INSTITUTE OF CHEMICAL TECHNOLOGY

INNOVATION AND STARTUP

POLICY
A Guiding Framework for Faculty & Students

Paving the way for Entrepreneurship

INSTITUTE OF CHEMICAL TECHNOLOGY

Deemed University under Section 3 of UGC Act 1956 of the Government of

Maharashtra
&
Elite Status and Centre of Excellence, Government of Maharashtra, April 20, 2012

Nathalal Parekh Marg

Matunga
Mumbai 400019
Maharashtra
Tel: 022-3361-1001/1111/2222
Fax: 022-3361-10021020
Email: [email protected]; [email protected]
www.ictmumbai.edu.in
November 2020

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 ICT INNOVATION AND START UP POLICY COMMITTEE

Mr. Nitin Deshmukh – Chair Member, Board of Governors, ICT,

Founding Partner, Kotak Private Equity

Prof. Padma V. Devarajan – Co-chair Dean Research and Innovation &

President, ICT Innovation Council

Dr. Rajkumar Hirwani Emeritus Professor, AcSIR, former Head,

CSIR URDIP and CSIR IP Directorate

Mr. Yogesh M. Kothari Chairman and MD, Alkylamines Ltd.

Mrs. Maharukh Rustomjee Managing Partner, Amaterasu Life Sciences

LLP

Prof. Rekha Singhal Former Dean – Research, Consultancy &

Resource Mobilisation, ICT

Prof. V. G. Gaikar Professor, ICT

Dr. Vishwanath H. Dalvi Convener, ICT Innovation Council

Dr. Shamlan M. S. Reshamwala Co-convener, ICT Innovation Council

Prof. R. R. Deshmukh Registrar, ICT and Member Secretary

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 Table of Contents
SECTION 1 ........................................................................................................................... 4
1.1 Preamble ....................................................................................................................... 4
1.2 Why the need for Innovation & Start-up policy at Institute of Chemical Technology (ICT)?
............................................................................................................................................. 5
1.3 Definitions ....................................................................................................................... 6
1.4 ICT Innovation & Start-Up Policy Framework ................................................................. 7
SECTION 2: ICT Innovation Council (IIC) ......................................................................... 8
2.1 ICT Innovation Council focus ................................................................................................................ 8
2.2 Constitution of ICT Innovation Council ............................................................................................... 8
2.3 Charter of ICT’s Innovation Council ..................................................................................................... 8
2.4 ICT Innovation Initiatives ..................................................................................................................................... 9

SECTION 3: ICT Centre for Innovation and Technology transfer ................................. 11

3.1 Mission of ICT Centre for Innovation and Technology transfer ..................................... 11
3.2 Constitution of ICT Centre for Innovation and Technology transfer .............................. 11
3.3 Charter of ICT Centre for Innovation and Technology transfer ..................................... 12
SECTION 4: ICT Venture Pre-Incubation & Incubation Program .................................. 13
4.1 ICT Venture Pre-Incubation Program ........................................................................... 13
4.2 ICT Venture Incubation Program Phase 1 ..................................................................... 13
4.3 ICT Venture Incubation Program Phase 2 …………………………………………………..14
4.3 (A) Setting up of ICT- Venture Incubator (ICT-Vi) in Phase 2 ...................................... 14
4.3 (B) Management of ICT Venture Incubator .................................................................... 15
4.3 (C) Role of ICT Venture Incubator vis-à-vis the Start-ups ............................................. 15
SECTION 5: Guidelines for Involvement of ICT Faculty, Research Scholars and
Students in Start-ups ........................................................................................................ 17
5.1 Modes of Engagement of Faculty with Startups .......................................................... 18
5.2 Modes of Engagement for Research Scholars and Students with Start-Ups ................ 20
5.3 Guidelines for Equity sharing between Startups of Faculty / Student with ICT-Vi ........ 21
5.4 Guidelines regarding Intellectual Property (IP) Rights .................................................. 22
SECTION 6: Conflict of Interest ....................................................................................... 24
6.1 Typical Conflict of Interest Situations ............................................................................. 24
6.2 Guidelines Management of Conflict of Interest ............................................................. 27
6.3 Resolution of Conflicts .................................................................................................. 27
SECTION 7: Glossary........................................................................................................ 29

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 INSTITUTE OF CHEMICAL TECHNOLOGY
INNOVATION AND START-UP POLICY
1.1 Preamble
The correlation between successful entrepreneurship ecosystems and the role of a university
in that ecosystem has been talked about time and again. The relationship between Stanford
University and Silicon Valley has always been used as an epitome of such a correlation, with
Stanford University often referred to as Silicon Valley’s “Original Incubator” for its fundamental
role as a networking and talent development hub. Innovations generated at the university have
long personified the American technology industry and Silicon Valley.

Universities and Institutions, although not direct participants in the startup ecosystem, have
been a critical part of it. A world-class university or institution is not just great for bragging
rights, but for much more than that. A good university/institution attracts both ambitious and
smart people from multi-disciplinary backgrounds and tends to be a melting pot of ideas.
Diversity of ideas leads to innovation, and there is no better place to see diversity than at a
university – not just diversity in nationality or languages, but also in background, value systems
and priorities. These “frictional” interactions between individuals with competing values who
are trying to work together is the prime source of ideas and innovation.

Universities allow a sneak peek into the future, and the cutting edge research and innovation
occurring in the universities rubs off on the students. There is nothing more exciting than
seeing the “Next Big Thing” early, probably in a university lab, for an ambitious student or
group of students.

The other important thing that universities provide is the alumni network. A good alumni
network is probably the most easy way for a startup entrepreneur to reach out to someone at
the top of the industry and get some help, connections or even funding. Alumni of a university
usually have a soft corner for people from their own university and can go out of the way to
help them out. This “paying it forward” ethos tends to be strong among alumni networks and
can be a tremendous source of disruptive jumps that an entrepreneur needs.

Entrepreneurship and startup activities in India too have grown significantly in number and
geographical spread in the past few years, contributing to enhanced levels of innovation and
employment generation. The startups have also demonstrated success in breakthrough
technologies and innovative service delivery models. An important trend is that educational
institutions in India are beginning to play a vital role in developing entrepreneurial
competencies and include entrepreneurship as a core course in technical and business
education. A greater emphasis has been laid in recent years on benefits of entrepreneurial-
focused education at universities, instilling confidence in students to turn ideas into reality.

It started with the National Science and Technology Entrepreneurship Development Board
(NSTEDB) which launched the Science and Technology Entrepreneurs Park in the late 1990s
and the Technology Business Incubators in the early 2000s. Today, many universities and
autonomous organizations are setting up incubators on or off campus. Most of the institutes
have set up incubation facilities that are open to other institutes and entrepreneurs as well.
The Government of India through Department of Science and Technology (DST), Department

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of Biotechnology (DBT), Technology Information and Forecasting Assessment Council
(TIFAC) and Development Financial Institutions such as Small Industries Development Bank
of India (SIDBI), has contributed significant risk funding to promote an entrepreneurial spirit
among faculty members and students besides designing an effective policy framework. The
Ministry of Finance has also committed significant funds in Venture Capital by setting up the
India Aspiration Fund.

The startup ecosystem growth has also brought together faculty members and students across
universities and institutions in India to collaborate and start their own ventures. Increasingly,
research work is being translated into commercial ventures.

