, legal, business case and manufacturing services.

Is there any equity transfer involved?

NEC may charge a nominal fees for infrastructure to support the incubation activity, the same can be offset against an equity share to the extent of 5-10 % for a period of 2 years. The incubatee can buy back the entire or part equity from NEC during exit, after valuation of the company at exit.

What support will be provided at different stages of Incubation?

The product development is divided into multiple stages for easy of categorising the incubatee. Ideation / innovation Phase, Per-market / development Phase, Implementation Phase and Exit Phase are the broad categories. The support varies in per each phase and at the beginning of incubation the incubatee and NEC will agree on the phase and the different support that will be available and required in that particular phase. A broad overview is presented in the Incubation policy which is available at NEC.

What in period of incubation?

The incubatee will be permitted to stay maximum for a period of 24 months.