International Centre for Entrepreneurship and Technology – iCreate is inviting applications for incubation of slightly mature projects, to be incubated at its new Dev Dholera Campus near Ahmedabad, Gujarat. The period of incubation can be up to two years, and iCreate has dedicated a budget of up to Rs 250 lakhs for this round of applications.

If you have been working on an innovative technology / software / product/ service, and have spent time talking to real consumers of your offering, and have created some minimal viable product offering, then apply. We can offer you labs and workshops to finalize your offering, help take it to live customers to make it market ready, and also to mentor you so that you can build a growth organization and start earning serious revenue.

  • Pvt. Ltd. Company (or ready to be one) >1 co-founder in operation for 1 to 3 years
  • Project/Venture must have – component of technology, innovation, potential for global market
  • Should have attained some customer/market validation
  • Willing to be physically incubated at Ahmedabad. However, can spin off/ locate anywhere post incubation

Proposals will be accepted between 20th September to 25th October, 2016. Results will be announced on 11th November, 2016. However, only shortlisted candidates will be notified. Selection process will then be conducted at iCreate premises from 28th November,2016 to 30th November,2016. Please note, while there is no fee for the application or for the Bootcamp (which is a 2+1 day residential preparation camp), the travel expenses are to be borne by the candidate/teams.

The final Pitch will be conducted on 30th November, 2016. Due diligence of short listed candidates will be conducted and final results (offer for incubation) will be declared on 5th December,2016. The selected candidates can confirm the acceptance of the offer by 8th December,2016. Further, the process of incubation will be initiated on receipt of the share certificate (details of which will be shared in the offer letter) or conditional security deposit (as the case may be) latest by 23th December 2016. The incubation starts on 16th January,2017.


  1. Only open to slightly mature start-up ventures that have
    1. Completed / have advanced substantially on prototyping and have a version of the product / service that can be demonstrated and are between 1 to 3 years old
    2. Completed / have advanced substantially on operational testing in the market, and have garnered real customer data (even if from a small number of customers) and this customer data should be demonstrable in some shape and form
    3. Revenue generating start-ups will be preferred
    4. A business plan that uses technology innovation, and have the potential to scale up to the national / international market
  2. The venture should be
    1. Should ideally have been bootstrapped, i.e. funded from own resources, friends and family, and perhaps some small seed funding
    2. It should not have received formal funding from investors
    3. The venture should be incorporated as a Private Limited Company, or should be capable of getting incorporated upon selection for incubation at iCreate within 45 days of acceptance of the offer
    4. It should be able to give stipulated equity at par to iCreate, upon joining
  3. The venture will be physically incubated at the iCreate Campus, specifically
    1. Some key process step(s) of the value chain should be based within campus premises
    2. The key promoter group will need to spend at least one continuous week per quarter on campus
  1. Office space with internet connectivity, hostel accommodation and mess food will be provided for a two to four-person team
    1. Access to labs and libraries will also be provided
  2. Depending on internal assessment of the project, iCreate will purchase 7.5% equity at par
    1. This stake will dilute down as the incubated company raises further funds
  3. Between Rs 25 lakhs to Rs 45 lakhs (depending on the actual need) will be given to the venture
    1. In exceptional cases, after internal deliberations, additional investment can also sanctioned
  4. There will be a nominal cost to the facilities provided, and this amount will be cumulated at the end of the incubation period and added to the total disbursed amount mentioned in point No. 6
  5. The total amount disbursed (sum of the amounts mentioned in points 6 and 7) will be treated as an interest bearing debt that the incubated company will have to repay to iCreate
    1. There will be up to two years of moratorium after graduation (extendable in exceptional cases after written request and approval from iCreate)
    2. The term for this loan with interest will be 4 years after the moratorium period.
    3. The interest charged will be the minimum stipulated by the applicable laws of the land and currently is in the ball park of 9% per annum, compounded annually
    4. By design, this loan can be converted into Optionally Convertible Preference Shares should the incubate company so request, subject to approval from iCreate management
    5. The conversion of this debt to equity will happen at an independently determined fair market valuation of the company, but iCreate conversion will happen at up to 25% discount on that valuation in order to account for the early stage risk
      1. To clarify, if the share price at the time of conversion is Rs 100, iCreate will be issued OCPS at Rs 75 per share
  6. iCreate will support the incubated company in its efforts to raise investment, however, it retains the right to sell its stake in the company at a time of its own choosing
    1. Subsequent shareholder agreements and share subscription agreements cannot take this right away from iCreate


Results Announced-Shortlisted Applicants || 11th November,2016

  • Only shortlisted candidates to be notified

  • Participation in Pre- Incubation Bootcamp, at iCreate Ahmedabad, mandatory to proceed further. The cost of accommodation, travel, food to be borne by candidates.

  • There is no commitment from either parties until final results

Bootcamp || 28th November, 2016

  • Day long workshop focussing on making an effective pitch

Work Day || 29th November, 2016

  • Refine proposal and prepare for final Pitch

Final Pitch || 30th November, 2016

  • A skeleton Business Plan and Incubation Proposal has to be submitted to iCreate

  • A presentation summarizing the above has to be then presented to an independent panel of experts in order to evaluate for incubation worthiness at iCreate

Final Results (offer for incubation) || 5th December ,2016

  • Only selected candidates (with satisfactory due diligence report) would be notified

  • Draft incubation agreement would be sent along with offer letter

Confirmation of acceptance || 8th December,2016

  • Last date for in principle confirmation to join the program

  • Subscription to equity/payment of conditional security deposit || 23rd December,2016

    • In order to enter incubation, the company/team has to issue share certificate (equivalent to 7.5% equity) to iCreate against the at par value of the same.
    • In case the company is not in position to do above then a conditional security deposit of INR 25,000 has to be paid. This will be refunded to the start up once the equity (as mentioned above) is subscribed by iCreate within 45 days of acceptance of offer.

Start of Incubation || 16th January, 2017

Last date to apply 25-Oct-2016