DOCUMENT CONTROL AND INDEX

TABLE OF CONTENTS

INTRODUCTION, PURPOSE AND SCOPE

1. INTRODUCTION

Vel Tech High Tech Dr. Rangarajan Dr. Sakunthala Engineering College has established the Vel Tech High Tech MSME Business Incubator at Avadi, Chennai – 600 062, to strengthen innovation, entrepreneurship, technology commercialisation and startup development. The Incubator is recognized by the Ministry of Micro, Small and Medium Enterprises, Government of India (Reference No. HIBITN009178). Spanning 7,081 sq. ft., it serves as a dynamic institutional hub connecting aspiring innovators, students, faculty members, alumni, startups, industry experts, mentors, investors and funding agencies. This policy defines the governance, admission, mentoring, infrastructure support, funding facilitation, commercialisation, monitoring and graduation framework of the Incubator.

2. PURPOSE

To establish a transparent, inclusive and outcome-oriented framework through which innovative ideas can be identified, validated, incubated, protected, commercialised and developed into sustainable technology-driven enterprises.

3. SCOPE

This policy applies to student innovators, faculty members, alumni, research teams, startups, entrepreneurs, external applicants, mentors, experts, investors, service providers and partner organisations associated with the Vel Tech High Tech MSME Business Incubator, Avadi, Chennai – 600 062.

OBJECTIVES

4. OBJECTIVES

• Promote innovation, entrepreneurship, technology commercialisation and startup creation within the Institution.
• Transform promising ideas, research outcomes and prototypes into viable products, processes, services and enterprises.
• Provide incubation space, laboratories, mentoring, training, industry networking and funding guidance.
• Develop entrepreneurial, managerial, technical, ethical and leadership capabilities among students and innovators.
• Facilitate collaboration among academia, industry, government, investors, alumni and society.
• Support ventures that contribute to sustainable economic growth, employment generation and societal development.

POLICY FRAMEWORK

5. GUIDING PRINCIPLES

1. Innovation and creativity shall be encouraged across all disciplines and stakeholder groups.
2. Selection and support shall be based on transparent criteria, documented evaluation and merit.
3. Incubation support shall be milestone-based, time-bound and aligned with measurable outcomes.
4. Ethics, safety, environmental responsibility, inclusion and legal compliance shall guide every incubated activity.
5. Intellectual property, confidentiality, ownership, revenue sharing and use of institutional resources shall be documented before commercial engagement.
6. The Incubator shall facilitate opportunities and support, but shall not guarantee funding, market acceptance, revenue or business success.

6. GENERAL POLICY COMMITMENT

The Institution shall implement this policy through approved roles, adequate resources, documented procedures, transparent communication and measurable review. Decisions and exceptions shall be recorded and authorized by the competent authority.

INSTITUTIONAL PROFILE, VISION AND MISSION

7.1 RECOGNITION AND INSTITUTIONAL PROFILE

The Vel Tech High Tech MSME Business Incubator is a technology incubation facility of Vel Tech High Tech Dr. Rangarajan Dr. Sakunthala Engineering College, Avadi, Chennai – 600 062. It is recognized by the Ministry of Micro, Small and Medium Enterprises, Government of India, under Reference No. HIBITN009178.

The Incubator spans 7,081 sq. ft. and serves as a dynamic hub for innovation and entrepreneurship. It connects aspiring innovators, startups, faculty members, students, alumni, industry experts, mentors, investors and funding organisations. It provides incubation support, mentoring, infrastructure, funding guidance, training and networking opportunities to help transform innovative ideas into successful and sustainable ventures.

7.2 VISION

To foster innovation, entrepreneurship, technology commercialisation and startup growth by providing an enabling ecosystem in which ideas are transformed into sustainable businesses through mentoring, infrastructure, funding support, industry networking and capacity building.

7.3 MISSION

• To provide quality education and skill development through innovative teaching, research, experiential learning, hackathons, innovation challenges and idea-generation activities.
• To foster innovation, entrepreneurship and technology commercialisation by supporting research, startup creation, incubation, mentoring and industry collaboration.
• To develop ethically responsible and globally competent professionals and entrepreneurs who contribute to sustainable economic growth and societal development.

INCUBATION SUPPORT AND SERVICES

7.4 CORE SUPPORT

• Mentoring and guidance for budding entrepreneurs and innovation teams.
• Support for converting innovative ideas into products, processes and services.
• Workspace, laboratories, internet, meeting facilities and approved institutional infrastructure.
• Technical, business, legal, financial, intellectual-property and regulatory guidance through internal or external experts.
• Training in entrepreneurship, business planning, market research, financial modelling, pitching, branding and enterprise management.
• Access to industry experts, alumni entrepreneurs, professional networks, investors and technology partners.
• Guidance for applying to government schemes, grants, seed funds, venture capital and other funding opportunities.

7.5 AWARENESS AND CAPACITY BUILDING

The Incubator shall conduct entrepreneurship awareness programmes, innovation challenges, hackathons, ideation workshops, startup boot camps, prototype demonstrations, investor-connect events and industry interaction programmes. These activities shall encourage a culture of creativity, problem solving, self-employment and responsible enterprise development.

ADMISSION AND INCUBATION PROCESS

7.6 ELIGIBILITY AND APPLICATION

Applications may be invited from students, faculty members, alumni, research teams, startups, individual innovators and approved external entrepreneurs. Each application shall describe the problem, proposed solution, novelty, technical feasibility, market opportunity, team profile, expected support and development milestones.