Alumni-student mentorship programs are now being encouraged as an important tool for
encouraging entrepreneurship and university students working with startups today constitute
a key element in this process. The concept of deferred placement too is slowly gaining
momentum at universities with many now allowing a deferred placement in order to encourage
students to work on setting up their own venture.

Despite all these initiatives, there exists a threat to the development of a startup ecosystem at
universities due to the prevailing social and family conventions and peer pressure for
placement in secure jobs with predictable monthly income and the relative difficulty of doing
business in India. However, there is a consensus amongst all, that India has potential and the
know-how to become a more innovation-driven economy than what it is today and the
entrepreneurial spirit at the universities is probably more willing than ever.

1.2 Why the need for Innovation and Startup policy at Institute of
Chemical Technology (ICT)?
ICT is both geographically and figuratively at the heart of the Specialty Chemicals,
Pharmaceuticals and Petrochemicals technology eco-system for the past few decades. While
the connection between these is not apparent immediately, if one takes into account the
various success stories of corporates such as Reliance Industries, Gharda Chemicals, Pidilite
Industries, Dr. Reddy’s Laboratories, Aarti Industries, Lupin Laboratories and Dishman
Pharmaceuticals, as well as the more recent ones Galaxy Surfactants and Avra Laboratories,
it becomes apparent that this entire ecosystem including national institutions such as National
Chemical laboratory (NCL) and Indian Institute of Science Education and Research (IISER),
Pune have hugely benefited from the presence of ICT in the area when it comes to playing a
role of “Seeding Entrepreneurship” and providing “Corporate and Institutional Leadership”. ICT
can be credited to be in some sense the “Seed Incubator” of more than 500 companies in
India, without providing formal incubation facilities. However, in line with the global trends in
higher technology education, the time has arrived to formalize this process which encourages
entrepreneurship among faculty members, research students as well as undergraduate
students especially in the context of several recent Government initiatives outlined below.

The Hon’ble Prime Minister of India launched the Start-Up Action plan in January 2016 with
the intention of building a strong eco-system for nurturing innovation and startups across the
country particularly in strategic areas of technology, biotechnology, healthcare, heavy
industries and defense. The Atal Innovation Mission (AIM) established by Niti Aayog,
Government of India is an innovation promotion platform involving academics, entrepreneurs
and researchers.

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In early 2018, the Ministry of Human Resources Development (MHRD), Government of India
established MHRD’s Innovation Cell (MIC) to foster the culture of innovation amongst all
Higher Education Institutions (HEIs) with the primary mandate to encourage, inspire and
nurture young students by supporting them to work with new ideas while they are in their
formative years. MIC envisioned creation of ‘Institution’s Innovation Council (IICs) across
select HEIs, which includes ICT.

Further, a committee constituted by Government of Maharashtra under the Chairmanship of

Prof. V. G. Gaikar submitted its report titled “Innovation-to-Enterprise” in June 2018 with
guidelines for establishing a framework for facilitating startup culture in State Public
Universities and Institutes of Higher Education.

Last year, in September 2019, MHRD, Government of India released the National Innovation
and Startup Policy 2019 for Students and Faculty – A guiding Framework for Higher
Educational Institutions.

Taking into consideration the recommendations made by AIM, MHRD’s Innovation Cell and
the Start-Up Policy Report of the committee constituted by the Government of Maharashtra,
and MHRD’s National Innovation and Startup Policy 2019 for Students and Faculty, it is
proposed to formulate a Startup Policy for Institute of Chemical Technology (ICT).

This policy document provides guidelines to actively support faculty members and students to
participate in Innovation and Entrepreneurship (I&E) related activities. This policy document
will also evolve with time and adopt best practices to facilitate innovation and
entrepreneurship.

1.3 Definitions
“ICT” or “Institute” shall mean “Institute of Chemical Technology”.

“Policy” means ICT Startup Policy.

“Faculty Member” shall mean a faculty member of Institute of Chemical Technology.

“Student” shall mean a full-time student studying at Institute of Chemical Technology.

“ICT Member” shall mean any permanent faculty member on duty or on leave, faculty on
tenure, research associates, post-doctoral fellows and students having live registration.

“Startup” is an entity that develops a business model based on either product innovation or
service innovation and makes it scalable, replicable and self-reliant as defined in Gazette
Notification No. G.S.R. 127(E) dated February 19, 2019 or as per the prevailing notifications
of the Government of India issued from time to time. The current definition of startup is an
entity that is headquartered in India, which was incorporated less than 10 years ago, and has
an annual turnover less than Rs. 100 crores.

“Equity share” also commonly referred to as ordinary share, represents the form of fractional
or part ownership in which a shareholder, as a fractional owner, undertakes the maximum
entrepreneurial risk associated with a business venture. The holders of such shares are
members of the company and have voting rights.

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1.4 ICT Innovation and Startup Policy Framework
The ICT Innovation and Startup Policy Framework is proposed to have three main
components:

1. ICT Innovation Council

2. ICT Centre for Innovation and Technology Transfer
3. ICT Venture Pre-Incubation and Incubation Program
• ICT Venture Pre-Incubation Program
• ICT Venture Incubation Program – Phase 1
• ICT Venture Incubation Program – Phase 2

While formulating the ICT Startup Policy, besides the recommendations made by AIM, MIC
and Government of Maharashtra mentioned above, the recommendations made by
Department of Biotechnology (DBT) and the best practices followed by Indian Institute of
Technology Bombay (IITB), Society of Innovation and Entrepreneurship (SINE, IITB), IIT
Madras, IIT Delhi and IISER Bhopal have also been taken into account.

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 2. ICT Innovation Council (IIC)
To begin with, ICT will constitute an Innovation Council in accordance with the directives of
MHRD’s Innovation Cell (MIC).

2.1 ICT Innovation Council Focus

The major focus of IIC will be:
• To create a vibrant innovation ecosystem
• Startup / Entrepreneurship supporting initiatives
• Prepare institute for Atal Ranking of Institutions on Innovation Achievements
Framework (ARIIA)
• Establish an ecosystem for scouting ideas and pre-incubator for ideas
• Develop better cognitive abilities amongst students

2.2 Constitution of ICT Innovation Council

ICT Innovation Council’s composition, in line with AICTE-MHRD recommendations, is
proposed to be as follows:

Senior Faculty Member of the Institution President 1

Faculty Member Convener 1
Faculty Member Member 1
IICs Coordinator (UG Student 4th Year) Co-ordinator 1
Representative from nearby Incubation
Centre Member 1
Representatives of SIDBI / NABARD / Lead
Bank / Investor or Local entrepreneur Member 1
Technical Experts from nearby Industry Member 2
Alumni Entrepreneurs from the Host
Institutions (Optional) Member 2
UG Students from the host institution Member 1st 2nd 3rd 4th
Year Year Year Year

2 2 3 3
PG/ PhD Students 1/2
Special
Patent Expert (Optional) Invitee 1

2.3 Charter of ICT’s Innovation Council

The functions of IIC will be:

• To conduct various innovation and entrepreneurship-related activities
prescribed by MIC in a time-bound fashion.
• Identify and reward innovations and share success stories.

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 • Organize periodic workshops, seminars and interactions with entrepreneurs,
investors and professionals and create a mentor pool for student innovators.
• Network with peers and national entrepreneurship development organizations.
• Create ICT’s innovation portal to highlight innovative projects carried out by the
Institution’s faculty members and students.
• Organize Hackathons, Idea Competitions, Mini-challenges, etc. with the
involvement of industrial partners.

