 when you are hosted your host would always want certain elements to be followed with our hosted entity and first and foremost is you know when ever you get into any activity first think about protecting interest of the host institute because any commercial activity will come with commercial liability ये जान्य करा वड्से झेद के आप व dram- आप ये आप दृर कोना तो साथ यह और फ़ीग सूझ अंकन फ़ाशा今年 अबतीlights,  varsa the आनला केवाल इस्जण्वेम challenged मता आडिछ भीक्ता है दीमgrowad этот सुब मूर। थोगै क्यंम लेँलेंने गतने का कउipped सगता अनलेंं ôngस्भ्षम। होकार। रध का प्रो ब्रीअगत स��어 मूते वीसक्टी कुमाग्भारय की रंँका भी लग थो जो क姑र। ना और ब्याउसार को तो सदा ती, टी मूओ में के शिएछ मेन करशाउत ancestors of thelaşily come upon then again chill हो अग कनिवाउतлось cut भी के अगा बाशते हैestion क stereotypes है थे हैं गिनी ख़ pathogens कंसक् bursting मलाउतेन गरी ते क Benny being का आई stroll आई dozens ूझ taste यहे जाँज न कैंस ली़ मीा थइ थदप्ञार, Här JUpabri. ऐस ह्ऎक येई �角़े मझそうだ दददथ अगर, आप ज़़ी ब़दर कि सब दिएगा, सब वेछी सगाशी एद लर विसे, सब या वेछी कर लग़ी आप वेछी कर चाजा वैषा और लग. दी श्वाल कर खंबेन कुई का लिएद कर देखाशी तो समझे ज्वेखी, तवरे कोंकिबेटर तवरर कहाँ धवर काई Stay for the people who come to the incubator. मेग दवरे तवेटर जम्आन कोना आप बस्टोँ के कि अज़ात के थी एक तवरर तोक्ये मेख कोतिब from IIT to the incubator. मेग तवेटर के तवेटर के लग तवरटी कराता है If you want our website actually gives... అకారోనుές మిస్రు వివికిల్చ పనిం్ లోస్వాంటాదం కోనిఊ్ర్-పనింట్వార్యాని నాగ్ంటికింద�馈థెము ర౤ంటియాయూటి విమకిటిసంట్ హిసంట్ట वह आच्वाजते तब आच्वर से अपलाज़। AIIBWA菩, तब आच्वर से द्वाज़े तब आच्वर ही ना यो भिरुसंवी आद्वराज़्या तब अच्वर शोभलाज़ा ख़ी स्वर्चाशा रफ्वाज पाहते ज़। अजनस्से जोद्टेत से त। पाचाँ थी हैंती कि धिया थी थोज़ा रहंगा ली क्राँईपज़ा जा दुदेषा कोल से से बाजना उगरा, ्भी क्राँइपका, लोग अदी जागगेखा रहाईपच से रहा साट़ा के थी जादा आपचप इने शाडवार कराँउईपताउ, ्जे तरीची क्राए� If the financial support is needed to give fundings then they could also define an, Orc as they have defined the usage of fund. And how do we pay back. In fact perhaps I will deal in constitution. And maybe I can talk now also. Our initial support came from the host institute and we- our structure is society structure. Now so society has a very weird you know, there is some strange provision under society registration act that if society gets folded up, or it gets rearranged, or merge. You know it is asset and liability has to go to another society. Unlike company where when company winds up, company is wound up, you distribute it is residual asset among the member society, you cannot distribute to the member nor इतє बँडव query na dal स्वगष्स स्वर्डय अब as अग के आ अठा ही कर जो ज्ब आती आती प् இते ब Evil उनफाob ॥ि टिजा कोई द्रेव। रोज skill आब अग़ुग तुए मूझा तुए तूछ, और यह रहमान, अँश्व अग बगु़, आगा तॉए, अग़ चारो थूछ, अश्वद अद टर मिए चारो बहुतते, जर जागिर गंगी थी तूछर जागिर अख़ार, एदी बवो गोगि़, वी विवओ़ सुश्दि, � रहे स cassette of your value by virtue of legal provision cannot go to IIT Bombay because an it's an institute under parliament परलामः, It's not a society आन बीवैंतुद रज्ज्राध। And we went to the Rajasthra, they also said, no, there is no other provision बी दग़क वी अजे रचण ड़ादता हो थ! We dug out all old records charter constitution of IIT Bombay और आद वत छिदा अगन लग़ा वो साचाटे की अब आदियिज करनेता. आदियिज, धेभंच यहाज़ा छीग लिआ की आदिया, देअ और और ऐजनावाश एक और आदियी वो फोट्वूनी यहाच कि जब आदियिज, दblock of parliament as autonomous institution. चबकोंगय आप प्रजनल तैस नफ़ड़़ रचिस्तर outcomes of that original class we went to the registrar. दप्रजनल साचटिटत़्ी तो साचटिट़ तो फरमी तशुद तो साचटिट़ तो साचटिट़ यज्चटा कर भी ईदुए it. । । । ।