Growth Lab by Science and Technology Park, Pune
A technology Business Incubator – state of the art facility to foster creation, development and growth of technology-oriented entrepreneurs and enterprises through academic and/or industrial collaborations
“Creating accessible business incubation facilities for the most promising and innovative entrepreneurs”
Growth Lab is now situated at Science and Technology Park, Pune
- Single Window for all Legal Documentation
- Legal Formation of Entities
- IPR Protection
- Virtual Office Address for Registration
- Networking Opportunities
- Business Planning
- Access to funding opportunities
- Marketing, Planning
- Product testing and certification support
- Business valuations and Investment advice
- Human Capital Management
- Dynamic & Secure Working Infrastructure
- Communication Facilities
- Centralized Business Support Services
- Knowledge Management Support
- Common reception, visitors Lounge & hangout zones
- Shared use of conference room / discussion rooms with services
- Biometric access card
- Individual workstation with Power back up & Internet connection
- Access to In-house Library
- Beverages from the vending machine in pantry
- Free access to Business Training & information workshops
- Mentoring and coaching from our Board of Mentors on a regular basis
- Access to business services from our panel members at nominal cost
- Housekeeping support & Two Wheeler parking
Growth Lab is equipped to provide A-Z start-up related facilities and services under one roof to enable the young entrepreneur achieve their dreams.
- At Growth Lab we have esteemed Board of Mentors consisting of stalwarts from Industry, Academia, R&D, Angel Investors, Venture Capital, successful businessmen and professionals along with serial entrepreneurs.
- The professional panel has experienced Chartered Accounts, Lawyers, Consultants and Business Service Providers.
- Above all we have a strong network of successful founders of our incubatee companies who will always be available to share experience and learning of their entrepreneur journey with new members of Growth Lab.
Who could be incubated?
- The company in process of registration as per Indian Company’s Act at the time of recruitment within the incubator should have a sound business plan. It should be highly technology driven.
- The companies may be considered for provisional recruitment provided they have sound business plan and highly technology driven.
- The companies those plan to work on technologies, products that have greater social impact will be given priority.
The companies based on technologies/products developed indigenously i.e. within Indian unversities, research laboratories, industries would be given priority.
Submission of executive summary of business plan for review of expert committee and if found satisfactory then
Presentation of the business plan to the expert committee for technical and financial due diligence
Submission of detailed business plan
Upon selection signing of formal agreement with incubator
Award of incubator registration certificate along with incorporation letter
In general the expert committee would judge the company on the basis of the following criteria:
- Merit of business proposal
- Financial viability of the business
- Whether the entrepreneur has prior experience in this kind of business
- Growth potential of the business
- Uniqueness of the technology or the product to be introduced
- Market knowledge and experience to understand the trend and visualize the potential of the technology for its viability and growth, competition etc.
- Management team
The companies which are already been incubated within the incubators of its network members and they want to expand their ventures in Pune, would also be provided co – incubation facility after due diligence.
SMEs from other cities within India and also from abroad if they are looking to expand their ventures in Pune region or in the state of Maharashtra would also be provided landing support.
The selected company will pay one time registration fees and annual incubation fees every year during the period of incubation.
The incubator expert committee will review company’s performance periodically.
Duration of Incubation Programme
Depending on the business plan and company’s status at the time of recruitment, company would remain within the incubation programme for a period maximum up to 3 years. The extension of this incubation period may be granted on case to case basis. After the incubation programme company would graduate from the incubator.
It is expected that the company while it is located within the incubator or is associated with Scitech Park, Pune’s incubation programme would become cash positive within a period upto 3 years and we expect the companies to formally graduate/exit from the incubator. The formal graduation of companies would be taken on case to case basis.
Scitech Park provides access to funding like DST and TDB SEED Support, Angel Funds, Venture Capital (VC), Private Equity etc. to resident incubatee companies.
Resident incubatee companies of the incubator can avail service tax exemption up to total turnover of Rs.50 Lakhs.
To avail this incubatee companies need to follow certain guidelines (click here)