About VIPS
Venture Center Incubatee Partnership Scheme (VIPS) is a program of Venture Center that aims to support technology start-ups looking to incubate at Venture Center through equity/revenue-share participation of Venture Center against subsidized services. The goal of this scheme is to improve affordability and align the interests of the incubator and incubatee.
The program facilitates selected and eligible Entrepreneurs/Company with strong business cases/ potential services with options for: Equity based partnerships or Revenue share partnerships that avails them discounts in Venture Center's infrastructure services. The program is available only for a limited number of beneficiaries at any given time.
Who is it for?
This program is meant for
- Entrepreneurs creating technology startups offering products and services exploiting scientific expertise in the areas of materials, chemicals and biological sciences & engineering.
- (and) Enterprises that can use the Venture Center's services, resources and networks - in particular, resident lab services and office spaces.
- (and) All eligibility factors as mentioned here: http://venturecenter.co.in/docs/VC_Eligibility_Guidelines.pdf
Additional considerations:
- At this time, the Venture Center is able to only support a limited number of companies under this scheme at any given time.
- The Venture Center reserves the rights to refuse any application without providing a reason.
SCHEME OPTIONS & BENEFITS
| Scheme option | Option 1 | Option 2 |
| | Equity based partnership | Revenue sharing partnership |
| | | Additional eligibility requirement:
- Only for services companies with abilities to earn revenue over the short term.
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| Benefit to company | 20% extra discount (on eligible discount) on all services availed at Venture Center | 20% extra discount (on eligible discount) on all services availed at Venture Center |
| Risk-reward sharing compensation to Venture Center | Common shares representing 2% of the subscribed share capital of the company for every year of service availed. | Company is expected to share its revenue (as listed in the audited financial statement) with Venture Center as follows:
- X *% of gross revenue for the financial year when the VIPS scheme was availed an
- (and) X% of gross revenue for the financial year following the financial year when the scheme was availed.
*Formula to calculate X- yearly revenue share percentage
= (Discount benefit claimed by company) / (6 X Gross revenue for previous FY
*Situations where revenue share percentage of VC exceed 10% will not qualify for this model.
**Assumes 100% increase in revenue
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| Timelines | Shares to be issued at the beginning of the year of joining VIPS scheme | Payments to be made within 30 days of the end of each financial year based on unaudited accounts with provision to pay arrears after audited accounts are submitted. |
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Terms, Conditions & Pricing
- Click here for detailed terms, conditions & pricing
- Brief terms:
- Interested applicants need to first apply for the Venture Center service of interest (ex: Lab Space, Office space etc) separately
- The VIPS scheme can be availed in blocks of 1 year at a time. Consideration under the scheme can be extended upon request and recommendation of an evaluation committee.
How to apply:
- Applications for this scheme shall only be received for entry into the scheme starting with every new financial year.
- Interested applicants need to first apply for the Venture Center service of interest (ex: Lab Space, Office space etc) separately
- If the applicants are interested in availing of the benefits under this scheme (VIPS), then the applicants need to separately apply for VIPS using the VIPS Application form (Link).
- Submit in person or by post or send scanned copy by email to:
Manager- Incubator, Venture Center
100, NCL Innovation Park, Dr. Homi Bhabha Road, Pune - 411008
Phone: +91-20-2586-5877 ; Fax: +91-20-2586-5879
Email: managerincubator@venturecenter.co.in
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- Venture Center shall consider their application and typically respond within a period of 2 weeks with a decision. During this 2 week period, Venture Center may require the applicant to present their business plan to an evaluation committee.
- The decision of Venture Center management shall be final regarding acceptance into the program.