2.4 ICT Innovation Initiatives

The following programs and opportunities are suggested to begin with under the ICT
Innovation Initiative. These are representative and one or more of these programs and
opportunities can be modified as required.

a. ICT Entrepreneurship Club

In the Entrepreneurship Club, students can generate ideas, build teams, learn about
fundraising and much more. The objective of the Club will be to inculcate ‘Entrepreneurial
Attitude’ among students by providing resources and learning experiences to students who
are planning to start their own ventures or join startups. The Club can facilitate interaction with
experienced entrepreneurs, industry experts and funding agencies to gain insight and
inspiration.

b. ICT LaunchPad Online

In the ICT LaunchPad Online program, students will be encouraged to enroll in

entrepreneurship and finance courses offered by Wadhwani Foundation, edX, Coursera,
LinkedIn Learning, Lynda and other online platforms. ICT could shortlist a few courses from
these platforms as “Elective Courses” in Entrepreneurship and Finance that students can
enroll for, provide guidance to students for selection of other courses as electives, and also
provide suitable credit to students availing these courses during their undergraduate and post-
graduate courses. Such courses are useful to understand basic theory and practice of
entrepreneurship and finance. While many courses are available free, a few are paid.
Entrepreneurship courses are appropriate for anyone interested in starting and growing a
successful business.

c. ICT Fireside Chats

These Fireside Chats can be intimate conversations with entrepreneurs, small business
owners, and other experts. These experts can share their experiences on managing a
business, managing work/life balance, build marketing strategies or tips to leverage tiny
budgets. They can also share their challenges, successes and tips and answer burning
questions about entrepreneurship.

d. ICT Venture Mentoring Service

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In the ICT Venture Mentoring Service, ICT alumni will an play an active role by supporting
innovation and entrepreneurial activity at ICT by pairing prospective entrepreneurs with
volunteer mentors.

e. ICT Pitch

This is an annual business plan competition. Here participants will articulate a three-minute
pitch of a product, service or solution in front of a panel of experienced judges and get
feedback on ideas and presentations from both judges and mentors. The participants may or
may not have the proof-of-concept of the idea at this stage. The best three participants can
receive awards/certificates.

f. ICT Solve or ICT Ideas2POC

ICT Solve or ICT Ideas2POC, as the name suggests, will be specific initiatives for developing
solutions to address industry’s most pressing problems. The industry could be any industry
and the problem could be technical, design related or service related. Individual students or
teams can identify unmet customer needs, develop/design new products or services that meet
those needs up to the proof-of-concept stage, and develop business models to support the
creation and launch of those products or services. These could be funded through the various
grant schemes of the government administered by DST, TIFAC, DBT or by the industry itself.
Finally, the same could then be presented as a five-minute pitch program conducted annually
in front of experienced judges and mentors. The best three ideas can receive
awards/certificates.

g. ICT Angel Forum

ICT Angel Forum can be a platform created by UDCT/ICT Alumni Association comprising of
investors willing to support ICT incubated ventures, sponsor awards to be given to winners of
ICT Solve / ICT Ideas2POC, provide mentorship under ICT Mentoring Service, participate in
ICT Fireside Chat and support some of the activities of the ICT Entrepreneurship Club.

h. ICT Startup Internship

ICT Startup Internship program could be specifically encouraged for ICT undergraduates who
want to experience working at a startup full time. The duration of the internship could be similar
to the current regular internship program for undergraduate students. Alternatively, students
could be encouraged for such internships in the summer break.

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 3. ICT Centre for Innovation and Technology Transfer
Encouraging technology transfer from universities to the private sector has been identified as
a desirable goal, not only to enhance the competitiveness of the private sector through access
to innovative research results but also to ensure that university R&D results are made
available to society through their commercialization. IP rights have become a widely used tool
to promote university-industry partnerships as they can provide the necessary incentives to
facilitate effective transfer of technology.

Technology transfer activities within universities are generally best served through the
establishment of a dedicated office. Their tasks may be broader, including not just technology
transfer but any interaction or contractual relation with the private sector. The advantage of
having an office that is specialized in technology transfer is that it enables universities to
professionalize their technology transfer activities. A Technology Transfer Office (TTO) may
be internal to the institution or may be a separate agency, foundation or university-owned
company. The establishment of joint TTO for a group of universities that are based in the same
region or specialize in similar fields implemented by institutions, is also an option that may be
considered. One of the main reasons for establishing a joint TTO is that individual universities
may not generate sufficient work to justify the creation of a specialized office with skilled
human resources and having a critical mass helps hiring highly skilled human resources at a
lower cost for each individual institution.

3.1 Mission of ICT Centre for Innovation and Technology Transfer

To be an effective interface with the industry to foster, promote and sustain commercialization
of innovations, patents and technologies developed at the institute for mutual benefits.

3.2 Constitution of the ICT Centre for Innovation and Technology

Transfer
To begin with, the ICT Centre for Innovation and Technology Transfer will be structured as an
office under the aegis of ICT. This Centre will subsequently be transferred to the legal entity
(Section 8 company under The Companies Act, 2013) constituted for ICT – Venture Incubator
(ICT-Vi) in Phase 2 described later in this Policy.

While under ICT, a committee consisting of the Vice Chancellor, a faculty member and one
eminent person nominated by the Governing Council / Board shall have the overall authority
for running the ICT Centre for Innovation and Technology Transfer.

The Committee shall identify a suitable professional to be appointed as Head/ COO – ICT
Centre for Innovation and Technology Transfer. He/she shall be responsible for the day-to-
day operations and assist the Committee for smooth management of the Centre.

Technology transfer professionals are the main liaison between industry and academia. As
the main connection for these industry-university relationships, the Centre will need to be
headed by an experienced professional with the following skill sets –

• Relationship-building to establish industry-academia partnerships.

• Strategic planning to assess commercial potential.

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 • Commercial acumen and communication skills to promote new technologies.
• Legal and regulatory skills to negotiate licenses and commercialize patents.
• Entrepreneurial mindset to develop spin-off companies.

The Centre will have a minimum support staff for day-to-day operations. Any other accounting,
legal and secretarial services may be outsourced on contract basis.

3.3 Charter of ICT Centre for Innovation and Technology Transfer

• Devise innovative ways to create partnerships and linkages for ICT with
businesses and the wider community to enable knowledge transfer for the
common good.
• License Intellectual Property Rights (IPR) to corporates.
• Raise funds for research.
• Foster technology development, technical consultancy, collaborative R&D,
organize industry site visits, professional HR development and other training
programs.
• Enable sponsorships for organizing/participation in conferences/events.
• Organize short-term courses on emerging technologies for both the Institute
and the industry.

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 4. ICT Venture Pre-Incubation and Incubation Program
Amongst the different ecosystem stakeholders, incubators have played a critical role in the
growth of startups. Incubators provide a combination of support services, such as providing
incubation or co-working spaces, laboratory spaces, access to technology and testing facilities
and utilities, growth funds, business advisory support, networking and linkages. Incubators
support startups by mitigating various risks that startups face and provide both generic as well
as specific incubation services. In line with the global trends in higher technological education,
ICT is keen to encourage entrepreneurship amongst its faculty members, research scholars,
and post-graduate as well as undergraduate students. It is envisaged that the
commercialization of technology developed at the Institute as a result of these incubation
initiatives can benefit both the Institute as well as society at large.

