Having been through the NEIS program in 95, I guess I should throw my 2 cents worth into the ring.
The main issue you'll be confronted with under their model (assuming it's the same) is the program is not really designed to support for long term create-it, then sell-it businesses. Which without a saleable product today, is what a game developer basically. I.e. It's a long time from idea/design, creation to seeing a return. Let alone a profit, which makes them nervous about supporting.
We were involved in the NEIS program during the last part of development of Thesius XII and few other in-house projects (Reality / The War Of the Talesmen). In house at that time was 3 core guys (hi Benn & Lars). Anyway, the issue we couldn't resolve, in order to get green lighted, was the base line income problem. I.e. Between releases, just were does the week to week cash flow come from ?. Sooner or later your talking screen savers with apparent marketing guru's.. Imagine trying explain a engine demo to people whom had never seen a 3D game. Ahh, those were the days.
We didn't have a hope without self funding. As at the time, there was only a hand full of developers in oz, most talented was exported, but I didn't want to move, still don't. A tough environment, were virtually nobody in business would take the concept of setting a game development house seriously. Hence the brilliant idea of setting up shop on our own, on the recently departed Amiga in those days..
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Anyway to get back to my point (did i have one ?). I think if you can make it through to submission/evaluation process, make sure you present a model that is feasible on more than one level. While your core objective is game development, you might also devote a % of hours per week, doing general IT work, to pay the bills, etc.
