HP Incubation Centre

Terms and definitions

Term	Definition and clarifications
Company	An entity registered under the Indian Companies Act 1956/2013.
Controlling stake/role	Control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements.
Incubatee	A physical resident of an incubator.
Incubator	For the purposes of the scheme, an incubator is defined as a dedicated physical facility designed for housing R&D driven start-ups and individual innovators leveraging engineering / chemistry / sciences / biotechnology / alternate energy. In addition to physical infrastructure, the incubator will also typically provide access to scientific facilities, mentoring and advisory support, and other aspects of the innovation eco-system required to support early stage start-ups and innovators. An incubator must have formal approvals from the executive head of a host institution as a long term (beyond duration of the proposed project) and dedicated activity. Applicants (faculty, students etc.) from research and academic organizations cannot claim their own research labs as ad-hoc incubation spaces. However, the incubator may set-up arrangements with other organizations to make available specific facilities to the award Grantees on a need basis.
Indian citizen	An Indian citizen is defined as one who is in possession of a government approved proof of nationality such as a valid passport. NRIs are Indian citizens.
Laboratory, functional and adequate facilities	For the purposes of the scheme, a functional and adequate laboratory is defined as one that: Has the necessary scientific infrastructure to carry out the project If required, has essential EHS (environment, health, safety) practices in place for undertaking the BIG project. If required, has essential approvals in place.