4.1 ICT Venture Pre-Incubation Program

Setting up a new business is a process that requires commitment, determination and
knowledge of the reference sector. In this phase, called Pre-incubation, advice regarding
appropriate training programs on entrepreneurship, incubation facilities, services, grants and
other funding programs, fundraising process, etc. will be provided, besides providing
networking opportunities and connections with the entrepreneurs both within and outside the
UAA alumni network. During this period, faculty members, researchers and students will work
on validating their ideas for technical feasibility and market viability before approaching
incubators and/or investors.

4.2 ICT Venture Incubation Program - Phase 1

To accomplish this objective given the current constraints of unavailability of adequate clearly
demarcated incubation space of at least 10,000 square feet of built-up space (minimum
requirement as per AIM) at ICT, Mumbai it is proposed that ICT would in Phase 1 consider:

• Setting up ICT Venture Incubator (ICT-Vi) as an independent entity either as a Section

8 company under The Companies Act, 2013 (previously Section 25 company under
The Companies Act, 1956) or as a Society under Society Registration Act, 1860.
• Consider initiating pre-incubation/incubation using its own small laboratory spaces
across the Institute to incubate startups by its faculty members, research scholars and
students to commercialize technologies and intellectual property (IP) developed at ICT
labs. This would however be done in partnership with the some of the established
incubators across the country so to enable structured funding support and advisory
services to startups incubated at ICT.

It is expected that the faculty member/student seeking incubation under this program will be
required to incorporate a company before seeking any assistance under this Incubation
Program. However, in exceptional circumstances, ICT may permit the faculty member/student
to initiate incubation without the incorporation in which case the same will be required to be
achieved within six months of incubation.

It is proposed that ICT would consider partnering with the following incubators. The list given
below is representative and names can be added based on specific areas of interest of faculty
members, research scholars and students as well as specific facilities at the incubator.

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 • SINE, IIT Bombay
• Venture Centre, NCL, Pune
• RiiDL, Somaiya Vidyavihar, Mumbai
• C-CAMP, Bangalore
• IKP Knowledge Park, Hyderabad
• Gopalakrishnan-Deshpande Centre for Innovation and Entrepreneurship, IIT Madras
• FITT, IIT Delhi
• STEP, IIT Kharagpur
• SIIC, IIT Kanpur

ICT could also provide incubation support to external startups in which faculty members,
research scholars or students are associated as consultants or mentors.

4.3 ICT Venture Incubation Program - Phase 2

In Phase 2, ICT would consider setting up a proper Incubation Centre as an independent
facility of the “ICT Venture Incubator” with a minimum 10,000 square feet built-up area or then
prevailing norms as prescribed under AIM to incubate startups by its faculty members,
research scholars and students to commercialize technologies and intellectual property (IP)
developed at ICT laboratories. ICT could also provide incubation support to external startups
in which faculty members, research scholars or students are associated as consultants or
mentors.

4.3 (A) Setting up of ICT- Venture Incubator (ICT-Vi) in Phase 2

• ICT-Vi can lease built-up space from ICT at its premises. The space for the same will
be a minimum of 10,000 square feet built-up area as prescribed under AIM or as per
prevailing regulations at that point of time. For creating other necessary facilities, ICT-
Vi can seek grant-in-aid support from NITI Aayog under Atal Innovation Mission (AIM),
Government departments such as Department of Science and Technology, National
Science and Technology Entrepreneurship Development Board (NSTEDB),
Biotechnology Industry Research Assistance Council (BIRAC), Ministry of Electronics
and Information Technology, Ministry of Micro, Small and Medium Enterprises
(MSME), State Government or from corporates under the Corporate Social
Responsibility (CSR) program.
• In case such built-up space is not available at ICT premises , ICT-Vi may make
alternate plans to lease/build such a facility from grant-in-aid from Government
departments listed above either at ICT or at a location preferably close to ICT.
• ICT may also explore the possibility of setting up the ICT-Vi in public-private
partnership model on build, operate and transfer mode.
• ICT-Vi shall charge basic rent, maintenance and reimbursable charges from its
incubatees. ICT may also recover the cost of the services it provides to ICT-Vi.
• ICT-Vi shall endeavor to build relationships with the ICT alumni network, angel funds,
angel investors, seed funds/venture funds and Government funding agencies to
facilitate financing of the startups incubated at its premises.
• ICT-Vi shall endeavor to be a self-sustaining entity within a reasonable period from its
commencement.

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 • ICT-Vi can also extend its incubation facility to the alumni of ICT as well as outsiders.

4.3 (B) Management of ICT Venture Incubator

• An eminent person nominated by the Governing Council/Board shall be the
Chairperson of the Board of Directors (BOD) of the ICT-Vi. He/she shall have the
overall authority for running the ICT-Vi. The Vice Chancellor will be a member of the
Board.
• The BOD shall meet at least once in six months to discuss and take decisions for
smooth running of ICT-Vi.
• The BOD shall hire services of a professional as a Managing Director or CEO to
manage the ICT-Vi. He/she shall, inter alia, be responsible for day-to-day operations
and assist the Chairman and BOD for smooth management of ICT-Vi.
• ICT-Vi will have a minimum support staff for day-to-day operations. Any other
accounting, legal and secretarial services may be outsourced on contract basis.
• ICT-Vi shall evolve a standard legal agreement (with necessary modifications from
case to case) to be entered between ICT-Vi and the incubated company/startup
availing of its services as well as with ICT separately for use of its facilities and other
infrastructure.

4.3 (C) Role of ICT Venture Incubator vis-à-vis the Startups

ICT-Vi will on behalf of ICT carry out all dealings with startups right from the selection of the
startup. ICT-Vi will actively support the startup with a combination of inputs and services
covering:

• Office and operational space

• Permission to use laboratories and equipment
• Advice on Intellectual Property protection and commercial transactions
• Business and financial structuring advice
• Mentoring and networking support
• Advice on fund raising
• Logistics support
• Monitoring and reporting
• Permission to use the brand of ICT-Vi

ICT-Vi could outsource some of the above services to external consultants, advisors and
vendors on a case to case basis.

ICT-Vi can allow the startup to use its facilities and services for a period of three years from
the date of formal approval extendable to a maximum period of five years from the date of
formal approval on a selective basis if such extension and support is warranted.

The ICT-Vi Board will formulate rules for the functioning of the startup at ICT-Vi which will
cover extent of period stay allowed and conditions under which the startup will have to exit the
ICT-Vi before the completion of the contacted maximum period of three or five years, as the

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case may be. Some of the criteria for deciding the same could be gross annual revenues,
number of employees exceeding a certain threshold, underperformance or unviability of the
business proposition, irresolvable disputes between promoters/founders, changes in
promoters/founders team or business proposition, merger or acquisition deal with change in
ownership or non-compliance with ICT-Vi’s terms and conditions. It will also formulate rules
regarding the holding period, valuation and disposal of equity shares held by ICT-Vi.

