GAIL shall evaluate the top rated shortlisted Proposals through a specially formed Committee for the purpose. The said Committee shall also have outside personnel with the necessary domain expertise.
The Committee shall discuss the Proposals with the Start-Ups for carrying out the evaluation. The Committee shall use the following broad criteria for evaluation:
- Does the idea bring a unique proposition
- Target market identification
- Founder and Team
- Marketing and Distribution
- Significant competitors in similar projects
- Start-up financials
- Future road map of Start-Up
- Primary risks involved in the project
- Plan for use of GAIL's funds
- Exit scenario from the Start-Up
The Committee will also discuss the Milestones, Payment terms, Financing options etc. Thereafter the Committee shall submit its recommendations to GAIL.
The Start-up shall be required to sign an Investment Agreement before commencement of Funding by GAIL. The draft Clauses of the Agreement shall be provided when the Start-Up is called for discussion with the Committee. These Clauses shall also be finalized during the meeting with the Committee.