IRMA Innovation and Start-up Policy

  

Contents
1. Introduction.................................................................................................... 2
2. Objectives ....................................................................................................... 2
3. Mission Statement.......................................................................................... 2
4. Governance ..................................................................................................... 3
5. Strategies ........................................................................................................ 3
6. Start-up enabling Institutional Support ...................................................... 3
7. Organizational Ecosystem ........................................................................... 4
7.1 Strategic considerations ....................................................................... 4
7.2 Student Policy....................................................................................... 5
7.3 Faculty Policy ....................................................................................... 6
7.4 Policy for IRMA Alumni ..................................................................... 6
7.5 Policy for any other individual / group ............................................... 6
8. Incubation Center - iSEED-IRMA .............................................................. 7
8.1 Selection of Incubatees......................................................................... 7
8.2 Infrastructure ........................................................................................ 7
8.3 Services ................................................................................................ 8
8.4 Periodic assessment of Incubatees ....................................................... 8
8.5 Tenure of Incubation Support .............................................................. 9
8.6 Funding .................................................................................................................9
8.7 Mentoring and Advisory Services .................................................................9
8.8 Pedagogy and learning Interventions for Entrepreneurship
Development ......................................................................................................10
8.9 Exit Strategy ......................................................................................................10
9. Outcomes ...................................................................................................... 10
10. General Terms and Conditions ................................................................. 11
11. Disclaimer .................................................................................................... 12

1 
 
  

1. Introduction

The National Innovation and Start-up Policy (NISP) 2019 for students and
faculty of Higher Education Institutions (HEIs) was formulated to enable
institutes to actively engage students, faculties and staff in innovation and
entrepreneurship related activities. This framework will also facilitate the
process of bringing uniformity across HEIs in terms of Intellectual Property
ownership management, technology licensing and institutional Start-up policy,
thus enabling creation of a robust innovation and Start up ecosystem across all
HEIs.

In accordance with the NISP Policy, a six member committee was constituted at
IRMA to formulate the detailed guidelines for various aspects related to
innovation, start -up and entrepreneurship management. The NISP committee
deliberated on various facets for nurturing the innovation and Start-up culture
at IRMA and prepared the IRMA Innovation and Start-up Policy. The IRMA
Innovation and Start-up Policy will be implemented at IRMA through its social
incubator iSEED-IRMA.

2. Objectives

 To create a vibrant start-up and entrepreneurship culture at IRMA and

support enterprises which can transform rural India through sustainable
innovations.
 To create an environment for dialogue, discussion and creation of research
in entrepreneurship with dual focus of social impact and economic viability.
 To develop entrepreneurial ecosystem amongst students, alumni, faculty and
incubatees at iSEED-IRMA with special focus on social entrepreneurship.

3. Mission Statement

To promote sustainable, ecologically friendly, and equitable socio-economic

development through entrepreneurship that nurtures and enriches innovation
and fosters synergy between the practitioners, academia and industry.

2 
 
  

4. Governance

 The NISP Coordinator shall be the head of the NISP Committee as notified
by the institute
 The tenure of the NISP Committee shall be 3 years from the date of
notification
 The NISP Coordinator shall be a full-time faculty of the Institute.
 The NISP Committee shall be represented by suitably identified notable
entrepreneurs, IRMA Alumni, Industry experts and faculty of IRMA
 The role of the committee includes:
o Operationalization of NISP Policy
o Periodic review of the NISP Policy
o Support the entrepreneurial eco-system

5. Strategies

 The support to the stakeholders in entrepreneurial pursuit will be provided

through IRMA’s social incubator iSEED-IRMA which is a section 8
company.
 Institute will allocate resources for supporting entrepreneurship.
 Resource mobilization plan will be worked for supporting innovation, pre-
incubation, incubation infrastructure and facilities. A sustainable financial
strategy will be defined to reduce the organizational constraints to work on
the entrepreneurial agenda.
 Action plan will be formulated, having well-defined short-term and long-
term goals.
 Pre-incubation and incubation facilities for nurturing innovations and start-
ups will be created. Incubation and Innovation can be organically interlinked
and effort will be to link Innovation to Enterprises to Financial Success.

6. Start-up enabling Institutional Support

 Pre-incubation and incubation facilities for nurturing innovations and start-

ups will be created and support will be provided through iSEED-IRMA.
 iSEED-IRMA will be supported to strive for developing funding sources.

3 
 
  

 Pre-Incubation/Incubation facility will be accessible 24x7 to students, staff

and faculty including start-up at iSEED-IRMA.

7. Organizational Ecosystem

The IRMA Innovation and Startup Policy will enable active engagement of
students, faculties, staff, alumni and incubatees in innovation and entrepreneurship
related activities. Infrastructure, Services and Access to network will be provided
by iSEED-IRMA and will be enabling the creation of a robust innovation and Start
up ecosystem by active participation from various stakeholders with the support of
iSEC1 - IRMA Social Entrepreneurship Cell, the student body which enables
ideating socially impacting ventures that are sustainable and follow sustainable.

