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Entrepreneurship @ FTBI

Entrepreneurship Programs

  • Faculty Entrepreneurship Program

  • Faculty Entrepreneurship application form

  • Student Entrepreneurship Program

Eligibility Criterion

1. Admission to FTBI is open to :

  • Faculty, Alumni and student of NITR 

  • Technology/ R&D unit of an existing small/ medium size enterprise, industry association or an R&D company who desires to have a close technology interface with NITR

  • Outside Candidates 

2. A company has to be registered with RoC (Registrar of Companies) to be incubated in FTBI 

3. Interested participants are necessarily required to go through the induction round.

Forms for Incubation

Charges for incubation application.

  • Application fees: Rs 300/-(Non-refundable)

  • Admission fees: Rs 2000/-(Pre-incubation for six months)

  • In Favour of : FTBI, NIT Rourkela

  • Bank A/C No.: 38997871030

  • IFSC Code : SBIN0002109

  • Post, six months their application will lapse.

  • Form 2A : Pre Incubation Form

  • Form 2B : Registeration Form

Incubation Policy and Policy Objectives

The goal is to promote technology based entrepreneurship and thereby facilitate practical application of knowledge for the welfare of society . FTBI wishes to facilitate the creation of ideas and inventions that benefit society. To this end, FTBI has adopted this Incubation Policy to provide guidance and management structure to facilitate development of entrepreneurship.

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Procedure guideline document for admission to FTBI here:

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The document outlines the policies and procedures for the operational matters related to FTBI. It covers the following processes:

  • 1. Eligibility in detail

  • 2. Admission procedure

  • 3. Infrastructure and Services provided to Incubatees

  • 4. Period of Incubation/ Exit

  • 5. Intellectual Property evaluation

  • 6. Seed funding

  • 7. Periodic assessment

  • 8. Consideration

  • 9. Conflicts of interest

  • 10. Disclaimer

  • 11. Agreements

The policy is subject to periodical review and amendments. It will be the responsibility of the companies admitted to FTBI to update themselves from time to time on amendments in Incubation policy and procedures. FTBI reserves the rights to make an exception of all or any of the terms of policy for a particular company or a promoter on a case to case basis

We are inviting proposals from innovative startups to join our Incubation program, please contact us/e-mail your Business Plan proposal in the Format Given in Form 2A.

 

Definitions:

Entrepreneurship-in-Residence (EiR):

  • The objective of the EiR program is to provide a support platform for aspiring entrepreneurs from NIT Rourkela and beyond, to nurture their business ideas in an academic environment, having access to networks, mentors, and other fellow entrepreneurs. Entrepreneurs-in-Residence are typically graduating students, willing to take up entrepreneurship as a career option.

  • This is a fellowship programme, with/without stipend, as specified in the various programmes implemented by FTBI NIT Rourkela or as decided by the Steering Committee. Companies availing EiR programmes are eligible for further rounds of funding of higher quantum. However, multiple fellowships cannot be combined.

Grants:

  • This is the funding provided to the startups with a Proof-of-Concept (PoC), towards scaling up of a minimum viable product (MVP). Grants are low risk towards the startups, awarded without any compulsion to return. There is no pressure for repayment as grants are a form of monetary support provided for a specific purpose. Grants, if otherwise specified, will be utilised for procurement of capital goods and raw material required to an extent of at least 50%.

  • Grants may be provided by FTBI NIT Rourkela, subject to availability. Companies availing grants will no longer be eligible for EiR programmes. They will, however, be eligible for further funding rounds of higher quantum, subject to availability of funds.

Seed Loans:

  • Seed loans are a type of debt financing, with or without interest, as decided by the agency providing loans. The company may avail these loans on terms and conditions of repayment, within a timeline.

  • The other terms and conditions related to seed loans will be as per the guidelines of Startup India.

Early Traction/Series A Stage

As defined by Startup India.

 

Preference for funding shall be given to the entrepreneurs who have not received any prior major funding from FTBI NIT Rourkela and/or from any other sources. The decision of the selection committee shall be final.

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