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Karnavati Innovation and Incubation Foundation (KIIF)

Karnavati Innovation and Incubation Foundation (KIIF)

Karnavati Innovation and Incubation Foundation (KIIF) is a design business incubator that works on an amalgamation of design, technology and business principles. Located within the campus of Karnavati University, it has been formed to help start-up companies and entrepreneurs in their journey towards becoming successful businesses. Through its hallmark business assistance services, it would render much needed support to companies sprouting their way into the business world. The incubated companies will have access to corporate like workspaces, domain expert mentors and cutting-edge labs to take their idea to emerge out into a successful and profitable business venture.

Mission

To create an inclusive environment to potential entrepreneurs and graduating students so as to translate knowledge and innovation into creation of successful enterprises to contribute to nation’s growth.

Vision

To nurture innovations so as to build innovation-based enterprises and create an ecosystem that would foster the entrepreneurial spirit among youth and help India become an innovative and creative society by providing an enabling environment.

Goals

  • Nurture young firms/start-ups, helping them during the critical start-up period when they are most vulnerable
  • Provide hands-on management assistance, access to financing and well-designed exposure to critical business or technical support services
  • Offer entrepreneurial firms/ start-ups shared offices, shared services and access to labs and equipment under one roof
  • To put the incubated companies at the forefront of developing new and innovative technologies and help them create products and services that improve the quality of lives around the world.

Objectives

  • Create synergy through operative policy mechanism and support system for transformation of good ideas such as product, process and service innovation into a scalable model so as to establish small, medium and large industries.
  • Establish a system to support protection of intellectual property rights at national and global level
  • Establish a system to help young entrepreneurs acquire funds for their Project
Providing co-working space The companies that are selected to be incubated would be provided with co-working space at the incubator. The facilities that a incubated company expect are: - Office space with personal desk and chairs - Desktop computers - High Speed Internet - Meeting and conference rooms Focused mentorship support Mentorship support would be provided by the incubator in the following ways: - A faculty member from within Karnavati University would be assigned to each company who would mentor and monitor the company on a day to day basis - The companies would have access to a selected pool of faculty members who have skills in some specialized fields. Various coursework and workshops As and when needed, the incubator would float courses and conduct workshops to help budding entrepreneurs to bridge their knowledge gap. Talks by industry experts The incubator would call various industry experts to interact with the start-ups who benefit by knowing the latest trend in the industry from the industry insiders Access to Labs The incubated companies would have access to labs not only of the incubation facility but also of the institutes of the Karnavati University. The access to labs would be as per the guidelines of the specific lab. Help in company registration The incubator, through internal resources of KU or through special tie-ups, would help the start-ups in registering themselves with Registrar of Companies (RoC). Help in IP and Patent filing The incubator, through internal resources of KU or tie-up with companies specializing in that field, would help the students to understand and file for IP and Patents. Access to bank loans The incubator would educate the incubated companies on ways and means to avail of bank loans under different government schemes. The incubator would also help connect the companies with the banks to avail with the loan. Access to Angel Investor and Venture Capitalist funding The incubator would have tie-ups with various angel investors/ venture capitalist and their networks. The incubator would help the companies raise capital from these entities for growth and sustainability of their venture. Government Grants The incubator will facilitate the application for grants from various government agencies under various schemes like: - SSIP, Ministry of Education, Govt. of Gujarat - Start-up Gujarat grant, Industries Commissionerate, Govt. of Gujarat - Grants under Nidhi Prayas, Dept. of S&T, Govt. of India

Karnavati Incubation and Innovation Foundation presents INVIGORATION 2019 - Energize your business ideas to life

Eligibility Criteria:

  1. Contest is open to all the current students and alumni of Karnavati University
  2. An undertaking to form a Pvt. Ltd. Company within 3 months (if not already formed) from the date of incubation
  3. The companies, so formed, should adhere to the definition of start-up as defined by Govt. of India start-up policy.
  4. In case of students’ initiative, they should opt out of the placement process on finalization
  5. Student should give an undertaking stating that he/she should not take full-time employment during the period of incubation

Selection basis:

Ideas shortlisted on basis of the eligibility criterion, would be judged by an expert committee on the following lines:
  1. Innovativeness of product/ service
  2. Social impact that the product/ service will make
  3. Business plan analyzing the future of the company/idea
  4. Profile and seriousness of the candidates to take the idea forward

Focus Areas

  • Internet-of-Things (IOT)
  • Augmented Reality & Virtual Reality (AR/VR)
  • Wearable Technology
  • Luxury, lifestyle and fashion
  • Electric Mobility
Although focused on the above themes, we are open to the entire gamut of ideas for incubation

Terms & Conditions

  • Selected candidates need to form Pvt. Ltd. Company within three months of Incubation.
  • In case of students, selection would mean automatic withdrawal from the placement process
  • Incubation would be for an initial period of 18 months. Extension can be given on the basis of the performance and genuine requirement of the start-up.
  • The incubator may cancel the incubation of a company if it is found to violate the rules of the Incubator, University or of the country.
  • Incubator would help get funds from Banks, Govt. agencies, Angel Investors and Venture Capitalist on terms and conditions set by them. The incubator, at no point in time should be held liable in any dispute arising between the financier and the start-up company.
  • Selection would be basis the following:
    • Innovativeness of product/ service
    • Social impact that the product/ service will make
    • Business plan analyzing the future of the company/idea
    • Profile and seriousness of the candidates to take the idea forward
  • The decision of the jury is final.
  • All disputes are subject to Ahmedabad jurisdiction only

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