7.1 Strategic considerations:

i. iSEED-IRMA shall create an enabling condition for the students,
faculty and networked sector organizations
ii. iSEED-IRMA shall identify prospective students seeking admissions
to IRMA having early signs of entrepreneurial skill/motivation
iii. Admissions promotion will include funding support to iSEED-IRMA
to “catch the prospective students early” through road shows,

 
1
 iSEC ‐ IRMA Social Entrepreneurship Cell (iSEC), is the student body of IRMA who works towards encouraging 
innovation and social entrepreneurship. 

4 
 
  

presentations at universities across India / Asia pacific using the

ISEED-IRMA and IRMA admission funds.
iv. Students joining IRMA shall have the motivations to join iSEED-
IRMA programs/ network to become incubatees. iSEED-IRMA shall
be aware of the fact that student’s investments in pursing the
programme is cost centric and RoI would be a factor.
v. iSEED-IRMA will be a sector partner organization to host IRMA
participants in VFS, SIS and start-ups.
vi. iSEED-IRMA shall introduce courses in programs related to its
mission by proposing it through the relevant area chair
vii. IRMA shall encourage its faculty to incubate their ideas in iSEED-
IRMA through initial funding available from Faculty Development
Fund. Faculty should also guide start-ups/innovators including
creating one. The Faculty Induction and Development Committee
shall incorporate necessary amendments to consider efforts of the
faculty top support startups.
viii. iSEED-IRMA shall expand its networks for generating funds, and
making it available to the start-ups/innovators with various options
including grant, seed money, equity etc., adhering to its mission and
byelaw.
ix. iSEED-IRMA shall be open to options other than students for start-
ups/innovators by giving preference to gender, youth and alumni of
IRMA.
x. IRMA shall allow students who opted for start-ups/innovators, but
failed in managing, to join placement process with junior batch after
two years.

7.2 Student Policy

i. Every PRM/PRMX student joining IRMA shall have the option to

join iSEED-IRMA incubator early.
ii. Student shall have the option to participate in start-up programmes
with a theme and under the guidance of iSEED-IRMA mentors /
faculty of IRMA. Such theme based association shall be duly credited
as part of their course curriculum.
iii. Student shall have the option to generate ideas and create start-up
individually or in group.

5 
 
  

iv. The student(s) shall prepare the project plan during their term in the
programs at IRMA and submit for approval of iSEED-IRMA.
v. Students have the option to join iSEED-IRMA for their VFS2, SIS3.
iSEED-IRMA shall host as per its requirements.
vi. Student shall have the option to join placement process or to nurture
her/his start up.
vii. Student(s) shall own the Intellectual Property Rights jointly with
iSEED-IRMA for research and knowledge creation/dissemination
generated out of the efforts.
 
7.3 Faculty Policy

i. Faculty shall have the option to join iSEED-IRMA for ideating,

creating and nurturing a start-up individually or in a group.
ii. Faculty can submit a project proposal to iSEED-IRMA for creating a
start-up.
iii. Faculty shall have the option to use Faculty Development Fund for
supporting her/his start-up
iv. Faculty shall own the IPR jointly with iSEED-IRMA for research and
knowledge creation/dissemination generated out of the efforts.
v. Faculty shall have the option to join iSEED-IRMA to seek funding
from funding agencies for nurturing start-ups/innovators.
vi. Faculty shall have the option to advise students joining iSEED-IRMA
for VFS4, SIS5 and start-ups/innovators.
vii. Faculty shall have the option to join a start-up by investing in it in any
form in terms of their expertise, time, money etc., but as per the
guidelines of iSEED-IRMA.

7.4 Policy for IRMA Alumni

i. Alumni of IRMA shall have the option to join iSEED-IRMA for

ideating, creating and nurturing a start-up individually or in a group.

 
2
 VFS – Village Field Segment for all IRMA participants 
3
 SIS – Summer Internship Segment for all IRMA participants 
4
 VFS – Village Field Segment for all IRMA participants 
5
 SIS – Summer Internship Segment for all IRMA participants 

6 
 
  

However, they would have the facility after three years of graduating
from IRMA.
ii. Alumni of IRMA shall submit a project proposal to iSEED-IRMA for
the start-up. Preference will be given for better funding support
options.
iii. Alumni of IRMA shall be given seed money/ grant/equity as the case
may be, from the iSEED-IRMA fund if the project proposal is
approved. But the alumni shall strive for funding from outside iSEED-
IRMA.
iv. Alumni shall own the Intellectual Property Rights jointly with iSEED-
IRMA for research and knowledge creation/dissemination generated
out of the efforts.

