An entity is considered to be working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property if it aims to develop and commercialize:
- A new product or service or process, or
- A significantly improved existing product or service or process, that will create or add value for customers or workflow.
Provided that the mere act of developing:
- Products or services or processes which do not have potential for commercialization, or
- Undifferentiated products or services or processes, or
- Products or services or processes with no or limited incremental value for customers or workflow would not be covered under this definition.
Entity means a private limited company (as defined in the Companies Act, 2013), or a registered partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2002).
– (For details of startup refer www.startupindia.com)
BEML has relaxed the following eligibility criteria for registration from Start Ups in order to encourage the StartUps to participate in supplies for BEML procurements.
- Prior Turnover
- Prior Experience may be relaxed
Start up is a Company that has been in existence for less than five years and with sales revenues not exceeding Rs 25 crore. Apart from innovation, such startups will be expected to be engaged in the development, deployment or commercialisation of new products, processes or services driven by technology or intellectual property.
BEML has identified areas of START UP which has been displayed in BEML WEBSITE under separate Start-up tab. Vendors need to follow the Vendor registration procedure by downloading the applicable formats, from the Company’s website and to register themselves by submitting duly filled formats to Corporate Quality and after the technical discussion and clearance from R&D about their Core skills in Design and Manufacturing for Start up activities.
Startup's advances up to 15% may be considered if request is received by BEML against Bank Guarantee. The interest on the advance amount is not to be insisted from Startup's.