This year instead of a second ‘Grooming’ batch (originally scheduled for July, 2014), icreate is offering a unique opportunity for direct incubation.

Details about the entire process are available at www.icreate.org.in/events.html

Important Dates
7th Sep2014 (extended)– Deadline to submit the application form
10th Sep – Shortlisting
Week of 22nd – 26th Sept
22nd & 23rd Sep –Pre-Incubation Bootcamp
24th Sept – Prelim Pitch
25th Sep – Work Day
26th Sep – Final Pitch
3rd Oct – Final Results

Incubation Offering and Key Terms

•Incubation duration as relevant (between 6 months – 2 years) Physical presence mandatory
•Mentoring and networking
•General Office facilities would be provided. Teams need to bring their own computers.
•Only 1+2 seats(max) would be provided to a team
•Access to necessary labs & equipment
•Seed funding up to INR 15 lacs in progressive tranches towards approved project costs (conditions apply)
•The incubation funding will be...
This year instead of a second ‘Grooming’ batch (originally scheduled for July, 2014), icreate is offering a unique opportunity for direct incubation.

Details about the entire process are available at www.icreate.org.in/events.html

Important Dates
7th Sep2014 (extended)– Deadline to submit the application form
10th Sep – Shortlisting
Week of 22nd – 26th Sept
22nd & 23rd Sep –Pre-Incubation Bootcamp
24th Sept – Prelim Pitch
25th Sep – Work Day
26th Sep – Final Pitch
3rd Oct – Final Results

Incubation Offering and Key Terms

•Incubation duration as relevant (between 6 months – 2 years) Physical presence mandatory
•Mentoring and networking
•General Office facilities would be provided. Teams need to bring their own computers.
•Only 1+2 seats(max) would be provided to a team
•Access to necessary labs & equipment
•Seed funding up to INR 15 lacs in progressive tranches towards approved project costs (conditions apply)
•The incubation funding will be converted as a debt carrying an interest at ‘bank rate’ (the rate at which RBI lends to commercial banks) on yearly cumulative basis to in the existing/spun off company (as the case maybe) payable within 3-5 years upon completion of incubation
•icreate will buy 10% equity stake (at par) and would have the option to take one board seat in the existing/spun off company (as the case maybe)
•icreate would get 1% commission on sales when the Company turnover exceeds Rs 1 crore for 10 years or payment of total commission of Rs 50 Lacs whichever event occurs earlier.
•Access to external investment communities for further rounds of funding

Who should apply? || Deadline: 7th September
(All the below conditions should be satisfied)
•Startups/teams preferably >1 co-founder
•Project Idea must have - component of technology, innovation, potential for global market
•Should have attained some customer/market validation
•Willing to be physically incubated @ Ahmedabad. However can spin off/ locate anywhere post incubation
More information

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