7.5 Policy for any other individual / group

i. Any other individual / group have no direct association with iSEED-

IRMA can join to nurture start-up.
ii. iSEED-IRMA shall allow such entry if there a strong proposal and is
approved by iSEED-IRMA. Preference will be given for better
funding support options.
iii. iSEED-IRMA shall support the project with initial seed money/
grant/equity as the case may be. But the project shall strive for
funding from outside iSEED-IRMA.
iv. iSEED-IRMA shall own the IPR jointly with the start-up for research
and knowledge creation/dissemination generated out of the efforts.

8. Incubation Centre – iSEED-IRMA

The Incubator for Social Enterprises and Entrepreneurs Development

(iSEED-IRMA) at IRMA was launched 2016. iSEED-IRMA brings to its
incubation ecosystem extensive experience and expertise in providing
support to social enterprises through networks, collaborative research,
entrepreneurship training, and capacity building. iSEED-IRMA works with
both not-for-profit and for-profit social enterprises towards creating a vibrant
social entrepreneurial ecosystem and provides a one stop platform for the
students and the faculties and alumni into successful entrepreneurs.

7 
 
  

8.1 Co-Incubation

iSEED-IRMA would explore opportunities for co-incubation with other eco-

system partners and incubators to further its knowledge and expertise base
and provide the best possible opportunities for its partners.

8.2 Selection of Incubatees

The selection of Incubatees will be based on the ISEED-IRMA Incubation

policy which outlines the entire Incubation cycle at iSEED-IRMA starting
from application process, identification of incubatees, milestone mapping,
etc. till the impact assessment and exit of the incubatee.

8.3 Infrastructure
Upon admission to incubation centre, the following infrastructural facilities
may be offered to the incubatee on a case to case basis. iSEED-IRMA shall
arrange for a set of shared common infrastructure mentioned hereinafter:
i. Office space
ii. Internet connection
iii. Personal Computers (as per availability)
Besides, iSEED-IRMA will facilitate the incubatees to access resources of
Host Institution for their idea’s development purposes. Access to resources
is possible through iSEED-IRMA and usage of such resources should be
with permission of the concerned department to avoid conflict with
departmental activities and objectives. Further usage of such resources shall
be in conformity with the policies of the Host Institution.
Apart from the specific infrastructures as stated above, Centre for Innovation
& Design will provide certain facilities that will be shared by all incubatees
which would include:
i. Laser Printing
ii. Photocopier
iii. Scanner
iv. Teleconferencing facilities
v. Meeting/Conference room with projection equipment
vi. IRMA Library facilities
vii. Pantry facilities
viii. Laboratories

8 
 
  

8.4 Services

In addition to physical infrastructure, iSEED-IRMA intends to provide other

support and services including:
i. Company registration and filings
ii. HR services
iii. Legal
iv. Intellectual Property (Copyrights, Trademarks, Patent) filings
v. Training/Conferences/Workshops
vi. Seed Funding support
vii. Governmental Agency funding
viii. Networking and linkages with IRMA Alumni for mentorship, funding,
technical expertise and market access
ix. Venture capitalists / Angels / Investors Introductions
x. Showcasing iSEED-IRMA incubatees through networking and events
xi. Entrepreneurship meets

8.5 Periodic Assessment of Incubatees

iSEED-IRMA will evaluate the performance of incubatees, who will be

required to submit information on a quarterly basis in a prescribed format.
Additionally, incubatees may also be subjected to annual assessments.
Assessment criteria, formats and frequency will be intimated to incubatees
by iSEED-IRMA.

8.5 Tenure of Incubation Support

Companies will be permitted to stay in the incubation centre, to begin with,

for a period of 24 months that may be extended to another 12 (6+6) months
after review at each stage. A nominal monthly charge will be levied to a
company for this period of 36 months. iSEED-IRMA may, at its own
discretion, permit companies to extend their stay further for a maximum
period of another 12 months, for which they will have to pay the charges at
the prevailing market rate decided by iSEED-IRMA.

9 
 
  

8.6 Funding

Based on the stage at which the start-up is operating and the requirement,
iSEED-IRMA can decide the type of funding, i.e., grant, equity, debt or a
combination can be decided. This would also depend on the scheme/program
in which the funding would be planned and there can be a guideline from the
funding program which would have to be followed.
In lieu of support and services to be provided, the incubatees will be charged
in the form of equity and/or revenue sharing. The percentage of equity and
revenue sharing will be mutually decided by iSEED-IRMA and the
incubatee. iSEED-IRMA can have a policy of holding equity stake in the
start-up and the percentage stake can be mutually agreed upon between the
incubatee and iSEED-IRMA.

