Selection of Start-Up Proposal shall be a 4-Stage Process:
- Eligibility Screening
The Start-Up Proposal should be in one of the defined track meeting the problem statement. VARCoE will consider Proposals for supporting only from those entities that are considered as a Start-Up (as per Department of Industrial Policy & Promotion- DIPP). Provided that any such entity formed by splitting up or reconstruction of a business already in existence shall not be considered a 'Start-Up'. A proprietorship or a public limited company is not eligible as Start-Up.In addition, the following Eligibility Criteria should also be met: The Start-Up should not have been black-listed by any Government entity or any Incubation Centre. The Promoter(s) shall not have any criminal case pending in any Court of Law in India. A Declaration to this effect shall be required to be submitted in this respect.
The following Criteria is proposed to be used for Shortlisting of Start-Up proposals:
|Technical Feasibility and Scalability||20|
|Key Team Member's Profile and Founder's Background||20|
|Risks involved and Mitigation Plans||20|
|Financial Returns and Patentability||20|
|Market Size and Growth Rate||20|
Evaluation of proposal will be carried out by a team of experts from Academia and Industry based on the technical strength and above mentioned points as per Financial Returns and Patentability and go to market feasibility.
Subsequent to approval by the Competent Authority, VARCOE shall send a Letter of Acceptance (LOA) to the Start-Up informing the selection. The LOA shall have the salient features of the nature of support including Amount, Milestones, and an Investment Agreement as well as and conditions for support of funding and termination of agreement. In case if the shortlisting criteria is not fulfilled by the participated teams then none of the teams may be selected for a track. The Funding shall commence after the Start-Up submits the signed copy of LOA as a token of acceptance along with the Agreement.
In case of absence of adequate innovation, or lack of feasibility for the above mentioned tracks then a consolation prize of 25,000/- for the best proposal (one from each track) will be awarded.