Policy Framework for the Innovation & Incubation Center at MATS University

MATS University, with its forward-looking vision, has created a comprehensive policy for its Innovation & Incubation Center to promote and sustain entrepreneurship among its students and faculty. This policy aims to provide the necessary infrastructure, financial backing, mentorship, and industry collaborations essential for nurturing and launching startups from ideation to commercialization. Below is a detailed overview of the policy framework.

Objective of the Innovation & Incubation Center

• Foster an entrepreneurial ecosystem by encouraging innovative ideas.
• Provide students and faculty with resources, mentorship, and support.
• Establish successful startups and ventures that contribute to the local and national economy.
• Strengthen university-industry collaboration through partnerships.

The center operates with a mission to cultivate entrepreneurial thinking, support early-stage ventures, and build connections with external stakeholders, including government bodies, industries, and investors.

Governance Structure

The center is overseen by a Governing Board, which consists of key university officials, industry experts, successful entrepreneurs, and faculty members. The board is responsible for:

• Strategic oversight and decision-making.
• Approving financial budgets, seed funding, and partnerships.
• Regular reviews of the center’s performance.

The Convener of the innovation and incubation cell (IIC), Dr. Aneesh Somwanshi (Professor, MSEIT), leads the day-to-day operations and ensures the execution of the center's vision. The Convener coordinates with both internal and external stakeholders, manages resources, and supervises startups in the incubation phase.

Eligibility for Incubation

• Students, alumni, and faculty of MATS University with a viable startup idea.
• External applicants from the community or industry provided they collaborate with MATS students or faculty.

Eligibility is determined by a selection process that evaluates:

• The innovation’s potential for commercial or social impact.
• Scalability and feasibility of the business model.
• The dedication of the team behind the startup.

Pedagogy

I. Identification of Problems: Students will visit various sectors like villages, hospitals, urban areas, etc., and visualize practical problems associated with those sectors. Various other field visits may occur for identification of real-life problems.

II. Idea Generation: Students will generate potential solutions for specific problems, ensuring that the ideas are novel, innovative, and capable of solving real-life problems effectively and efficiently.

III. Collection of Ideas: Students will discuss their ideas with mentor faculty members from their respective domains, and after iterations (if needed), the ideas can be submitted in a proper format to the "Innovation and Start-Up Committee".

IV. Screening of Ideas: The "Innovation and Start-Up Committee" will evaluate and shortlist ideas based on their potential. Shortlisted ideas may be eligible for participation in national competitions like the Smart India Hackathon.

V. Supporting, Mentoring, and Strengthening of Ideas: Shortlisted ideas will undergo workshops, webinars, and expert guidance to improve their viability and potential as startups.

VI. Prototype Development: Students will create prototypes of their ideas under direct supervision of mentors to validate their concepts.

VII. Basic Idea Testing: Students’ ideas must be tested in real-life conditions before being considered for commercialization.

Seed Funding

MATS University has created a Seed Fund to help early-stage startups transition from ideation to the prototype stage and beyond. The seed fund provides capital for essential startup expenses, such as product development, initial marketing, and research.

• Allocation Amount: Startups can apply for funding based on their needs and the stage of development.
• Funding Criteria: Startups must submit a business plan with market analysis, financial projections, and a clear roadmap to receive seed funding.
• Revenue Sharing: Startups that generate revenue are expected to contribute a small percentage back to the university’s seed fund.

Mentorship and Expert Guidance

Mentorship is central to the incubation process, with MATS University providing access to:

• Academic Mentors: Professors with expertise in various fields guide students on technical and theoretical aspects.
• Industry Mentors: Industry professionals offer advice on market strategies, product development, funding, and scaling operations.
• Entrepreneurial Mentors: Successful entrepreneurs, including alumni, share experiences and advice on navigating the challenges of entrepreneurship.