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ssn-inclubation

Incubator SOP

Selection Process

1. Call for Applications 

The process begins with a public call for applications, inviting startups to apply for incubation at SSN iFound. Startups are required to submit a detailed application form along with a pitch deck that outlines their business, product stage, and market focus. 

2. Initial Screening 

The initial screening is conducted by the incubation team at SSN iFound based on specified evaluation criteria below. Each criterion is weighted equally and scored out of 10, with a total of 50 marks available. Startups must score a minimum of 60% (30 marks) to proceed to the next stage. However, in some instances, business judgment is applied based on the overall potential rather than just the score. 

Evaluation Criteria

  • Relevance to SSN iFound's Focus Areas: Does the startup’s focus align with SSN iFound’s key technology and business areas? 
  • Product Development Stage: Startups must have achieved at least a Proof of Concept (PoC), with prototypes or MVPs being additional advantages. 
  • Novelty and Innovation: Is the product or solution unique, and does it offer an innovative approach? 
  • Team Composition: Does the startup have a capable and well-rounded team with the necessary skills? 
  • Market Need: Is there a demonstrable market need for the startup’s solution? 

3. Virtual Screening 

Startups that pass the initial screening are invited for a virtual interview with the incubation team at SSN iFound. During this stage, startups are assessed on 15 key parameters listed below, each scored out of 10 for a total of 150 marks. A minimum score of 60% is required to proceed to the next stage, though business judgment may influence the decision beyond the raw score. 

virtual Screening

Evaluation Criteria

  • Stage of Product Development: PoC, Prototype, MVP, or a market-ready product. 
  • Willingness to Engage with Mentors: The team’s openness to receiving guidance and mentorship. 
  • Team’s Responsiveness to Feedback: How effectively the team incorporates feedback into their business or product strategy. 
  • Impact of the Problem: The significance of the problem the startup is addressing. 
  • Urgency of the Problem: How pressing is the issue the startup aims to solve? 
  • Market Size: Is there a large, addressable market for the solution? 
  • Alignment with the Problem Statement: How well does the solution address the identified problem? 
  • Effectiveness of the Solution: The potential success of the solution in the market. 
  • Innovative Aspects & USP: What makes the product stand out? 
  • Competitive Advantage: How strong is the startup’s position relative to competitors?
  • Scalability: Can the business model scale effectively? 
  • Revenue Stream: What are the projected revenue models? 
  • Business Expertise: The team’s understanding of business strategy and market dynamics. 
  • Technical Expertise: The technical skill and capacity of the team. 
  • .Willingness to Attend Monthly Bootcamps: Demonstrated commitment to continuous learning and growth. 

4. Technical Screening 

After clearing the virtual screening, startups undergo a technical evaluation by expert technical mentors.. The technical screening focuses on the feasibility, innovation, and potential of the startup’s technology, and each criterion is scored for a total of 100 marks. Startups must score at least 50% (50 marks) to proceed to the final stage. 

Technincal Support

Technical Evaluation Criteria: 

  • Technology Readiness Level (TRL): Startups must have achieved at least TRL 2 or 3 (10 marks). 
  • Technical Feasibility: Are the technical claims and development methodologies realistic? (15 marks) 
  • Potential Impact: The size of the market and the potential impact of the technology on the target segment (15 marks). 
  • Novelty: Is the technology indigenous, and does it hold national importance? (25 marks) 
  • Commercialization Strategy: The startup’s plan for bringing the product to market (15 marks). 
  • Team Expertise: Both technical and business competencies (15 marks). 
  • Mentor-ability: The team’s openness to mentorship and feedback (5 marks). 

5. Final Evaluation 

Startups that pass the technical evaluation are then assessed by our board. This final evaluation focuses on the overall viability and strategic alignment of the startup with SSN iFound’s mission and long-term goals. Startups are evaluated on the following parameters, with qualitative feedback provided for each: 

validation screening

Final Evaluation Criteria: 

  • Overall Viability of the Startup: (Strongly Viable, Moderately Viable, Weakly Viable, Not Viable) 
  • Strategic Alignment with SSN iFound’s Mission: (Strongly Aligned, Moderately Aligned, Weakly Aligned, Not Aligned) 
  • Execution Capability of the Team: (Strongly Capable, Moderately Capable, Weakly Capable, Not Capable) 
  • Market Potential and Commercialization Prospects: (High Potential, Moderate Potential, Low Potential, No Potential) 
  • Incubation Recommendation: (Incubate, Do Not Incubate)