To make the business plan competition attractive, award of Rs.10 Lakh will be distributed among the winning teams. The details of prizes** are given below
(** The total prizes & cash prizes to be awarded will vary depending on the quality of business plans & decisions of the jury)
The decision of the jury is final & there is no scope for challenging the decision
Note: For the winning teams who decide to commence operations 5% of the award money will initially be given and rest of the award money will be given in two instalments during the 1st year of incubation in MUTBI.
A 2-3 seater office space along with other infrastructure will be provided free of charge for 6 months
The company shall sign an equity agreement with MUTBI for 5% of paid up equity share capital in lieu of support and services on admission into MUTBI.
After the acceptance letter for incubation, the prospective incubatees will have to incorporate their company as Private limited in the Register of Companies (ROC).
The prize amount should be utilized within one financial year, otherwise it will lapse. This can be extended on request by the winning team & recommendations provided by CEO of MUTBI.