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 5. Guidelines for Involvement of ICT Faculty, Staff, Research
Scholars and Students in Startups
Universities the world over encourage and enable their faculty members, researchers and
students to involve in startups in various capacities while in professional employment with the
university/institute. Such measures encourage translation of inventions and innovations into
commercial products for the larger good of the society. In many instances, such startups are
often established in campuses of universities/research institutions due to their special needs
and resource requirements such as domain expertise, specialized facilities and knowhow.
Faculty members and students at ICT too are continuously engaged in several cutting-edge
research areas. However, most of these research outcomes may/may not get translated into
commercial products, benefiting the society in general, due to several reasons. To promote
entrepreneurship among faculty members, ICT in line with the best practices of other institutes
of higher learning across the world, encourages faculty members and students to undertake
entrepreneurship-related activities. The objective of supporting entrepreneurship is to
encourage participation of faculty members and students in commercial ventures, companies
or similar entities with equity participation as an additional dimension to their existing roles as
faculty members or students. ICT encourages its faculty members and students to engage in
businesses that are direct results of the research activities at ICT, be on the board of such
companies in the capacities of director, chairperson, promoter or any such role, subject to the
terms and conditions of ICT Startup Policy applicable across ICT’s various centers and
departments, thus breaking the existing silos. The overall goal of implementing this Policy is
to encourage entrepreneurship at ICT and to link innovation to enterprises to financial success.

With a view to permitting and enabling the faculty members, research scholars and students
to set up and involve in startups set up both at the campuses as well as outside the campuses,
ICT may consider the following guidelines for the same:

• Any permanent faculty member or staff on duty or on leave, faculty on tenure, research
associates, post-doctoral fellows and students having live registration (hereinafter
referred to as “ICT Member”), will be permitted to involve with startups either on a full-
or part-time basis as promoter/advisor/consultant/any other approved role.
• An ICT Member as defined above will be permitted to use specified physical and/or
intellectual resources (e.g. laboratory and workshop equipment, laboratory instrument,
IT resources and assistance of other ICT Members) of ICT as per prevailing rules
notified by ICT.
• The definition of startup considered for the purpose of this document will be as per the
prevailing notifications of the Government of India from time to time. The current
definition of startup is an entity that is headquartered in India, which was incorporated
less than ten years ago and has an annual turnover less than Rs. 100 crores.
• The startup formed by the faculty member/staff /student would be promoted by the
individuals and not by ICT nor ICT-Vi.
• It has also to be ensured that no reputational or financial liabilities accrue to ICT, and
the equity stake of ICT-Vi (as agreed in the agreement between ICT-Vi and the
company) in the company is protected.

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 • Participation in startup related activities will be considered as a legitimate activity of
faculty members in addition to teaching, conducting research, guiding researchers,
providing industrial consultancy and completing management duties. The same will be
considered while evaluating the annual performance of faculty members. Each faculty
member is encouraged to mentor at least one startup.

• It should be noted however that the ICT Member should take all possible steps to
ensure that his/her duties and responsibilities as a member of ICT take precedence
over all other activities regardless of the nature of his/her engagement with the startup.
His/her engagement with the startup during regular work hours or on leave would be
subject to the prior approval from the Institute’s competent authorities The faculty
member/student has to take prior permission from the Institute before associating with
any business venture or starting a new venture, through a proper application process.

5.1 Modes of Engagement of Faculty members with Startups

a) Capital Investment by faculty members by way of shares in a startup with no
involvement:

• An ICT faculty member may be involved in a startup by providing capital investment

alone in return for shares with no other managerial, technical or mentorship role
whatsoever.
• If an ICT faculty member makes a financial investment in a startup or a company
without making any contribution in the form of technical/consulting advice or any
involvement of ICT in the form of any commercial transaction or intellectual property
or use of ICT facilities, then such an investment will be treated as a private matter of
the faculty member and of no concern to ICT.
• ICT-Vi too will have no role to play in such instances.
• The faculty member may however declare this to ICT or to ICT-Vi as a matter of good
practice to avoid any conflict of interest situation.
• If a startup or any company awards a consultancy project to the ICT faculty member,
the prevailing ICT rules and regulations for consultancy projects will apply.

b) Part time engagement of faculty members in a startup:

• Faculty members are allowed to participate in a startup on a part time basis as per
prevailing ICT norms.
• The faculty member will prior seek approval of ICT for engagement with a startup on
a part time basis as per prevailing ICT rules. The faculty member must apply for
approval for engagement with the startup and the startup must enter into an
agreement with ICT-Vi. Such an agreement should establish the mode of
engagement of the faculty member with the startup besides including the ICT
technology / Intellectual Property being licensed to the startup.

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 • With regard to the extent of time spent on such participation, the compensation to
the faculty member may be in cash for which ICT norms for consultancy projects will
be applicable.
• Alternately, the faculty member will be allowed to obtain shares of the
startup/company as compensation for engagement with the company in part or in
full, in lieu of cash payment. In such cases the faculty member will offer a certain
percentage of these shares to ICT-Vi. The shares shall be transferred to ICT- Vi on
the same valuation terms.

c) Full time engagement of faculty member in a startup with availing of

sabbatical and special leave (SPL) for setting up a startup/pursuing
entrepreneurship:

• An ICT faculty member may avail of either sabbatical or special Leave (SPL) of up
to one year, extendable by another one year (i.e., maximum two years) as per
prevailing ICT rules and may work full time for the startup. Permission will be initially
given for six months and must be extended every six months therefrom.
• The faculty member will prior seek approval of ICT for the abovementioned
sabbatical or SPL as the case may be in accordance with the prevailing ICT rules.
Permission for sabbatical or SPL would be decided by a three-member committee
appointed for the same.
• The faculty member must apply for approval for engagement with the startup and the
startup must enter into an agreement with ICT-Vi. Such an agreement should
establish the mode of engagement of the faculty member with the startup besides
including the ICT technology / Intellectual Property being licensed to the startup.
• The faculty member will receive salary during sabbatical leave but will not receive
any salary when he/she is on SPL.
• During the period of SPL, the faculty member can receive compensation from the
startup in cash which need not be shared with ICT as he/she will not be receiving
any salary during this period. However, in the case where the faculty member is on
a sabbatical leave and receives compensation then ICT, norms for consultancy
projects will be applicable and he/she will be required to share a certain percentage
as per the then prevailing norms.
• However, when on SPL, if the compensation received from the startup is related to
any work done in ICT then ICT norms for consultancy projects will be applicable and
he/she will be required to share a certain percentage as per the then prevailing
norms. This will also apply to those on sabbatical leave.
• Faculty member on SPL will be allowed to obtain shares of the startup/company as
compensation for engagement with the company in part or in full, in lieu of cash
payment. He/she will however not be required to share any part of these shares with
ICT as he/she will not be receiving any salary during this period.
• However, if this compensation is related to any work done in ICT, then ICT norms for
consultancy projects will be applicable and the faculty member on SPL will be
required to share a certain percentage of shares with ICT-Vi as per the then
prevailing norms. The shares shall be transferred to ICT-Vi on the same valuation
terms.

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 • Faculty member on sabbatical leave too will be allowed to obtain shares of the
startup/company as compensation for engagement with the company in part or in
full, in lieu of cash payment. He/she will however be required to share a certain
percentage of shares with ICT-Vi as per the then prevailing norms irrespective of
whether it is related to any work done at ICT or not as he will be receiving salary also
during this period. The shares shall be transferred to ICT-Vi on the same valuation
terms.
• The faculty member after completing his sabbatical or SPL will rejoin ICT. Post this,
no compensation is due to ICT as long as the involvement of the member, for which
the compensation was paid, completely ceases after the leave period.
• Faculty member may continue to involve with the startup as shareholder on re-joining
ICT after sabbatical or SPL.
• In case the faculty member is involved as a mentor, consultant or any other form
other than a shareholder after sabbatical or SPL, then rules applicable will be same
as that of part-time engagement listed below.

