The selection and progress monitoring process is formalized as follows

• Team of interested students/faculty/alumni submits a business plan.
• Head of KReSIT and Project Director of Business Incubator evaluate the plan.
• Successful entrepreneurs, angel investors, and CEOs of successful software companies, further validate it on an informal basis.
• If the plan involves specific technology or domain expertise, a committee of IITB faculty members in relevant fields, is constituted to evaluate the technical feasibility of the idea.
• If the plan looks viable, the team is asked to incorporate a private limited company, and it is admitted in the incubator