The incubation application process is straightforward, targeting entrepreneurs and start-ups with innovative solutions who are looking to set up their business venture.
How are applications judged?
Applications are screened by a panel of committee members, using a five-point scale, with a focus on identifying start-ups who are innovative in their respective industry.
What is the definition of Innovation for in5?
How long does the program last?
in5 supports innovative, active, and engaged startups with subsidized pricing for 5-years. After the incubation period at in5 Innovation Center, in5 reserves the right to renew the lease agreement at in5 Innovation Centers and/or offer lease options to relocate at various TECOM locations. Depending on the progress and performance, Terms and conditions are applicable to extend the subsidized cost and approval is subject to in5 management decision. A startup team of over 4-members, are provided an independent office options at a subsidized rate.
What criteria do the Application Committee consider when judging applications to be part of the in5 program?
Level of innovation of the proposed solution
Management team comprising of complementary skills to drive the startup venture
Market potential and competitive landscape of the project
Economic impact on the community in the form of job creation potential and contribution to the growth of the economic base
Is it necessary to have a completed business plan to apply?
No, at the time of online submission, a complete business plan does not need to be ready. However, all elements of business model must be submitted, and the solution should be at a stage of a Minimum Viable Product or prototype, proof of concept. Design and Media applicants can present their Portfolio/Case Study/Sample of Work.
What happens if the application submitted lacks the complete information required by the in5 Committee?
If the committee feels that it requires further information or clarification of any points, the applicant will be contacted to submit additional documents to assert their innovation. However, panel’s decision is deemed final.
What is the next step after being selected by the committee?
After receiving acceptance to join the in5 hub, the team will contact you to register your startup company. In case the selected startup is not ready to establish a company, they can avail facilities as in5-Member.
How long it takes to from application to registration of the startup venture?
The application pitch sessions take place within 1-2 weeks from the submission. The approved applicants are required to commence their company registration process within one week of the decision. Company registration takes up to 7-10 working days.