Terms & Conditions

WaveX Startup Incubator at IICT, Mumbai

1. Introduction

WaveX Startup Incubator at IICT (hereinafter referred to as “WaveX”) has been established to promote innovation, entrepreneurship, and technology-driven ventures in the AVGC and new media sectors. The incubator supports startups through physical infrastructure, mentorship, networking, and access to institutional and industry resources. These Terms & Conditions govern the admission, tenure, support, obligations, and exit of startups incubated at WaveX.

The policy is subject to periodic review and amendment by IICT and WaveX Advisory Board. Startups are expected to remain updated on the latest terms applicable during their incubation period.

2. Eligibility

• Registered companies under the Companies Act, 2013 and startups recognized by DPIIT.
• In exceptional cases, individuals/teams with a strong prototype or idea may be admitted, provided company registration is completed within 3 months of selection. Final decision to be taken by Incubator.

3. Admission Process

1. Applicants must submit a detailed business plan, team profile, and incubation application through the WaveX portal.
2. The proposal will be screened by the WaveX Screening Committee and evaluated by domain experts on technical, financial, and market viability parameters.
3. Shortlisted applicants may be invited for a pitch/presentation.
4. Final admission decision rests solely with WaveX and shall be binding.

4. Intellectual Property (IP)

1. Startups shall own IP created during their incubation unless developed jointly with IICT or partner institutions.
2. Any IP developed using IICT resources will be governed by IICT’s IPR policy, requiring appropriate licensing or revenue-sharing arrangements.
3. Prior approval from WaveX/IICT is required before commercialization of such IP.
4. These policies may be relaxed by IICT (as per the guidelines set by IICT for the incubator).

*This clause will come in effect later, as the WaveX incubator is providing only physical space and infrastructure with mentorship as of now.

5. Funding Support

1. Selected startups may be eligible for seed support in the form of grants, convertible debt, or equity investment, subject to approval by the Investment Committee.
2. Funding shall be milestone-based and linked to product development or market readiness.
3. The decision of WaveX regarding funding will be final.

6. Infrastructure & Support

On admission, startups will be provided access to:

• A single seat per startup.
• High-speed internet, electricity, and standard furniture.
• Meeting rooms, conference facilities, and prototyping labs (where available).
• Shared services such as printing, scanning, secretarial assistance (subject to availability).
• Access to mentors, industry experts, and curated sessions.
• Networking opportunities with investors, industry, and government partners.
• A fee of Rs. 8500 + GST will be charged from each startup per month for a single seat offered in the Mumbai IICT campus.

7. Tenure

1. The standard incubation tenure is 24 months, extendable by up to 12 months based on progress and approval of the Advisory Board/Committee. Review to continue the incubation every 6 months by the IICT.
2. Startups are expected to graduate upon achieving funding, revenue, or scale milestones.

8. Obligations of Startups

1. Submit quarterly progress reports and annual audited statements.
2. Inform WaveX of any material changes in company structure, ownership, or business direction.
3. Abide by WaveX’s policies on resource usage, ethics, and professional conduct.
4. Display WaveX/IICT’s association in their promotional material.

9. Consideration

1. Incubation charges for infrastructure and facilities may be directly paid to the IICT as per the IICT fee deposit procedures.
2. Additional charges may apply for specialized equipment or services.

10. Exit / Graduation

A startup shall exit WaveX under any of the following:

1. Raising substantial external funding (₹2 crore or more).
2. Achieving annual revenue of ₹2 crore or profitability of ₹50 lakhs.
3. Completion of incubation tenure.
4. Team disputes, lack of progress, or violation of policies.
5. Change in ownership or merger/acquisition altering the nature of the startup.
6. Any other reason deemed necessary by the Advisory Board.

The decision of WaveX/IICT regarding exit shall be final.

11. Confidentiality & Conflict of Interest

1. All stakeholders shall maintain confidentiality of sensitive information and avoid conflicts of interest.
2. Founders with academic/organizational affiliations must ensure clear separation between their institutional duties and entrepreneurial activities.
3. WaveX may constitute a committee to resolve disputes arising from conflicts of interest.

12. Disclaimer

WaveX shall provide best-effort support but does not guarantee success of any incubated startup, their products, services, or marketability. WaveX and IICT shall not be liable for any losses, damages, or failures of incubated companies.

13. Agreements

1. Facility Agreement – for use of WaveX infrastructure.
2. Equity/Revenue Sharing Agreement – defining consideration to WaveX. (No equity to be shared as of now)
3. IP/Technology Transfer Agreement – if IICT/partner IP is used.

Wavex/IICT reserves the right to change the above terms and conditions.