5.2 Modes of Engagement for Research Scholars and Students with

Startups
a) Part time engagement of research scholars and students in a startup:

• An ICT research scholar/student can seek permission from ICT to work for a startup
on a part-time basis as per prevailing ICT rules.
• A research scholar/student must apply for approval for engagement with a startup
and the startup must enter into an agreement with ICT-Vi. Such an agreement should
establish the mode of engagement of the research scholar/student with the startup
besides including the ICT Technology / Intellectual Property being licensed to the
startup.
• With regard to the extent of time spent on such participation, the compensation to
the research scholar/student may be in cash for which ICT norms for consultancy
projects will be applicable only to research scholars and not to students.
• Alternately, the research scholar/student will be allowed to obtain shares of the
startup as compensation for the engagement with the company in part or in full, in
lieu of cash payment. In such cases research scholars will offer a certain percentage
of these shares to ICT-Vi. The shares shall be transferred to ICT-Vi on the same
valuation terms. Students will not be required to share any percentage of his/her
shares with ICT-Vi.
• The research scholar/student will have to satisfy all norms including attendance
requirements for his/her program of study in order to earn a degree.

b) Full time engagement of research scholars and students with a startup

• An ICT research scholar/student can seek permission from ICT to take Special
Leave (SPL) for a up to one year, extendable by another one year (i.e., maximum of
two years) as per prevailing ICT rules and may work full time for the startup.

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 • The research scholar/student must apply for approval for engagement with startup
and the startup must enter into an agreement with ICT-Vi. Such an agreement should
establish the mode of engagement of the ICT member with the startup besides
including the ICT Technology / Intellectual Property being licensed to the startup.
• Research scholar/student will not receive any fellowship when he/she is on SPL.
• During the period of SPL, the Research scholar/student can receive compensation
from the startup in cash which need not be shared with ICT as he/she will not be
receiving any fellowship during the period.
However if the compensation is related to any work done in ICT, then ICT norms for
consultancy projects will be applicable only to research scholars and not to students,
and will be required to share a certain percentage as per the then prevailing norms.
• Alternately, the research scholar/student will be allowed to obtain shares of the
startup/company as compensation for engagement with the company in part or in
full, in lieu of cash payment. Again, he/she will not need to share any part of these
shares with ICT as he/she will not be receiving any fellowship during this period.
However if this compensation is related to any work done in ICT, then ICT norms for
consultancy projects will be applicable to research scholars and not to students and
will be required to share a certain percentage of shares with ICT- Vi as per the then
prevailing norms. The shares shall be transferred to ICT-Vi on the same valuation
terms.
• The research scholar/student, on returning, has to satisfy all norms including
attendance requirements for his/her program of study in order to earn a degree.

5.3 Guidelines for Equity sharing between Startups of Faculty

Members/Student with ICT-Vi
• In return of services and facilities, ICT-Vi may take 2% to 9.5% equity stake in the
startup/company, based on brand used, faculty contribution, support provided and
use of Institute’s IPR. (A limit of 9.5% is suggested so that ICT-Vi or ICT has no legal
liability arising out of startup. ICT-Vi will normally take much lower equity share,
unless its full-time ICT member has a substantial share). Other factors for
consideration will be space, infrastructure, mentorship support, seed funds, support
for accounts, legal advice, patents, etc.
• It is expected that ICT-Vi will take no more than 20% of shares that ICT member
takes while drawing full salary from the Institute; however, this share will be within
the 9.5% cap of company shares mentioned above.
• There will be no restriction on shares that ICT members can take, as long as they do
not spend more than 50 man-days in a year of office time on the startup in advisory
or consultative role and do not compromise with their existing academic and
administrative work/duties.
• In case of a largely equity model, the startup may be given a cooling period of one
year extendable by another one year (i.e., maximum two years) or until the time of
the first investment by an external investor, whichever is earlier, to use incubation
services on rental basis and to take a final decision for sharing of equity based on
services offered by ICT-Vi.

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5.4 Guidelines Regarding Intellectual Property (IP) Rights
An ICT member, while on duty or on leave, may be involved in the creation of IP either solely
or in association with a startup or a company. The definition of IP will include, but is not limited
to, inventions/innovations (whether patentable or not), invention/innovation disclosures, trade
marks, trade secrets, know-how, proprietary information, technical data, documentation, data
collections, databases, concepts, processes, prototypes, software, designs, drawings, names,
symbols, images, materials, biological material, plant genetic material, support services and
the like, whether or not the foregoing are in tangible or intangible form, which enable people
to earn recognition and financial benefit.

• If such an IP is created with the involvement of the ICT member, then any contract
between ICT/ICT-Vi and the startup specifying the sharing rights for the IP will hold
good on terms defined either in terms of equity in the startup and/or license fees and/or
royalty to obviate the early stage financial burden. License fees could be either/or a
mix of

a) Equity shares in the company licensing the product

b) Upfront fees or one-time technology transfer fees
c) Royalty as a percentage of sales

In the absence of such a contractual obligation, the prevailing ICT IPR Policy, Rules
and Regulations will apply.
• In case an ICT member develops an IP (both during part-time association or while on
leave) at a startup or company which leverages prior IP developed at ICT, the member
must ensure the prior IP is properly licensed by the startup. In the absence of such a
contractual obligation, the prevailing ICT IPR Policy, Rules and Regulations will apply.
• The same will apply on the ICT member’s retirement/superannuation/change of job.
• In the event the startup or company uses any “know-how” for business purpose, which
has not been secured through any IP registration application, the faculty member has
to disclose the source and origin of such “know-how”.
• In case the startup or company to which the IP has been licensed to further sublicenses
the same to any other entity, then the licensing revenue generated by the said
company will be distributed among the inventors and ICT/ICT-Vi as per the extant IPR
Policy of the Institute.
• If product/IPR is developed by faculty members/students not using any Institute
facilities, outside office hours or not as a part of the curriculum by students, then
product/IPR will be entirely owned by inventors in proportion to the contributions made
by them. In this case, inventors can decide to license the technology to third parties or
use the technology the way they deem fit.
• If there is a dispute in ownership of IPR or matters related to IPR, a committee,
consisting of two faculty members (having developed sufficient IPR and translated to
commercialization), two of the Institute’s alumni/industry experts (having experience in
technology commercialization) and one legal advisor with experience in IPR matters,
will examine the issue after meeting the concerned parties to help them settle the
same. The Institute can appoint alumni/faculty members of other institutes as

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 members, if sufficiently experienced Institute alumni/faculty members are not
available.
• The startup or company may be permitted to use the laboratory and other such facilities
to which the founding faculty member(s) is/are entitled and allowed with a clearly
defined conflict of interest policy. The company may also use other facilities of the
Institute on payment basis as per prevailing norms. In addition, to ensure safety and
security of all concerned, all compliances and procedures for laboratory usage should
be strictly adhered to.
• If any IP is generated by the startup during their course of incubation, the information
about its filing and status of IP application should be provided to ICT for records and
information.