—— । । २ । । । । आदी, विन, जरीवावाज सहाज़ा न मत Wheels या॑ो चब मैंजा ऑइ हमेंे शिG अपनी भी आपी आपी विश््व каз वि underground या॑. दी से अ मेंने बहुज कुई था मू После ठा after न मूस शम्वो। भा़ त Hinter,नाया 在। ढफॉक् Gewir गष तो। during लिगड ल droite अता बीन गदा लेग नेपी उबस्वोख के मड़ेझा, ड़वाचा अण श्वर्ठी, आप की आधचाड़ जो टीटाई काँोंज़ा, आप क्या? जो आप यवन च़ाहते लगते लेग क्या? गवन्श्वर्च्चर जब कोईँ? की अदी बस्फिल दीरोग ख非 । का आज मा क्रवाँ धीर और � com मेalo.. इसहोफाँ । इसहोफंफ्कों यप का seçरी अवाक ऐति lo तो तो धेंहें इकविल्लाईजे जाए फिल्ए वरायाईद दिश़िन मेंकेईईगे तुर्नगतेन तो थौर्ठीशरा। ट्सिरत छ्स्ट्कर्यग तो तः कर के हैतेंसासा चार आप सध्व मुज्थ जोसी आप सद़ाा रहसे होंज्थ। भellt नादपत जिक � Katy तो कबकां היה甜ि Josh थो सynam Programm रहें कुऔम ड़ी nevertheless did this ज़़ा करना बीध्द. थ marketing, lawgers, आप सैज़। अगर सेचनучवेगा रिए क् return, अ Jam, और भीन कुईतanal Block. सीसकाट oynत Spinach. सीचन以上 टींसाब, अधी क़िरत मसए. जाऔदश सीचन wiring. सொ like that, जे अदश़्ाoh. ज़ादश़ो, ज़ादशा, धादिक जाध़ा सplanning of IP or technologies develop at IIT Bombay. एक विद्रिसकों मेग अडरे दंजान एक अनाशीप कल्थ थरमबज़। Now in IIT we have a policy that any research work any IP or any technology that is developed at IIT Bombay ownership belongs to the institute not to the individuals. समही अब अब आँई अ� checkup based on this work done at IIT Bombay that IP rights ownership rights need to be tried and then the IIT issues will be disrespected.ittersport to the venture. नहीं तो for transferring you require cash. नहीं start-up has even faculty members, दे all are first generation, नहीं बूशाँनी यान्थरब्रन्यरश, तो cash is always a problem. तो how do you go about basically technology transfer. तो we say that just like for infrastructure, तो we have defined this equity model. साधाटा दो ओगाटा सगीना सगीट then how do you value you know a particular IP आन अगीन की बना से आप लीगों और देटा कि सकता रहिज जेदा, which actually can give you a good model to value IP or technology, आवग़ा करी विज़।को, आवग़ा भी रव़्।कों ञीगे त॥को लग भी वेद मुज्छ।  disastraral background. वहन लन्ध है। छट्वना की लगत लगत में । वहन लगत कर वी अह। लिए अपी नहीं के लगत अनधूञ। में दें आपी थी। वहन सक Linga । खीजा ईस आठ किषा और एक जाउत सोम, वहन । अछन ती लगत में जो। यह उर देखा लग Generativ infrastructure let us come out with some equity number for Ipee वंक था, बहुत ख़ा वंक देखा एक। for Ipee rights. जा श्मूल ख़ा, वंक ख़ा. हान दो अगं दिफाय देखा वंक ख़ा वंक ख़ा ताशा ख़ा स्ध उसितिद? आँत है, पर और वाठम देशार, और एक वीष्सेत हैं, और चिस्चान तुथ, अघ अगों लेग, को गया चिस्चान गर था। खम्मान था वापतो भादिखा धिन, और तो धेखाद के रही कुप न जान चंफणनाimiento तुध के कहाता। तो सब कियोगा अक के के पत्टाुर्या अथा? छिए तो से क्योगों से तख्स्टाडग? अगर ज़ी होगा, अगरके क्योगा अद चिव़ात आप होगा तो वो तुछ़ क्योगा फ़ना चब ज़ादग लेग of a venture is much more than technology or app. दिए तो तू मेंगा नादा लागी खीदे हैं। तुध करे आदा कि मट़्ाखा बनक्चा है। दो थी करे आडा कि बात गोलाम्राप मैंखाच् काँ बनाद पर अगर की आपाद नहींद परण़ारउ money अखाँ तोची लग़ा पूँँच्यादा के अगर क्याता नीक किस आद्चादी उब आप पाँद at the whole enterprise so we took that you know 20% as benchmark there is no scientific methodology in the whole process we wanted to come out with it you know one model which is acceptable to all. After they say it takes 20% of a particular venture worth we can retrieve to a technology or product side, but 20% equity at it, it is a big amount, it is not a small amount then in the afternoon or not, it is an incentive when you give away your 25% off front to start a venture क की बाँा, के क्झ्ट्नोलाजी खात्यी है कि ऐस्फो�रठोंवि से जी वहूँर्फान को गुअ। year respective you know institution but typically when technology is commercialized certain portion also goes to the innovator though ownership remains with the institute Institute gives back certain portion of the commercialized amount you know earning or revenue out of that particular technology to the innovator and that distribution portion in IIT Bombay खन?! ॐ अण्रित है आठ dispositions within iait system विँईगा। ॐ अग्तjiyinga विँगेँ भिँगो man 기� ता तब दो 밀 techniques आटूवत दुत याईerelच़ृस हजुसू करिने लगु.ॆ आन एह �ric odpowied Good pneup is go to the innovator so 70 30 is distribution within it system we said let us apply the same norm for equity so 20% worth of technology you divide into 30,70 so 70 basically the person who is also part of the venture you know since he is a part of the venture he foregoes is right and 5% is written by it bomb and we came with flag 5% ॐज़तु आपके ज़ाभी आपको था भीर ज़ादा जावी क्फीटे कमेछ ज़ादा है। खलिक लिनागी श्पकडाउ करे तो आपका लिए दे्रावेस् को और थी ज़ादा। atmosphere and interest is, with it is a very complex thing to see. Look complex then. at is very complex moving you very well in our case. At Cambridge, the lady from Cambridge, she came. She said we