GM University Innovation Tech Park Policy for Establishing Startups on GMU Campus

📜 1. Preamble

GM University (GMU), through its GMU-Innovation Tech Park (GMU-ITP), seeks to promote innovation, entrepreneurship, and translational research by supporting students, faculty, alumni, and external innovators to convert their product ideas into commercially viable startups. This policy outlines the framework, guidelines, and responsibilities associated with establishing startups within the GMU campus.

🎯 2. Objectives

• Foster a culture of innovation and entrepreneurship.
• Provide infrastructure, mentorship, and technical support.
• Facilitate prototype development and startup establishment.
• Promote industry-academia linkages.
• Ensure a sustainable mechanism for University participation and benefit.

✅ 3. Eligibility for Incubation

• GMU students (current or recently graduated)
• GMU faculty (full-time or adjunct)
• GMU alumni
• External entrepreneurs with at least one GMU-affiliated co-founder
• Any startup aligned with the innovation priorities of the university

🧰 4. Support Provided

• Mentoring & Counselling: Product development, market strategy, IP protection
• Infrastructure: Office space, labs, internet, meeting rooms, and workshop tools
• Prototype Support: Access to university labs and fabrication units
• Startup Setup: Guidance in company registration, legal structuring, compliance
• Funding Assistance:
  • Direct funding (seed grants) for select startups
  • Support in applying for external funding (DST, AICTE, MSME, etc.)
• Business Networking: Industry connects, investor meets, demo days

📊 5. Startup Engagement Models

🚀 6. Startup Stages Supported

• Idea stage
• Prototype development
• Pilot testing
• Startup registration
• Product commercialization

⚖️ 7. Intellectual Property Rights (IPR)

• IPR developed solely by the startup will belong to them, unless university resources are extensively used.
• If GMU provides significant support (technical + funding), GMU will have joint ownership of IP or commercial rights.
• IP licensing to the startup is possible under agreed terms.

⏳ 8. Tenure

Incubation support is provided for a maximum of 2 years, extendable based on progress and mutual agreement.

🎓 9. Exit & Graduation

Startups must exit the incubation when:

• They secure significant external funding.
• Reach commercial breakeven.
• Exceed 2 years unless granted an extension.
• Violate terms of engagement.

📋 10. Monitoring & Governance

A Startup Evaluation Committee (SEC) will assess proposals, monitor progress, and recommend funding. Quarterly reviews will be conducted to track startup performance.

🏛️ 11. University Benefits & Stakeholding

GMU may take equity or a revenue share in return for:

• Mentorship
• Infrastructure use
• IP access
• Financial assistance

Revenue earned will be used for further startup support activities.

📌 12. Code of Conduct

Startups must:

• Adhere to ethical business practices.
• Abide by GMU regulations.
• Maintain transparency in operations.

🚫 13. Termination

The University reserves the right to terminate incubation if:

• There is misuse of facilities or funds.
• The startup fails to demonstrate progress.
• Any form of misconduct is observed.