Acceleration

Acceleration

The acceleration program is curated for women entrepreneurs or students and faculty who have been part of the AIC-GNITS incubation program. The outline of the Acceleration Program will be as follows:

Eligibility Criteria

  • Existing women entrepreneurs with their products or services in the market
  • The applicants have a venture that demonstrates to have a technology component.
  • Ventures generating revenue

Application Process

  • Submission of a sound business plan
  • Evaluation by an internal committee of AIC-GNITS
  • Presentation by the Applicant
  • Evaluation by an expert core committee of AIC-GNITS
  • Selection of ventures that are sound, feasible, and scalable.

Evaluation Criteria for Application

The selection of entrepreneurs for support in AIC-GNITS will be based on the recommendation of an expert committee specifically set up for the purpose. The criteria for acceptance of the students or entrepreneurs are the following:

  • The business activity proposed is in the advanced technology area.
  • The company must meet the definition of a “technology-based company” (An organization which pursues commercial applications of science/technology-based innovations; employs a high percentage of technicians, engineers or scientists; or requires extensive R&D to produce new products or services). The venture proposed is a corporation, partnership or sole proprietorship.
  • Demonstrate a need for incubator services.
  • Demonstrate capability for business viability and growth.
  • The business plan submitted by the entrepreneur is sound.
  • The entrepreneur will submit a proper business plan to AIC-GNITS, which will be reviewed by the expert committee before final acceptance.
  • The business should have significant revenue generation potential / export earning potential.

Selection Process

  • Merit of the business proposal
  • Background and experience of the entrepreneur
  • Financial viability
  • Status of the business plan, market research and feasibility studies
  • Growth potential
  • Applicant’s commitment-both financial and personal time-to the venture
  • Business references
  • Make up of the management team
  • To what extent is the entrepreneur developing technology, or using technology for a unique business purpose?
  • How effectively does the entrepreneur demonstrate an understanding of the environment facing the venture in its target markets, and a reasonable strategy to achieve stability and growth?
  • How clear is the entrepreneur’s need for the types of services that the incubator offers?
  • Is the venture product or service-based? Product-based ventures, by their nature, have a greater potential for significant economic impact, but innovative service businesses will also be considered for the program.
  • Market knowledge and experience (market definition, markets serviced, competition, SWOT analysis etc.)
  • The entrepreneur gives a presentation of the business plan to the expert committee and clarifies all the questions.
  • Due diligence by the expert committee (including background and credit check of
    entrepreneur)
  • Decision by expert committee.

Duration of the Program 3 Months (Changed after the advise from Mr. Rama Iyer, GMR)

ONBOARDING TO THE PROGRAM
Post the selection of the applicant, the following needs to be done:

  • License agreement is executed between AIC-GNITS and the student/entrepreneur.
  • Jointly set short-term objectives for the venture’s performance.
  • Develop a written plan of work for the venture.
  • Set up the venture’s financial management and budgeting systems.
  • Identify mentors, consultants, service providers, or resource centres to assist the entrepreneur in achieving her goals.

Program Structure

The acceleration program will be focussing on advanced business planning and commercialization. The program is for 6 months covering Financial Models, Valuation services and Business Plan Expansion. The acceleration program will be ended with a Demo Day with on-boarded investors.

MONITORING AND EVALUATION
AIC-GNITS will review the formal performance of the company. The expert committee gauges the progress of the company against its objectives. The expert committee also evaluates the quality and impact of the business assistance provided by AIC-GNITS. Any further assistance in the form of mentors, consultants, service providers, or resource centres required by the entrepreneur is identified during this review.

Graduation

  • The venture shall graduate from the acceleration programme when any one of the following conditions is fulfilled.
  • The revenue stream of the company is adequate for self-sustenance.
  • The entrepreneurs have been able to tie up investors to finance the expansion plans
    of the venture and the incubator support is no longer necessary.
  • The entrepreneurs have sold the venture to a larger company.
  • Expiry of the period specified in the license agreement.
    In case, the startup is not able to achieve the above, the startup shall repeat the program

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