spend one year to negotiate IPO value. In the process there is so many ventures, actually fizzle out. लेग पार्ड़ुत आप थकीं कण़्ोल। अगर सब अगर यह शागे नाज़िक सब विशापोँँ। वी विश्टे यह चाणा मेरेँ लिए अद है भी और विश्टे पींते किचामनाचे योंत है तो अगर घए उनचानाचे यह काई धागा सब सब भ्तनो, नब आद tenis moim prototype prawn अज मसGM juh fish जि की इसनावत नब किने थादे आच्य की घेकनलौजी वैंचार नब वो और गी ची करए तेकनलौझी यlax भगше वी आज्य नबакं Jon पटरज क्यो वेंचार उस क्यो तीकषाट है तेकनलोची इस सपत kiya Mumvinte percent of it's his or her worth common thing from the institute. Right. And then if it is sold to outsider In any country it's a cash – cash module IIT Bombay owns the IP right forgot about incubator whenever they sold to the industryction you know seventy person goes to the innovator and thirty person remain with institute that is our distribution pattern which is very generous. तरमले तो रवदा है, वह से जाए मेंगे पनमेंगे तेखयते ही की लिए लिए गो। एक आप न remaम नहां को wish picshealth is a कोसरता पश्याह क्यछ तुयभि peGo क़ा स्य ज़ा करी वी वाँढ्ल, क लोग फेल तास उजना दो पेवाघ अस Kathy मी किंूझा तब आपका से सबट सोर ट्ख्रें़ा सकते। आपके से नदे मोगने साच्टिजा में ल्वावुईद. से सच्टिजा मैं सच्टेजा में विर्शा मैं सच्टेजा. और सच्टेजा को हमें भी ठाद रहा है क्या? अपना के वो लीवावास भी अस्च्टंचों. milyon of this treatment for treatment. Both of you are okay with that. You have to say that for two conditions she is taking. One is that, what is the role of IP in the overall success of the bomb, number one? No, no. I think I know where is the confusion, it's complex. That's what I tell you that there is a complex formula. So, Say IP policy of IIT Bombay has three elements.onde we can use another technology element. All IPs belong to IIT Bombay, ownership is IIT, forget about incubator part 5% part of whatever yeah. All IP ownership rest with the institute, yeah not with the innovator. Now industry come in by the technology or take the technology and licensing yeah say 100 Rs. I'm just giving you on that. आप आब पलिसी तुछव ना तुछव ल्ज़ साचनी करना सस्प्म्हें आप लोग फते है 갑자기 भी तुछ़ यह नध करता है। और वो सब ठ़ वींटी साचना कि तो इसी सोझत नध करना. और खинसाजा कर तुछ़ तूँए तुछ़ कर साचने लेका है. और बना वेशवाश्वाश्व रीचा लगा Initiative जो वो मुझे जाध हैं. मिसा शिका किषिक बगौदा। वेशान को बाउना लं्खात॥ ण्या है. अदर वेंच्याश वर्ठ is not technology, when a venture is valued, there are much other elements are much more important than just technology, sometimes technology is not even final product, so we said that any technology or you know IP is not worth more than 20% in a particular venture, so 20% of equity ideally should go to IIT Bombay and of which IIT Bombay will keep 30% and balance would have gone to the faculty member, you understood till this, now what happens is that when a technology is getting transferred to a venture, this innovator also becomes a part of the venture, so innovator says that you do not give me 30%, I do not give you 20%, I give you only one third, so one third you keep by yourself only, I do not want my 70% because in any case I am getting my own equity from the venture, right, so one third of 20% is 6.33% which should go to IIT Bombay, so rather than we made it a rounded figure that 5% flat for IIT Bombay, now whenever it is getting engaged, entire amount remains with IIT Bombay, nothing goes to the innovator, does that clarify, that is only the 5% equivalent of 5% how would the innovator, what is their negotiations operating in the faculty, I am sorry, that is the startup team basically does their own innovation, we help them in the process but we do not like IIT or signed that that goes to the founders agreement right, that is part of founders agreement nothing to do with this IIT Bombay transfer can also be done from IIT to innovator also innovator does not have anything no but innovator if they have innovator has a deep pocket and it has a great plan, they could do it at individual level also, theoretically it is possible IIT goes to the venture not to the innovator why not because it is the transfer no venture can be set up, no venture will aggressive, venture is not only innovator venture is the total founding team other times founding team get into venture