Working Guideline

Working guidelines

Initiation Phase: Any Individual / group of faculty and students can initially propose an idea to the GCELII with prime features as mentioned below:

  1. Innovativeness
  2. Commercial viability
  3. Technical feasibility
  4. Social sensibility
  5. Scalability

Standard Operating Procedure: The goal is to provide handholding support to student and faculty from Ideation level to venture creation. With the vision for providing high quality services through young entrepreneurs institute adopted this incubation policy for establishing a successful innovative entrepreneurship model, having the following characteristic features:

  • Entrepreneurship promotion development will be one of the major dimensions of the GCELII. To facilitate development of an entrepreneurial ecosystem in GCET and nearby area, specific objective and associated performance indicator will be periodically defined for assessment.
  • A sustainable financial strategy will be defined in order to reduce the organizational constraints to work on the entrepreneurial agenda.
  • Minimum fund of the total annual budget of the university will be allocated for funding and supporting innovation and start-ups related activities through creation of separate ‘Innovation fund’.
  • The strategy will also involve raising funds from diverse external funding sources through government (state and central) such as AICTE, BIRAC, CSIR, DBT, DST, DSIR, MSDE, MSME, MHRD, NSTEDB, NRDC, Start-up India, Invest India, TDB, TIFAC, etc. as well as non-government organisations.
  • To support technology incubators, GCELII will approach private and corporate sectors to generate funds, under Corporate Social Responsibility (CSR) as per Section 135 of the Company Act 2013.
  • GCELII will also raise funding through sponsorships and donations. GCELII will actively engage alumni network for promoting Innovation & Entrepreneurship.
  • Action plan will be formulated at GCELII level, having well-defined short-term and long-term goals.
  • Product to market strategy for start-ups can be developed by the GCELII on case to case basis.
  • Development of entrepreneurship culture should not be limited within the boundaries of the GCET.
  • GCELII will establish processes and mechanisms for easy creation and nurturing of Start-ups/enterprises by students, staff (including temporary or project staff), faculty, alumni and potential start up applicants even from outside the institutions.
  • The timeframe may be left flexible depending upon the nature and extent of efforts required for the completion of the targets.
  • The GCET is also expected to provide handsome equity share, space, infrastructure, mentorship support, seed funds, support for accounts, legal, patents , product development etc.
  • Start-up related activities needs to be considered as a legitimate activity of faculty during Performance Appraisal.
  • Incentives and certificates are to be given to innovators for starting such activities.

Entrepreneurial Impact Assessment:

  • Impact assessment of GCELII entrepreneurial initiatives such as pre-incubation, incubation, entrepreneurship education will be performed regularly using well defined evaluation parameters.
  • Monitoring and evaluation of knowledge exchange initiatives, engagement of all departments and faculty in the entrepreneurial teaching and learning will be assessed.
  • Impact will also be measured for the support system provided by the GCELII to the student entrepreneurs, faculty and staff for pre-incubation, incubation, IPR protection, industry linkages, exposure to entrepreneurial ecosystem, etc.
  • Formulation of strategy and impact assessment will go hand in hand. The information on impact of the activities will be actively used while developing and reviewing the entrepreneurial strategy.
  • Impact assessment for measuring the success will be in terms of sustainable social, financial and technological impact in the market.

Exit policy:

The Start-Up can exit from the Incubation Centre:

  1. On completion of duration of the project (Max. duration for any Start-Up will be 3 years.)
  2. Non-performance or under performance of the venture
  3. Violation of any institute policy & IP infringement
  4. Any other reason, when the authority, advised by the GCELII.