The above points on IP explain the policy framework in general. For more details, please refer
to ICT IPR Policy document.

5.5 Guidelines regarding Non-Disclosure Agreements,

Indemnification, Arbitration & Dispute Resolution
a) Confidentiality

It is understood that all ICT members will undertake to sign suitable non-disclosure
undertakings wherever sharing of any confidential material is involved with external
parties on behalf of ICT or themselves and submit a copy of the same to ICT.

b) Indemnification

ICT Members shall indemnify and keep fully indemnified ICT , it’s affiliates , directors
and employees from and against all direct losses, liabilities, penalties, interests,
actions, proceedings, claims, demands, costs (including without prejudice to the
generality of this provision, the legal costs) awards and damages arising directly as a
result of, the following but not limited to (i) any breach or non-performance by the ICT
members and / or Core Team of any of their undertakings, representations, warranties
or obligations (ii) fraud, gross negligence or willful misconduct by them, their company
and/or Core Team; or (iii) claims arising out of Material Breach.

c) Governing Law and Arbitration

This policy document and all procedures outlined by ICT based on this Policy
document shall be governed by and construed in accordance with the Laws of the
India, without giving effect to its choice of laws rules and shall be submitted to the
exclusive jurisdiction of the competent Courts of Mumbai.

d) Arbitration & Dispute Resolution

• If any dispute arises between the Parties hereto during the subsistence of this Policy
document or thereafter, in connection with the validity, interpretation, implementation
or alleged breach of any provision of this Policy, the Parties hereto shall endeavor to
settle such dispute amicably through mutual discussion among the Parties in dispute.

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• In the event the Parties are unable to resolve the dispute through mutual discussions
shall be resolved by binding arbitration conducted by a sole arbitrator appointed
under the provisions of the Indian Arbitration and Conciliation Act, 1996 and the rules
made thereunder,
• No arbitrator chosen shall be related to, employed by or otherwise affiliated with any
Party, or any of their relatives or affiliates.
• The arbitration proceedings shall be conducted in English, and in Mumbai. The
decision and award of the arbitrator shall be in writing and in English, and final and
binding on all the Parties to this Agreement.
• The arbitrator in his or her final arbitral award shall determine the final allocation of
the costs of arbitration.
• The award shall be binding on the Parties subject to the Applicable Laws in force and
the award shall be enforceable in court of law in Mumbai.

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 6. Conflict of Interest
ICT is keen to encourage its faculty members, research scholars and students to convert their
innovations and new ideas into commercial ventures for personal, institutional and social
benefits. However, when doing this, complexities surrounding actual and potential conflict of
interests are expected to arise, especially in the context of their commitment to ICT, student
education and objective research, as well as their obligations to society. For them to benefit
from education and research, a fine line has to be drawn between using Institute resources
for Institute activities and for personal economic interests.

When an individual holds two positions in different roles and when he/she tries to use a
position for personal satisfaction of his/her aspirations in another, a situation of conflict of
interest arises. This could be as simple as employees of ICT-Vi exploring equity stakes in
startups incubated on a selective basis (cherry picking).

Care must be taken to clearly separate the personal financial aspects of the entrepreneurial
activities of faculty members, research scholars and students from their respective roles,
duties and responsibilities at ICT and should be consistent with the value system of ICT.
Similarly, the use of ICT facilities and equipment must be free from unauthorized and
conflicting uses and must be suitably compensated for as per the policies of ICT. Appropriate
judgement should be applied by all concerned parties, the faculty members, research
scholars, students, ICT-Vi employees and associates besides the incubated startups, their
promoters, employees and staff.

6.1 Typical Conflict of Interest Situations

A few situations leading to conflicts of interest are given below. These are not exhaustive and
only representative for guidance to all stakeholders.

• All stakeholders may come in possession of proprietary and confidential information.

Recipients of such information should make all efforts to preserve the confidentiality of
such information and not disclose or use it for their personal and other benefit without
explicit approval of the disclosing party.
• Use of ICT students or employees to perform work for a startup without any
compensation when the work is not related in any way to their academic pursuits.
• Use of ICT facilities for the benefit of a startup without proper
permissions/arrangements and where he/she is an interested person.
• Procuring consultancy research assignments and business in the name of ICT and
outsourcing the same to the startup in which he/she is an interested person.
• Influence policy decisions of ICT or ICT-Vi with an intention to benefit a startup in which
he/she is an interested person.
• Influence department decision to procure specific laboratory equipment, which could
benefit a startup in which he/she is an interested person.
• Act in any manner to benefit the startup at a disadvantage of ICT or ICT-Vi.
• Neglecting their commitments to ICT for their association with supported entities.
• Differential pricing of shares in the same round in a startup for faculty
members/research scholars/student vis-à-vis ICT-Vi.

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Council for Scientific & industrial Research (CSIR) has issued a comprehensive list of
“Possible Conflict” examples. Those which are applicable to ICT are reproduced below as
additional representative situations for guidance of ICT members:

1. Relationships that might enable ICT members to influence ICT’s interactions

with outside organizations in ways that may lead to personal gain, to the taking
of improper advantage by anyone, or the improper diversion of ICT’s assets
including the time and talents of its faculty members, staff and researchers.
2. Situations where an ICT member directs students (including post-doctoral
fellows, other trainees or guest workers) into a research area or other activity
from which the member intends to realize personal financial gain. For example:
projects sponsored by a for-profit business in which he/she, a member of
his/her family or an associated entity holds an equity or similar ownership
interest.
3. A conflict may also arise if students are directed to areas of lesser scientific or
scholarly merit to enhance the potential for monetary gain or if the financial
potential exists only for the ICT member or the use of students, without
recompense from salary or academic credit, for work on behalf of an outside
agency.
4. Transmission to any entity or individual or any unauthorized use of the
information, records, results, materials, or work product, etc. which have been
acquired through research at ICT or through studies conducted on behalf of
private and public bodies by ICT for the private gain of the ICT member
particularly when such results/reports are not made generally available.
5. Disclosure or use for personal gain or any unauthorized purpose of privileged
information acquired in connection with ICT member’s official activities. Such
information, for example, might include knowledge (prior to general
announcement) of discoveries or inventions made by other faculty members;
knowledge of impending private or public policy changes; possible new sites
for government installations; knowledge of impending research or development
programs in advance of official announcements or assisting outside
organizations by giving them access to such information except as may be
authorized by ICT rules/Government policies.
6. Consultation that imposes obligations that conflict with ICT’s IP Policy or with
ICT’s obligations to research sponsors.
7. An ICT member receiving financial compensation for conducting research
externally that would ordinarily be conducted within ICT (particularly situations
where a substantial body of research that could and ordinarily would be
conducted by the ICT member within ICT is directed elsewhere) or some ICT
members may have economic interests in companies. Such economic interests
are of consulting or other engagements undertaken by the ICT member under
the aegis of the company that might reasonably be performed through ICT as
part of the ICT member’s normal duties.
8. Situations where an ICT member is offered research support from an
organization in which the member serves as a director, a member of an
advisory board, or as a consultant, or in which the member holds a significant
equity position.

