1. Introduction

The Startup Cell at R. C. Patel Institute of Technology (RCPIT) is established with the vision of creating a thriving entrepreneurial ecosystem on campus. It aims to inspire, support, and guide students, faculty, and alumni in launching their own innovative ventures. By providing resources, mentorship, and industry connections, the Startup Cell serves as a catalyst for entrepreneurial growth and development.

2. Objectives of Startup Center

• Foster an environment that encourages creative thinking and entrepreneurial spirit.
• Support students, faculty, and alumni in transforming innovative ideas into successful businesses.
• Offer resources, training, and mentorship to develop startups capable of addressing real-world problems.
• Create networking opportunities with industry experts, investors, and incubators.
• Assist startups in navigating funding avenues, such as grants, seed funding, and venture capital.

3. Scope of the Policy

This policy applies to all current students, faculty members, and alumni of RCPIT who seek guidance, support, and resources to initiate or develop their entrepreneurial ideas into viable businesses.

4. Functions of Startup Center

• To create awareness of entrepreneurship by organizing sessions by experts. MoU is donewith Maharashtra Center of Entrepreneurship Development, Dhule for organizing awareness camps/programs.
• To organize story telling sessions by nearby/alumni successful startup owner. .
• To organize idea competition, hackathon to identify innovative ideas.
• To provide facilities to the pre-incubated startups like, making website, mobile app, market survey, workshop machinery, computer lab etc.
• To provide facility of remote/physical incubation in COEPs BHAU Institute of Leadership & management, Pune. BHAU Institute is remote incubation Center of RCPIT, Shirpur.
• To search and approach various funding resources like VC, Angle or Govt agency for funding to the startup.
• To provide office space, internet and electricity free to the pre-incubated startup for 2 years after successful establishment and DIN registration of startup.

5. Application and Selection Process

To ensure a fair and transparent process, the Startup Cell follows a structured application and selection process:

Eligibility Criteria

• Open to all students, faculty, and alumni of RCPIT.
• Ideas must be innovative, feasible, and possess scalable business models.
• The team should demonstrate commitment and a strong understanding of their target market.

Application Process

• Interested applicants submit an application form detailing their business idea, team structure, target market, and initial business model.
• A preliminary evaluation is conducted by the Committee.

Selection Process

• Shortlisted applicants present their ideas to a panel comprising committee members, industry experts, and faculty.
• Evaluation Criteria: Innovation, feasibility, scalability, market demand, team strength, and commitment.
• Final selections are made based on the above criteria, with the option to onboard promising startups under the guidance of a mentor.

6. Intellectual Property (IP) Rights

Intellectual property created as part of the Startup Cell’s activities is governed by the following terms:

• Ownership: The creator of the IP (student/faculty/alumni) retains ownership of their work.
• Support Terms: If the institute’s resources are substantially used, RCPIT reserves the right to discuss a royalty agreement or equity arrangement with the creator.
• IP Protection Support: The Startup Cell provides resources for securing patents, trademarks, and copyrights to help entrepreneurs protect their IP assets.

7. Financial Assistance and Revenue Sharing

The Startup Cell assists with and outlines terms related to financial support:

• Institute Support: Financial support may be provided in the form of seed funding or loans. Terms will be based on a mutual agreement that could involve revenue sharing, equity, or other returns based on the startup’s future success.
• Revenue Sharing: Successful startups are encouraged to contribute a small percentage of revenue back to the Startup Cell. This helps sustain future initiatives and supports new entrepreneurs in the institute.

8. Compliance and Exit Policy

Compliance with the following regulations is mandatory for all startups associated with the cell:

• Legal and Ethical Compliance: Startups must abide by legal standards, including labor laws, tax compliance, and other regulations relevant to their industry.
• Exit Policy:
• Startups are expected to transition out of the incubation phase once they achieve self-sustainability or exceed the support scope of the Startup Cell.
• The Startup Cell reserves the right to end support if a startup fails to meet performance standards or breaches policy guidelines.

9. Monitoring and Evaluation

The progress and effectiveness of the Startup Cell and its associated startups are monitored through the following mechanisms:

• Periodic Review Meetings: Startups are required to provide updates on their progress through periodic review meetings with the Committee.
• Annual Evaluation: The cell conducts an annual evaluation to gather feedback from entrepreneurs, mentors, and industry partners, and uses this input to improve services and policies.

Policy Amendments

This policy is subject to change based on evolving needs, feedback, and trends in the entrepreneurship ecosystem. Amendments, if any, will be communicated to all associated members.