8.7 Mentoring and Advisory Services:

Specialized mentors may be made available, based on demand, to the

companies to assist with strategic areas or to provide project-oriented
consultation. In such case mentor has to be compensated by the company
either by equity sharing or by providing fees.
An incubatee may avail the consulting services by empanelled professionals
at their end. Hiring of any consultant from outside IRMA directly by the
incubatee shall have to be paid directly with prior information to iSEED-
IRMA.

8.8 Pedagogy and learning Interventions for Entrepreneurship

Development

Diversified approach should be adopted to produce desirable learning

outcomes which should include cross disciplinary learning using mentors,
labs, case studies, games, etc. in place of traditional lecture-based delivery.
i. Student clubs/ bodies/ departments should organize competitions,
bootcamps, workshops etc. These bodies should involve in
institutional strategy planning to ensure enhancement of students
thinking and responding ability.

10 
 
  

ii. Institute will provide “Annual Innovation & Entrepreneurship Award”

to recognize outstanding ideas, successful enterprises and contributes
for promoting innovation and enterprises ecosystem within institute.
iii. Innovation champion will be nominated from the students in each
academic year.
iv. In the beginning of the academic year, Start up and Innovation cell
will conduct an induction programme about importance of I&E so that
freshly inducted students are made aware of the entrepreneurial
agenda of the Institute and available support system

8.9 Exit Strategy

Incubatee will leave the incubator under the following circumstances:

i. Completion of association for 36 months, unless it is extended by
iSEED-IRMA
ii. Under performance of the business proposition: Criteria for the same
will be decided and applied by iSEED-IRMA on case-to-case basis.
The company may be asked for exit in case of poor performance.
iii. Mutually agreed conditions with atleast one month prior notice in
written format between the incubator and incubatee

9. Outcomes

Formulation of strategy and impact assessment in terms of measurable

outcome goes hand in hand. Impact assessment of IRMA’s entrepreneurial
initiatives such as pre-incubation, incubation, entrepreneurship education
can be measured via the following evaluation parameters and will help in
developing and reviewing IRMA’s entrepreneurial strategy.

i. Students participation in workshops

ii. Students participation in competitions
iii. Students participation in VFS6 and SIS7 in collaboration with iSEED-
IRMA
 
6
 VFS – Village Field Segment for all IRMA participants 
7
 SIS – Summer Internship Segment for all IRMA participants 

11 
 
  

iv. Students participation in courses/electives on Entrepreneurship

v. Students pursuing entrepreneurship after IRMA/ Opt out from
placements (Fall back option – facilitating placement up to 2 years if
entrepreneurship venture fails)
vi. Knowledge Repository for Start-ups
vii. Number of eco-system partners impacted
viii. Number of start ups/innovators graduated, faculty, alumni and student
ventures started/incubated

10. General Terms and Conditions:

Two entities constitute the overall governance structure of the NISP and
these are IRMA and iSEED-IRMA. There are other stakeholders including
students, alumni, and any prospective incubatee who might be interested to
associate themselves in the process as outlined. The general terms and
conditions mentioned below provide the broad guidelines on roles,
responsibilities and legal jurisdictions:

i. The incubatee (prospective and/or enrolled) shall be governed under

the extant provisions made in the policy document and the
modifications thereof.
ii. Decisions on any matter related to the incubation discussed under the
policy shall rest with the Director, IRMA on recommendations of
steering committee.
iii. Any dispute arising during the process, the Director shall be the sole
arbitrator. If not resolved, the issues shall be dealt with legal
jurisdictions of IRMA as applicable.
iv. The incubatee shall remain responsible for respecting the extant
provisions of intellectual property Act (IPR), information technology
(IT) Act of the GoI and any updates thereon.
v. The above policy is subject to periodical review and amendment at any
time.

12 
 
  

11. Disclaimer:
 
IRMA, iSEED-IRMA and the NISP Committee at IRMA intend to provide
support and services to incubatees in good faith to pursue the objective to
promote entrepreneurship by incubating and supporting new enterprises. It
is understood that by agreeing to provide various support and services,
IRMA, iSEED-IRMA and the NISP Committee at IRMA do not undertake
responsibility for; ensuring the success of an incubatee, its products/
process/ services or marketability; ensuring quality of support and services
provided by IRMA, iSEED-IRMA and the NISP Committee at IRMA to the
complete satisfaction of an incubatee or its promoters/ founders/ customers/
vendors; ensuring quality of services of the consultants engaged by the
incubatees through the IRMA, iSEED-IRMA and the NISP Committee at
IRMA network and incubatees will have to apply their judgment before
getting in a relationship with them. The incubatees agree that IRMA,
iSEED-IRMA and the NISP Committee – including their employees and/ or
members shall not be held liable for any reason on account of the above.
IRMA, iSEED-IRMA and the NISP Committee at IRMA or any person
representing them shall not be liable for any acts / illegal activities or
omissions of the incubatees.

13