Terms & Conditions

WaveX Startup Incubators

1. Introduction

WaveX Startup Incubator (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. Applicants also need to select an incubator location of their preference and also as per the domain speciality preferred by the incubator. The current list of partner incubators and their preferred domains is as follows:
   • Indian Institute of Creative Technologies (IICT)
   • Indian Institute of Mass Communication, New Delhi (IIMC)
   • Satyajit Ray Film & Television Institute, Kolkata (SRFTI)
   • Film and Television Institute of India, Pune (FTII)
2. The proposal will be screened by the Screening Committee formed by WaveX for each PI 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 the Incubator and shall be binding.

4. Intellectual Property (IP)

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

*This clause will come in effect later, as the WaveX incubator is providing only physical space, production facilities 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 (onsite).
• Meeting rooms, conference facilities, and prototyping lab.
• 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.
• Advanced Gaming, Filming, Audio Video Production facilities provided by the institutes (For startups being incubated in any of the partner incubators). Startups incubating in any of the partner incubators will have access to resources offered by all other partner incubators of the WaveX. Space for conducting special business meetings or seminars will also be provided by partner incubators to the startups all over India. A complete list of facilities for the startups may be seen here. (Appendix A).
• A fee of Rs. 8500 + GST will be charged from each startup per month for a single seat offered by the partner incubator.

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 Incubator.
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/Incubator’s association in their promotional material.

9. Consideration

1. Incubation charges for infrastructure and facilities may be directly paid to the Incubator as per the Incubator’s 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/Incubator 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 the Partner Incubator 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 Incubators’/partner IP is used.

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

Appendix A: List of Facilities provided by Incubators

IICT, Mumbai (Available to startups incubating with other Partner incubators of WaveX also).

Facilities to be Provided to Startups by IICT Incubator

• Red Raptor VistaVision 8K Camera will be provided to startups with a 35.4 MP VistaVision CMOS sensor of 8,192 × 4,320 resolution and over 17 stops of dynamic range. It supports up to 120 fps at full 8K and 600 fps at 2K, with formats including REDCODE RAW and ProRes, ensuring cinematic-quality imagery and advanced production capabilities.
• Preview Theatre to be made available with laser projection, 4K HDR display capability, and Dolby Atmos sound, enabling startups to review projects with exceptional detail, accurate color reproduction, and immersive spatial audio in a professional cinematic environment.
• Alienware Workstations with high-performance computing systems equipped with advanced CPUs and GPUs, supporting VR rendering, real-time content creation, and professional-grade editing workflows essential for AVGC-XR projects.
• Volume Stage with AOTO LED Panels to provide a virtual production environment with high-resolution LED walls. This stage supports live background rendering, in-camera compositing, and real-time lighting control, matching the standards of leading global studios.
• Photogrammetry Setup with ESPER and Sony will be made available for high-precision 3D scanning. By capturing multiple overlapping images and reconstructing detailed models, it enables the creation of assets for AR, VR, and gaming applications.
• Sound Recording Room offered as a professional acoustic environment with high-end microphones and recording equipment for clean, high-fidelity audio capture, supporting voiceovers, foley, and ADR requirements.
• Color & Mix Theatre is established for precision color correction, HDR grading, and multi-channel audio mixing, ensuring professional finishing of projects in both visuals and sound.
• 4K HDR Equipped Edit Stations are provided with HDR-capable displays and integrated software such as DaVinci Resolve and Adobe Premiere, enabling startups to carry out accurate editing, mastering, and color grading to industry standards.
• Meta Quest and HTC Vive VR Kits are made available for immersive testing and development, offering six degrees of freedom for interaction and enabling startups to conduct real-time content validation, demos, and user experience testing.
• PlayStation 5 and Xbox Series X available as next-generation gaming platforms for startups to test and showcase their projects, delivering high-fidelity graphics, powerful processing, and global-standard performance benchmarks.