7.7 EVALUATION AND SELECTION

Applications shall be evaluated by an authorised committee or expert panel. Evaluation may consider innovation, feasibility, market potential, social relevance, sustainability, scalability, team competence, intellectual-property potential and alignment with institutional priorities. The decision and recommendations shall be documented.

7.8 ONBOARDING AND MILESTONE REVIEW

Selected applicants shall execute an incubation agreement before accessing facilities or institutional branding. The agreement shall define duration, services, responsibilities, confidentiality, IP terms, financial conditions, reporting requirements and exit provisions. Incubatees shall submit progress reports and participate in scheduled milestone reviews.

COMMERCIALISATION, FUNDING AND EXIT

7.9 TECHNOLOGY COMMERCIALISATION

The Incubator shall support proof-of-concept development, prototyping, testing, market validation, business-model refinement, enterprise registration, regulatory compliance, customer discovery, technology transfer and commercial launch. Commercial arrangements shall be governed by separate approved agreements wherever required.

7.10 FUNDING FACILITATION

The Incubator may guide incubatees in preparing proposals and pitch documents and may facilitate access to MSME schemes, government grants, seed funding, banks, angel investors, venture capital networks, corporate partners and other approved sources. All financial commitments, equity, royalty, revenue-sharing or grant conditions shall be recorded in writing and approved by the competent authority.

7.11 GRADUATION AND EXIT

An incubatee may graduate on achieving agreed milestones, completing the approved incubation period, securing independent facilities, entering the market or reaching another approved exit condition. Exit clearance shall cover return of facilities, settlement of dues, confidentiality, intellectual-property obligations, institutional branding, outcome reporting and post-incubation tracking.

ROLES AND RESPONSIBILITIES

8. ROLES AND RESPONSIBILITIES

• The Governing Council/Management provides policy oversight and approves major institutional commitments.
• The Principal provides institutional leadership, authorizes implementation and ensures alignment with the College vision and statutory requirements.
• The Incubator Governing or Advisory Committee approves programmes, evaluates major proposals and reviews performance.
• The Head/Coordinator of the Vel Tech High Tech MSME Business Incubator manages applications, facilities, mentors, agreements, activities, reporting and stakeholder coordination.
• Mentors and domain experts provide professional guidance without making unauthorized commitments on behalf of the Institution.
• Incubatees meet agreed milestones, use resources responsibly, submit accurate information and comply with legal, ethical, safety, financial and institutional requirements.
• Finance, legal, intellectual-property, purchase, laboratory and administrative units provide approved support within their respective authority.

IMPLEMENTATION PROCEDURE

9. IMPLEMENTATION PROCEDURE

1. Publish programme details, eligibility, selection criteria, available facilities and support conditions.
2. Receive applications and conduct preliminary screening.
3. Arrange presentation, expert evaluation and due diligence.
4. Obtain approval and execute the incubation agreement.
5. Onboard the incubatee and assign mentors, facilities and milestones.
6. Conduct periodic progress, financial, safety and compliance reviews.
7. Facilitate commercialisation, funding, networking and capacity-building support.
8. Approve graduation, extension, suspension or termination and complete exit clearance.

RECORDS AND COMPLIANCE

10. RECORDS AND EVIDENCE

• Applications, screening records, pitch presentations and evaluation sheets
• Approval minutes, incubation agreements and confidentiality documents
• Mentor allocation, meeting notes and milestone review reports
• Facility usage, safety, inventory, finance and payment records
• Grant, funding, investment, intellectual-property and commercialisation records
• Training, awareness, networking and investor-connect programme records
• Graduation, exit, startup performance and impact-tracking records

11. MONITORING INDICATORS

• Ideas, innovators and startups supported
• Prototypes developed and products/processes/services commercialised
• Startups incorporated, graduated and surviving after incubation
• Funding, grants, investments and revenue mobilised
• Patents, copyrights, designs, technology transfers and licences generated
• Employment, internships and entrepreneurial opportunities created
• Industry, investor, mentor, alumni and government partnerships established
• Participation in awareness programmes, hackathons and innovation challenges

12. CONFIDENTIALITY, RETENTION AND ACCESS

Records shall be accurate, retrievable and protected against unauthorized alteration, disclosure or destruction. Access shall be role-based and limited to legitimate institutional need. Retention and disposal shall follow the approved schedule and applicable requirements.

13. NON-COMPLIANCE

Non-compliance may result in corrective action, withdrawal of access or benefit, recovery of loss, disciplinary action, referral to a statutory body or other proportionate action after due process.

REVIEW AND APPROVAL

14. REVIEW AND AMENDMENT

The policy owner shall review this document at the stated cycle or earlier due to changes in law, regulation, institutional structure, technology, risk, audit findings or stakeholder requirements. Amendments shall take effect only after approval and version control.

15. REFERENCES

• Recognition of Vel Tech High Tech MSME Business Incubator by the Ministry of Micro, Small and Medium Enterprises, Government of India — Reference No. HIBITN009178
• Applicable Government of India and MSME incubation programme guidelines
• Institutional Innovation, Intellectual Property Rights, Research, Finance, Purchase, Safety and Conflict-of-Interest policies
• Approved incubation agreements, programme guidelines and facility-use procedures

16. APPROVAL AND SIGNATURES

This is a controlled institutional document. Printed copies are uncontrolled unless specifically stamped and issued by the authorized office.