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9. Situations where the ICT member occupies a position in a company doing
business in the area of the member’s official responsibility which is related to
that field i.e., the company’s activities compete with those of ICT.
10. Situations where the member is involved in independent business ventures as
owner, operator or major investor, particularly if that entity is doing business
with ICT.
11. Undertaking or orientation of research to serve the needs of a company in
which the individual has an economic interest.
12. Participation by an ICT member in Institute decisions to purchase research-
related goods or services from a company in which the individual has an
economic interest.
13. Negotiation or influence upon the negotiation of contracts between ICT and
outside organizations with which a ICT member has consulting or other
significant relationships.
14. Hiring of close relatives by ICT members in conducting sponsored research,
consulting assignments or any related activity in ICT or any entity associated
with ICT irrespective of whether any monetary compensation is paid or not for
such participation.
15. ICT as an institution possesses both tangible assets, such as its buildings and
equipment, research materials like biological materials, chemical samples,
prototype devices and equipment, circuit diagrams, computer software and
databases and intangible assets, such as different forms of IP as well as its
repute and prestige. ICT members hold custody of the bulk of these assets and
must be conscious of the fiduciary duty this entails. The misuse of these assets
for personal benefit or use of these assets and resources in sponsored
research or in consulting by an ICT member without referring to the appropriate
official the question whether appropriate costs should be defrayed by the
outside agency.
16. ICT members are often called upon to act as consultants in the professions, to
advise on the conduct of research, or to give expert testimony before a court of
law. Such experts may find themselves in the employ of several clients whose
interests are competitive in nature. All types of conflicts to which attention was
called in the foregoing points are potentially present here as well. For example,
an ICT member may well be consulted with regard to equipment needed for a
laboratory installation to be operated by a client agency and may thus have to
choose among suppliers of equipment in some of whom he or she has a
substantial interest.
17. ICT members very often act as expert members/advisors/consultants to one or
more government agencies. These positions present special problems with
regard to conflicts of interest, even when the ICT member holds no
government-sponsored research grant or contract. When one is a consultant,
direct monetary involvement is but one type of problem that can arise. Care
must be taken to avoid giving advice that may be of questionable objectivity
because of its possible bearing on the ICT member’s other interests. Secondly,
any decision that is likely to benefit the private entity raises a needle of
suspicion. For example, if an ICT member is a consultant to a pharmaceutical
firm and he/she is also a member of a Government committee to fix the prices

27
 of essential drugs and if that decision is going to benefit the said firm. Similarly
the ICT member might be asked to evaluate proposals for new technology
evaluation/financing of a new venture or conduct investigation for compliance
of government rules by a firm in which he or she has a significant interest, or in
which close friends or immediate family have interests.
18. Very often ICT members act as consultants to industry and/or perform
sponsored research for industry and also serve on a committee of an industrial
trade association and that association uses the expertise of the ICT
member/goodwill of ICT to influence or lobby government agencies. The
situation is particularly objectionable if an ICT member or his/her family
member or an associated entity have a financial interest in any business which
operates in the industry.
19. An ICT member publishing or formally presenting research results, or providing
expert
commentary on a subject without simultaneously disclosing any financial
Interest relating to such results or such subject.
20. It is improper for a member of ICT to accept benefits or favors from outside
organizations with which the ICT does or may conduct business, or to extend
benefits or favors to employees of the outside organizations under
circumstances which might reasonably be interpreted as an attempt to
influence the recipients in the conduct of their duties. For example: receipt of
any kind of shares in a company during private placement or from director’s
quota.
21. An ICT member taking administrative action within ICT which is beneficial to a
business in which he/she has a financial interest.
22. Associating one’s name or one’s work with the ICT in such a way as to profit
monetarily by trading on the repute of the Institution, rather than on one’s
professional competence.
23. Speaking or acting or writing as a private person in such a way as to create the
impression that one speaks for ICT.

6.2 Guidelines for Management of Conflict of Interest

Following guidelines are suggested for ICT members:

• Obtaining appropriate approvals in advance
• Disclosure of conflict situations
• Abstain from participating in a decision-making process involving such
situations
• Immediate reporting of the breach of policy
• Disputes should be reported to the appropriate notified authorities of ICT
and ICT-Vi

6.3 Resolution of Conflicts

• In situations in which the objectivity of an ICT member, due to his/her association with
a startup or company could reasonably be questioned, the Vice Chancellor of ICT
may establish an independent committee to investigate the operation of the

28
 startup/company and possible conflict of interest between the functioning of the
startup/company and the responsibilities towards ICT of the ICT member associated
with the company. The ICT member may appeal to the Board of Governors of the
Institute for a review of the committee’s decisions. The decision of the Board, in this
regard, would be final.

• In case of a conflict situation, ICT expects the concerned people to disclose all
information regarding the conflict of interest in a transparent manner to the Institute
and other relevant stakeholders. The disclosed information will be evaluated for the
genuineness of conflicting interests by the relevant committee/stakeholders using
appropriate judgment. The committee will discuss and try to resolve disputes over
conflict of interest in such cases, and the decision should be duly approved by the
competent authority.

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 7. Glossary
“Incubation” is a unique and highly flexible combination of business development processes,
infrastructure and people, designed to nurture and grow new and small businesses by
supporting them through the early stages of development.

“IPR Licensing” is a partnership between an intellectual property rights owner and another
who is authorized to use such rights (licensee) in exchange for an agreed payment (fee, royalty
or equity).

“Pre-incubation” typically represents the process which works with entrepreneurs who are
in the very early stages of setting up their company. Usually, entrepreneurs come into such
programs with just an idea of early prototype of their product or service. Such companies can
then graduate into full-fledged incubation programs.

“Angel Investor” shall mean a wealthy individual who invests his or her personal capital and
shares experiences, contacts and mentors. Angels are usually accredited investors, and most
are associated with Angel Funds. Since their funds are involved, they are equally desirous in
making the startup successful.

"Entrepreneurial Culture” refers to a culture/society that enhances the exhibition of the

attributes, values, beliefs and behaviors that are related to entrepreneurs.

“Prototype” is an early sample, model, or release of a product built to test a concept or

process.

“Executive Capacity” shall mean a role as a Director or a Chief Executive Officer, Chief
Operating Officer or Manager or any person, enjoying similar role, by whatever name called,
in a company, having executive power(s) in the company.

“Science Park” also known as a Research Park, Technology Park or Innovation Centre, is a
purpose-built cluster of office spaces, laboratories, workrooms and meeting areas designed
to support research and development in science and technology.

“Special Purpose Vehicle” also called a Special Purpose Entity, is a subsidiary created by
a parent company to isolate financial risk. Its legal status as a separate company makes its
obligations secure even if the parent company goes bankrupt.

“Technology Business Incubator” (TBI) is an entity which helps technology-based startup

businesses with all the necessary resources/support that the startup needs to evolve and grow
into a mature business.

“Technology Commercialization” is the process of transitioning technologies from research

laboratories to the marketplace.

“Technology Licensing Agreement” is where an owner of a technological intellectual

property (the
Licensor) allows another party (the licensee) to use, modify, and/or resell that property in
exchange for a compensation.

“Technology Management “is the integrated planning, design, optimization, operation and
control of technological products, processes and services.

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“Venture Capital” is funding to startup companies and small businesses in which there is a
substantial element of risk, but which are believed to have long-term growth potential. Venture
Capitalists do not just invest capital, but also add value with their strategic insights, as well as
connect to their network for access to management talent, customers and other resources
necessary for success.

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