AICTE

START UP POLICY

With the Vision to give impetus to 'Entrepreneurship' and generate 'Employment', MKJC has formulated “Entrepreneur and Startup Policy” to help “Women Entrepreneurs and Start-ups” to  promote new investments, create new business avenues, develop new startups and generate employment.

Policy Objectives

1. a) To establish Entrepreneurship Development and Innovation Councils in the college by creating infrastructure such as Centre of excellence, pre - incubation centers, MSME business incubation centers etc.
2. b) To encourage the students to take up entrepreneurship as a preferred career choice and provide assistance for the successful launching of their start-ups.
3. c) To promote faculty and staff led startups to commercialize the products / process developed by them as per the MKJC IPR policies.

Norms for the Faculty, Staff and Students Startup

This policy permits faculty, staff and students to transform the ideas into business for running Startup Company. Faculty startup may be a faculty member alone or with students or with faculty of other institutes or alumni or with other entrepreneurs. The following mechanisms are evolved for starting a company within the Institute.

For Faculty and Staff

1. a) The Institute shall provide space, infrastructure, mentorship support, seed funds, support for accounts, legal, IPRs etc. on case to case basis for the Startup company owned by Faculty and staff. In return for the services, the Institute may take equity / stake in the company mutually agreed upon at the time of incorporation of the startup.
2. b) If a faculty member is an Owner or Co-owner of such companies with the permission of the Institute and be a Director on the Board, he / she may also play an operational role (Technical Adviser, CEO, Manager etc.,) with the approval of the Institute with the conditions given below :

No restriction on the shares that faculty / staff can hold, as long as they do not compromise in their academic and administrative work / responsibilities at the college.

Faculty must clearly separate and distinguish on-going research work at the Institute from the work conducted at the startup / company

Faculty must not involve research staff or other staff of institute in the activities of the startup and vice versa.

Faculty must not accept honorariums or gifts from the startup.

1. c) In case the faculty / staff holds the executive or managerial position for more than three months in a startup company, they should be on sabbatical /leave without pay/ or utilize existing leave.
2. d) Other Faculty members may undertake projects from the company owned by a faculty member / staffs following the Institute norms of consultancy projects that prevails. Similarly, for the utilization of any testing / characterization of product developed by the company it should be as per the norms of the college testing charges.
3. e) IP Rights for the technology developed by the company and faculty shall be as per the IPR Policy of the MKJC .
4. f) A Company owned or co-owned by a faculty/ staff will normally be required to incubate at the college incubator.
5. g) For the incubation of the Company owned or co-owned by a faculty / staff evaluation shall be as per the incubation policy of the existing incubator in the college.

For Students

MKJC encourages as many startups by the students with interdepartmental and inter- institutional participation, taking note of the fact that startup planning and management requires inter-disciplinary skills.

 Students will be encouraged to develop entrepreneurial mindset through experiential learning by exposing them to training in cognitive skills (e.g. design thinking, critical thinking.), by inviting first generation local entrepreneurs or experts to address young minds. Initiatives like idea and innovation competitions, hackathons, workshops, boot camps, seminars, conferences, exhibitions, mentoring by academic and industry personnel, throwing real life challenges. Awards and recognition will be routinely organized. MKJC prepares the students for creating startup through the above activities.

1. a) MKJC will allow students to establish Startup or working part time for the startup already present with the Institute Incubator while studying.
2. b) Students may be allowed to opt for startup in place of mini project / summer training / Seminar with the approval of Concerned student’s Departmental Committee.
3. c) Students may be permitted to use the startup idea / prototype development as their major project work for the Institute academic requirements with approval from the affiliated incubator.
4. d) Student Startup may be permitted to use the address of the Hostel or the Incubator to register the Company while studying in the Institute
5. e) Students incubating a startup affiliated with the MKJC incubator are required to follow their attendance requirement for academic courses as per the norms of the university.
6. f) For the incubation of the Company owned or co-owned by the student, evaluation is as per the incubation policy of the existing incubator in the Institute.