Application will be accepted online for Pre-Incubation, Incubation and Virtual Incubation. The admission procedure will be having the following
stages:
Stage 1: Submission of Executive Summary/Plan
As a first step in the admission process, the prospective startup should submit an Incubation Application containing all the details of the startup like team members, the business plan and other relevant documents. The Incubation application will be submitted online through the specified
portal.
Stage2: Initial Screening of the Applications
The submitted application will be assessed by the Startup Screening Committee (SSC) formed at regional level. The meeting of aforesaid
Committee will be conducted periodically, at least once in a Fortnight/Month. The SSC may refer the application to be reviewed by external
reviewer by 2 or more reviewers (Comprising of experts from the domain, investor, industry, established entrepreneur, potential client/user).
The submitted application will be assessed by the Committee for comments on technical and business feasibility of the idea which will be based
on several criteria including the following:
• Strength of the product idea in terms of its technology content, innovation, novelty timeliness and market potential
• Profile of the core team/ promoters
• Prior experience of working in management committee of any start up
• Intellectual Property generated and the potential of the idea for IP creation
• Financial/ Commercial Viability
• Funds requirement and viability of raising finance
• Time to market
• Break-even period
• Commercial potential, demand and requirement in India
• Scalability
• Startup in financial domain or in the thrust areas such as Accounting, AI based Audit, Financial Management, Taxation, Valuation, Merger
and Acquisition, Stock Market, Mutual Fund, Banking, Insurance, etc.
However, in the following cases subject to the eligibility of the applicant mentioned at point no.5 above the review process may be relaxed on
case-to-case basis:
• Serial Entrepreneurs
• Customer Validation and/or adoption
• Existing ventures with revenues of Rs.50 lacs or above
• Have got funding by Angel Network, Venture Capitalists of up to Rs.30 lacs
• In case of pre-screened and previewed business ideas/cases by government grants/competitions, on their approval, the same may be
directly admitted as per program requirements.
Stage 3: Presentation before the SSC
Based on the initial evaluation of the business plan / executive summary the applicant will be expected to give a presentation describing critical
aspects of the business plan before the SSC. The presentation will be followed by questions.
Note: No TA/DA will be given to the members for presenting their ideas/applications and such presentation through video conferencing is also
permitted.
Stage 4: Result
The final selection of incubatees will be made by Startup screening Committee (SSC) and a formal communication will be sent to the applicant
along with necessary documents including terms and conditions. If the Incubation is sanctioned, the applicant shall be offered Pre-Incubation,
Incubation or Virtual Incubation and the startup company/LLP has to sign an Incubation Agreement with ICAI.
Additional Inputs/Information:
Throughout the application process, on an as-needed basis, the applicant may be required to furnish further information or may be asked to
revise the executive summary and/or presentation.