Frequently Asked Questions (FAQs)
An organization designed to accelerate the growth and enhance the success potential of entrepreneurial companies through an array of business support resources and services that could include physical space, capital, coaching, common services, and networking connections.
Please visit the Home page of SCIFI website.
Incubation support of SCIFI is open to any entrepreneur/ aspiring entrepreneur who plans to start-up a venture having an impact on financial inclusion especially for women, preferably with the aid of technology as an enabler.
Yes. Virtual incubation is provided to startups based out of Lucknow.
Applications are open throughout the year. Selection Committee is organised periodically to select startups for incubation support. Pre- incubation support is extended to startups prior to selection.
Entrepreneurs will be required to submit the following documents to apply for incubation support:-
- SCIFI Application Form
- Business Plan
- Company Registration documents, MoA, AoA, PAN, GSTIN and financial statements (if applicable). If not already registered, the start-up will have to get the registration completed within three months of selection for incubation.
Click on the ‘Apply Online’ tab on the website to download the application form. Email the documents to email@example.com.
Please visit the Incubation page of SCIFI website for the selection process.
Representative Criteria to be applied for evaluation of a start-up for incubation would include :
- Strength of the business idea
- Technical feasibility
- Financial viability
- Market potential
- Innovation involved- IP creation
- Strength of the Core Team/ Promoters to execute the idea
- Business Value of the Idea/ Impact created
- Fund requirement and viability of raising finance
- Financial statements and projections (3years) including break even analysis
- Scalability potential
- Stage of development
- Support required from the incubator
- Any other parameter at the discretion of the Selection Committee of SCIFI
The above parameters are indicative in nature and their relative weightage will be discerned by the Selection Committee.
Please visit the Incubation page of this website for the list of benefits provided by the incubator.
Initial incubation period is for 2 years. . This period can be extended by maximum one year, for a six-month period at a time, based on the periodic assessment by the Executive Committee of SCIFI. Premature termination of contract can be made by giving one – month notice by either party.
Students and entrepreneurs in ideation phase will be extended a free pre-incubation support to get them incubation-ready. IIM faculty members and other mentors associated with SCIFI will mentor and guide the aspirants to enable them to concretize their idea into a viable business plan/ product.
The start-up selected for incubation is required to provide equity of up to 5% of promoter’s equity to IIM Lucknow for hand-holding for 2 years’ period. This equity caters for the infrastructure, business support services, mentoring and networking support. Standard equity for different modes of incubation is as follows:-
- Virtual Incubation – 2%
- Physical Incubation – 5%
Preference for incubation will be given to women entrepreneurs.
Concession of 1% equity will be provided to women entrepreneurs.
Startups, which satisfy any of the criteria mentioned below, will be eligible for benefits offered to women entrepreneurs: –
(a) Promoted by women with majority share- holding (51% or controlling stake)
(b) Product/ service of the start-up is directed towards women
(c) Generates employment for women/ has majorly women as employees
Yes. Pre-incubation support is provided to entrepreneurs who are at idea stage.
Yes. There is no restriction on the number of ideas which can be submitted by an entrepreneur.
There is no direct funding to a start-up by the incubator. Connect to Seed, Angel and VC investors is provided based on the eligibility and stage of the start-up.
The centre provides indirect support up to Rs. 5 lacs to all incubatees in the form of reimbursement for company expenses and honorarium to mentors.
Yes. Please contact on the number or email provided in the website to arrange for a meeting at the centre.
Mail your request to firstname.lastname@example.org with your complete profile and areas of interest. We will get back to you.
SCIFI acts as a facilitator to provide access to infrastructure, brand identity, mentors, investors, industry connects, marketing platforms and such tangible and intangible resources required by a start-up to accelerate its growth and enhance its success potential. Incubation support, however, is not a guarantee of success but a partnership to share the risk and overcome the challenges encountered in the journey.
Yes, if you are operating in Indian market
A faculty member associated with SCIFI will be designated as a mentor to every incubated start-up. The faculty mentor will work in close association with the start-up to identify its growth needs and challenges and extend incubation support and resources to the start-up accordingly.