Entrepreneurship Services
MIT has set up an entrepreneurship facilitation centre where students, faculty, and anyone with a viable idea could shape their idea. This centre conducts various activities like workshops, seminars, hackathons, expert lectures, and idea contests to encourage entrepreneurship. Viable ideas may get funding and mentoring support through the ecosystem partners of MIT.
MIT encourages entrepreneurship by incubating startups and is authorized by MSME to support these activities. Student and faculty startups are given facilities and support. Learning from various initiatives, MIT has adopted a partnership model and collaborates with different organisations to build an ecosystem for entrepreneurs in this region. With need identification, idea evaluation and validation, proof of concept studies, prototyping, business plan development through to funding, the entire loop is completed through a series of collaborations.
This centre offers the following services and facilities:
- Advisory services (company structure and formation, legal, taxation, secretarial and accounting, intellectual property, funding, technology sourcing, etc.)
- Infrastructure and facilities
- Rapid prototyping facilities
- Analytical laboratory testing service
- Regulatory assistance
- Mentoring and networking support
A student–faculty startup@ MIT
Technodds is the latest student-faculty startup@ MIT developing products to fight Covid-19.
MIT Group of Academic and Research Institutes have collaborated with NETRA Accelerator Foundation (NETRA) to create an impact on the local economy of the Aurangabad and Marathwada region by supporting technology monetization, mentoring businesses and industries; thus boosting employment opportunities. The incubation centre is one of the activities to support early-stage startups by providing infrastructure and mentorship support in technology CxO inputs, sales, marketing, finance, and HR. Also, offer access to laboratories, library, and workshops for commercializing technological products and scaling-up.
About NETRA
The incubation centre is established to support technology-based entrepreneurship. The focus of NETRA MITA is in the ESDM segment. However, an incubating facility is available for all segments of technology startups.
Our incubation facility’s biggest advantage is access to a large pool of skilled interdisciplinary manpower, state of the art laboratories for rapid prototyping, testing, and workshops with five axis CNC and robots to handle complex geometries.
The incubation centre provides space, mentorship support, Technology support, access to labs, and workshops to technological startups through the incubation model.
NETRA’s incubation model has adopted a two-pronged approach of encouraging students startups and inviting experienced businesses. It intends to attract established / serial entrepreneurs to create success stories and showcase them to young students to take up technological entrepreneurship.
Support Services
Legal help through an independent legal advisor.
Financial management assistant through a third-party chartered accountant.
- Legal Help through independent legal advisor.
- Financial Management Assistant by through third party chartered accountant.
- Taxation assistance through a third-party resource.
- Many more services and support schemes
NETRA Accelerator Foundation (NETRA) is established as a not-for-profit company under Section 8 to enable startups in Electronics System Design and Manufacturing (ESDM). It is supported by the India Electronics and Semiconductor Association (IESA) and Electronics Sector Skill Council of India (ESSCI). NETRA has come up with a unique model for creating an entrepreneurial ecosystem in which it acts as a catalyst. NETRA has partnered with academic institutes at Hubbali, Warangal, Coimbatore along with MIT Group at Aurangabad. NETRA brings industry interface, a battery of mentors, investors, business acumen, and processes to these partnerships.
Incubation Centre
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Eligibility & Facility
Eligibility of Startup
- Engineers/companies desirous for setting a startup with a product idea or a ready proof-of-concept that can be transformed into a final product with a supporting business plan.
- Student and faculty startup to be allowed after due-diligence at NETRA-MITA as per guidelines.
- Educational training companies, courses, vocational training, distribution or trading of goods, etc. shall not be considered.
Facility
- Basic facilities of standard furniture and fixture with single-phase power supply suitable for technology startups with standard on-campus connectivity.
- Access to equipment available and workshop at concessional rates.
- Nominal rent to start that may be reviewed after two years.
- Nominal stake in the company in the name of NETRA-MITA
- Facilitation
- Product development at prudent cost.
- Access to rapid prototyping facility.
- Conducting field trials.
- For manufacturing and scaling up
- For showcasing the product in the appropriate platform.
Market access
- Teacher customer
- Innovation in partnership
- For events like demo day for pitching to angel investors and VC
- Best-in-class mentors
- Ecosystem collaboration
- For providing solutions and not just products
- Get over IP, Brand, Revenue, Fair profit-sharing insecurities
Mentoring and Coaching
- Mentors will be assigned to each startup.
- Connect with functional expertise and CxO level inputs.
- Support for business and technology development.
- Regular networking events with entrepreneurs and industry experts.
- Support on state and central govt. schemes.
Entry Policy
The prospective startup shall be evaluated on the following criterion:
- Technology-based business – POC, the relevance of technology of product idea, innovation, timelines, market availability.
- Profile of core team/promoters.
- IP already generated or potential of the idea for IP generation.
- Financial commercial viability – startup may give a five-year preliminary business plan.
- The time required to put the product to market. (If the product is under development/prototype)
- A scalable idea.
Entry Procedure
Exit Policy
Guidelines for exit from the incubation centre at NETRA-MITA:
- The startup companies will exit from the incubation centre
- On completing three years unless mutually extended.
- Unsatisfactory business performance or no business activity for six months.
- On attaining an annual turnover of two crores.
- When the number of employees exceeds 10, excluding student interns.
- In case of a dispute among promoters
- Change in promoters without acceptance GB.
- Violation of policies laid down by NETRA MITA
- Any other reason that NETRA-MITA management feels that an incubatee leaves the incubation centre.
Governing body for incubation centre: A governing body shall be established to deliberate on the selection and performance review of startups. It is proposed to be consist of:
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- General Secretory MITA
- Head NETRA-MITA
- Head Faculty
- A representative of Devgiri Electronic Cluster
- Vivek Pawar as NETRA India Head