if IP is not owned by the entity venture entity and if it is owned by an individual but innovator can go only and start a venture and he can buy the IP from IIT but no investor will put in money unless the IP is owned by the venture no investor so you can create some nookard shop kind of a model wherein you know I start my own this thing, I take in my favor if the company does not work then I own my IP but no investor will come, scalability will be an issue so typical it is a proper legal professional corporate entity where all asset belongs to the corporate entity IP is also asset and how can an entity start based on the asset that belongs to some odd individual he may walk away then he could be a promoter of the company but IP belongs to the company so you need to separate company from the promoters what I meant was that company owned by this particular person and major shareholder of the company one of the shareholders my question is one more if you are looking at 6% in IIT branch what would be the technical percentage if I have 5% to 2% who gets it like these are questions clear to you I do not understand no it is basically theoretically there is no percentage of this thing so basically you know typically it becomes a part of founders agreement based on commitment by each of the founder based on roles and obligation of each of the founder you come out with a distribution factor my only point is that when IIT has a 70% 30% getting 5% I mean 5% 6% so faculty also will open up his cards and say that ok if IIT is getting 6% I will get so much obviously smart faculty member will get atleast 13% ensure that I get my 13% but it could be more also if it is less then he is not smart enough but like you know so just a brief overview on our constitution our constitution basically includes you know our mandate that is business scope, focus, eligibility criteria its official positions are clearly defined in the constitution director of IIT Bombay remains the chairman of sign board key IIT positions like Dean RND, Dean resource mobilization so on and so forth are basically ex official members in sign fund and asset I already spoke about this funds and assets to go back in the event sign fails or restructure and also our constitution every constitution talks about rules and regulations mainly on operation side of of this how many board meetings are here what should be the general meeting you know time duration you or to have what kind of reporting should go to the institute so on and so forth no but I will tell you one tip on a very serious side you know it would be appropriate when you work on your commercial agreement like it would be appropriate that you also touch base with commercial lawyers yeah its very important actually so I personally have a legal and compliance background I work in the industry for 15-17 years but still with and I prepare our commercial agreements but we still run it through independent professional lawyers because there are so many things you may not realize in commercial agreement so when you work on your commercial not constitution or policies but when you work on your commercial documents its a good idea to touch base with the lawyers and those lawyers is not really institute lawyer but it has to be a proper commercial you know people who understand contractual agreements and all those things yeah quick view on our policy and processes they define mechanism for transfer of IP also we have policies to deal with conflicting interest mechanism of using you know institutes resources very important insulate institute from legal and commercial implications that is indemnification, disclaimer our all agreements and policy first thing is you know at the end of it you will see there is a disclaimer clause and there is an indemnification ensured in our favor as well as in favor of our host our own vision and mission document they are in synergy with our parent institute so that you know the issue point is that incubator are more as an extension of existing you know role of your parent institute its not really a rival to the parent institute so everything has to be in synergy with your parent's focus and policy process document also includes aspect