Who are Business Incubators?
The word ‘incubator’ often makes us jump to the thought of a premature baby in a safe environment, away from all the noise and infections in the environment. In business speak; an incubator is the guardian of any start up. A non-public organization, which can be either a public or private entity and focuses on delivering various tangible and intangible services. They aim at speeding up the success of any business by nurturing the seed of their business idea. They play the role of both nurturers and accelerators. They are the key driving force in the success of any start up and even developed businesses.
Role of incubators in the success of a start-up…
We have often come across terms like mentoring, training, coaching, office space, networking and seed funding. An incubator works on creating a healthy business environment which provides everything from mentoring to seed funding. They play the role of support system during the early stages, when your business is in waters. An aspirant cannot be a jack of all the trades. These incubators help aspiring business mates in making the right decision by playing the role of an advisory body. One can have an access to various hands on activities of a business and learn through practical experiences from someone who is both an expert and successful. The one-on-one coaching helps they come up with new solutions for old problems.
Apart from providing mentor services, many incubators provide office space and comprehensive training programs.Thus, giving people a chance to work in a physical environment, before kick starting the business.
It gives aspiring entrepreneur an opportunity to network with various bankers, venture capitalists and investors and pitch in their ideas to them and avail seed funding, giving your business a buffet of capital raising options.
Role of incubators under Startup India program…
The incubators are making their presence felt worldwide with the exemplary role they play in the growth of any startup. India boasts of a strong startup ecosystem and the new initiative, Startup India and Standup India, are further accelerating the growth of new business ideas. Incubators are the people who nurture budding entrepreneurs. Under the Startup India initiative, the government wants the blooming buds to concentrate on the core business activities. One of the pre-requisite to gain recognition under Startup India program involves getting a recommendation certificate from the incubators. These
incubators will provide certificate on the basis of:
• How innovative the product or service is.
• Is the product commercially viable?
If your idea, product or service is new or is adding value to the existing products and services, a recommendation letter from incubators can help you avail various benefits under this start up environment stimulating program.
Presently not many incubators are available in the Indian market. There are 278 government incubators and 20 private incubators under the Startup India program. After doing a validate research on these incubators, our professional team has come to a conclusion that, either sector-specific incubators are not available in the market or else these incubators cannot be easily accessible. The list on the government’s website of Startup India program provides contact details of various incubators all around India, but the contact details of many incubators are not validate.
Further one of the main concerns of any entrepreneur with a bright idea is to disclose his or her idea to the incubator at the first stage. The credibility of incubators is the key concern. At Startup India Consultants, our experts help you find the right incubator at right place with right thrust area in accord with the need of your business idea.
There comes a time, when all you want to do is improvise the vision and mission of your business. Startup India Consultants understand the need of incubators who are impeccable for your business. We help bridge the gap between young businessmen and innovators and provide our clients with incubators rich in services like healthcare, electronics, biotechnology, ICT, e-commerce and many more.
India has the third largest startup ecosystem and the first young startup nation with more than 70% of starters below the age of. While a lot of new businesses are built-up every year, yet many of them fail. Their indispensable role in any business cannot be understated.