Support and cooperate the initiative and development of new ideas and best products of teachers and students of the “CITI” University, introducing them into market, establishing and developing start-ups.
DEFINITION OF TERMS
“Innovation” means products, services, marketing, organizational methods and solutions that created in the process of transforming new knowledge into wealth.
“Innovation product” is the result of innovation process that meets the requirements and conditions established by the laws of Mongolia and which has more abilities of technical and economic performance, scientific capacity, value-added creation and competitiveness than similar products and services on the market.
“Innovation and business project” means a document that is planned to implement a set of activities for introducing innovative products and business goods and services to the market in a certain period of time in accordance with the funding requirements and organizational conditions. “A startup” is a company founded to develop innovation and business development projects and bring it to market.
REQUIREMENTS FOR INNOVATION AND BUSINESS PROJECTS
Only innovation and business development projects initiated and developed by teachers and students of the CITY University will be selected and invested to the start-up companies.
Innovation and business projects initiated and developed by teachers and students of CITI University shall meet following requirements:
1/ contain an idea with a common goal of creating innovation;
2/ prove the unique nature of goods, products and services of the project to be implemented, or confirmation of industrial intellectual property rights;
3/ feasibility studies and cost estimates of the project have been prepared;
4/ contains business ideas that are competitive in the market;
5/ complete research and analysis required for project implementation;
6/ to be tested in a certain extent and made into practical reality;
7/ have a project team;
8/ have no financial liabilities related to the project activities.
SELECTION OF INNOVATION AND BUSINESS PROJECTS
The Project Selection Committee shall publish the project selection announcement along with the terms and conditions on the website www.citi.edu.mn and in the scientific research journal “CITI Science” within the II quarter of each year. The project initiator shall submit a project that meets the “REQUIREMENTS FOR INNOVATION AND BUSINESS PROJECTS” to the Project Selection Committee within the fixed term. Only projects that meet the conditions and requirements will be selected and the selection results will be announced within the III quarter of each year. The project selection committee will analyze the submitted projects and finalize the project at the committee meeting. The project selection committee may appoint professional experts who will evaluate the project and make conclusion.
TYPE AND AMOUNT OF INVESTMENT
The amount of investment to one selected project is up to 30,000,000 / thirty million / MNT. INVESTMENT EXPENDITURE The project investment shall be used for the following activities:
1/ procurement of raw materials;
2/ procurement and creation of software;
3/ procurement of main equipment and spare parts;
4/ procurement and lease of items directly related to other project activities.
CONTRACTING AND FUNDING
By the decision of the Project Selection Committee, an Investment Agreement shall be concluded with the project implementer or start-up company that has passed the tender requirements. The project implementer is prohibited to transfer its contractual obligations to another person. Relations in connection with the establishment of a start-up company shall be regulated by the Company Law.
RETURN ON INVESTMENT AND REPAYMENT
Return on investment, repayment and other issues of the invested project shall be regulated in detail by the Investment Agreement.
MONITORING AND REPORTING
The Innovation and Business Development Department of CITI University will monitor the project process and investment expenditures and the project implementation progress and results will be reported to the Project Selection Committee once a month. In case of non-compliance of requirements by the project implementer, the agreement will be terminated by the decision of the Project selection committee and the investment to the project will be repaid according to no dispute principles.