like eligibility criteria, admission process and what is our service offering, exit benchmark, monitoring so on and so forth I always like to see the slide I don't know it's a repeat slide for you but for an incubator to come up in academic environment there are challenges and everyone will have to address those challenges institute level is differing priority I told you academic research versus commercialization very bureaucratic structure we have to at least at IIT Bombay we have to deal with quite you know quite a bit bureaucratic and inflexible structure processes are very rigid in the process we also have become very process oriented but we have seen that we are not bureaucrats in that sense yeah very high focus on technology and theory less understanding of business part so whenever we talk to our entrepreneur now things have changed but initial day they always feel that technology will sell by itself and you will come across and it's a huge task to you know shift them from you know from a technologist to a you know real entrepreneur it's a huge task and again you can't say that technology is not the only thing because they get offended so you really need to be very careful when you enter and it's also because we don't have a long history of commercialization and entrepreneurship in academic environment things will change over a period of time but at the moment it remains you know a challenge lots of academic mindset everything is seen from you know again you know theoretical view point and process view point and so on and so forth incubator level challenge is sustainability and like if you are starting a commercial entity first ensure that you are sustainable otherwise no doesn't make sense to start a venture which is not going to be sustainable right side of people is always a challenge because you have to deal with you know academic salary you can't offer more than what academia is being offered since you are hosted by them so there is always a conflicting conflicts on those part and unless you offer a good salary no professional will come or I would say it's difficult to get the professional on the board choice of the company what kind of company I think you really need to basically institutionalize the process so that individual discretion goes away there could be lots of you know pressure from the host only to get into this which doesn't make sense right so I think choice of the company is very important where is this like you know faculty are going to start a company let's go take the approach will not work most importantly building a big large business network that is very important and I think IIT Bombay is one of the biggest strength incubators you know one of the biggest contributed to the success of the incubator is its own network the kind of network that is it has created consistently from very beginning so involve right side of the people who understand entrepreneur dynamics markets, businesses, investors you know at the incubator level and that could be lot more which you and I can't anticipate but you suddenly face them and some concluding remark incubators ideally should go by the host strength limit the focus where your host has the strength don't get into the activity that you don't understand or technology area that you don't have local expertise clear line needs to be maintained between leveraging you know host strength but at the same time managing conflicting interests I like IIT brand name but I can use only up to certain level you know I'm an IIT Bombay incubator company doesn't mean that IIT has put in money in me yeah or it has created me that all those thing one has to be very careful it has it could have a larger you know legal impact going forward it's very important to involve all the stakeholder in the process that also includes government academia because they have certain government has a huge role to play especially at incubator level in the initial day you know they do good resources right so BI means business incubator entity by itself need to be a sustainable entity and very important again I am repeating but it's very crucial element that insulate university from the impact of commercial and legal libraries thanks