This article will help to convert your dreams of being an Entrepreneur / Business during your study at CTGI / CT University
What is Entrepreneurship?
Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. The most prominent example of entrepreneurship is starting of new businesses.
About Technology Business Incubator (TBI)
The concept of Technology Business Incubator (TBI) has emerged as a novel and very pro-active approach where a unique opportunity is provided to gestate fledgling innovators / researches to full-fledged technologies, capable of being transferred to industry for ready commercialization. At TBI, ideas and innovations are nurtured in a holistic view along with the incubation of juvenile technologies into commercially feasible ventures. TBI’s provide a unique interface to its incubates with academic and industry wherein the laboratory scale research can be converted into pilot scale processes. Product development also form an important part of TBI. State of the art infrastructure, mentorship and incubation facilities will help incubates in developing newer innovation and ideas into feasible technologies and their subsequent commercialization.
About Technology Business Incubator (TBI) at CT University
Since its inception in the year 2016, CT University created an atmosphere of innovation in the campus premises. To further nurture the innovations in the campus and to facilitate the innovative minds on their entrepreneurial pathway, management of CT Educational Society established RICE – Research Innovation Centre for Excellence in the campus with 24X7 facility for prototype development of the concepts. This facility opens the doors for our innovators to take industrial consultancy projects from big giant TATA & then the innovators have seen behind.
After getting 50th rank in the ARIIA – Atal Ranking of Institutions on Innovation Achievements ranking in the very first year of its nomination, we take one step ahead & start thinking of setting up a Technology business incubator at CT University. A separate section eight entity / company was incorporated in 2021 namely CT Business Foundation (CTBF). This company will host i-TBI (Inclusive Technology Business Incubator) from Department of Science & Technology, Government of India very soon. CTBF will take care of all needs of the early stage ideas of the incubates & ensure their hand holding from early stage development to the product development stage.
INCUBATION PROCESS & PROCEDURE
CTU Business Foundation (CTU BF) – A section 8 non-profit company of CT University Ludhiana established to host i-TBI (Inclusive Technology Business Incubator) from DST – GOI, invites applications for incubation of new ideas / concepts for entrepreneurship through start-up ecosystem of CT University.
- Students, Alumni, Faculty & Staff of CT University Ludhiana & CT Group of Institutes, Jalandhar (First Preference)
- Any Indian National from all over Punjab (Second Preference)
- Any Indian National (Third Preference)
About the Initiative
CTU BF to fund new and aspiring ideas for adopting entrepreneurship. To launch business with initial funding to incorporate their company and subsequent seed funding to build a prototype with in a span of one year.
What …. One may get, if selected & continue with us?
The selected ideas shall get the following support from CTU BF:
- Financial support up to Rs 20,000/- towards expenses for new company incorporation.
- Seed grant up to Rs 3.00 Lakhs per company in 3 phases thru competitive process as under:
|Zero Phase (3 months)||Phase 1 (3 months)||Phase 2 (3 Months)||Phase 3 (3 Months)|
|All initial support*||INR 25K – 50K||INR 50 K – 1Lakh||INR 1Lakh – 1.50 Lakh|
- Free co-working space & individual / personal working space on subsidized rates.
- All corporate & legal compliances support.
- Free power and high speed internet
- One personal computer per company free of cost (till no seed support is given / provided).
- Access to high performance server of CTU.
- Access to Electrical, Electronics, Mechanical Labs & Workshop for prototyping developing.
- Access of the Entrepreneurship library of CTU BF.
- Financial Assistance for availing external expert mentorship.
- Interaction with our networks of VCs and Angels.
- Financial support for patenting.
- Subsidized hostel facility based on availability – for external team members, if any in the team.
- All ideas of the Foreign National Students will be governed by the rules and regulations of the Indian jurisdiction and as per the Companies Act.
Selection and evaluation process
- Applications can be submitted with TBI office in person or thru online by visiting TBI website: www.itbi.ctuniversity.in
- Application will be scrutinize at TBI office level & if found suitable, will be referred to PEMC (project evaluation & mentoring committee) to check feasibility of the concept & technical evaluation.
- Shortlisted applicants will be invited for a presentation before PEMC. Applicant / Team is required to present their idea/concept thru PPT with maximum time duration of 30 minutes. Guidelines to make PPT can be taken from TBI office / download from website.
- Selected ideas by PEMC will be entitled for pre incubation under zero phase. Applicants have to develop their concept on their own / on the inputs of expert committee in maximum three month’s time. After completion of zero phase, fresh evaluation will be made by PEMC & if development of the concept / idea is found on right track, applicant / team will be advised for company incorporation to get the first phase of seed funding. Charges to incorporate the company will be funded by CTU BF & company will be formally incubated to TBI of CTBF. Any amount related to seed fund etc., will be credited to company account only, not to individual one.
- All incubated companies will be evaluated again after 3 months by PEMC. TBI may invite & expand the PEMC with experts from industry etc. Second phase funding will be released after approval of PEMC THRU evaluation & presentation by the company. The Phase-1 companies not selected into phase – 2 may continue at TBI if the expert committee & TBI administration doesn’t find them seriously lacking in their performance.
- Phase – 2 companies will be again evaluated after 3 months by PEMC with further expansion of it & third phase funding will be released subject to approval of the expert committee thru evaluation process. The Phase -2 companies not selected into phase – 3 may continue at CTU TBI if the expert committee & TBI administration doesn’t find them seriously lacking in their performance.
- The above mentioned time duration may be reduced if concept / idea / project is really out of box, having great market potential & seed support is required at early stage of the incubation.
- After completion of the above said timelines, incubated companies will be interacted with Angel Investors, Venture Capitalists & Industry for next round of funding / tech transfer as the case may be.
Thrust areas (not limited to)
IT & IT Enabled Services, Healthcare, Agriculture, Manufacturing, Clean Energy & E-Commerce, Hospitality, Pharmaceutical, Bio –Medical, Life Sciences
CTU BF will have / charge equity from the companies incorporated into TBIF. It will vary from company to company with mutual discussion & understanding.
All initial support* – co-working space, technical guidance, corporate legal advice/guidance, access of labs & workshops for prototype making.
For any query related to incubation process, please contact to the following officials:
Office Executive TBI: 6239500591, E-mail: email@example.com
Chief Executive Officer (CEO): 9999891188, E-mail: firstname.lastname@example.org
Coordinator: 9915640000, E-mail: email@example.com