Role of Business Incubators
- Praveen Kapoor
- Nov 15, 2021
- 6 min read
Updated: Sep 9, 2022
Incubators are an intrinsic part of the startup eco-system and play a very crucial role in the development of an entrepreneur.
Incubators are here to stay and its role and importance is increasingly being appreciated in the country. Considering most of the startups in the country are by young professionals, incubators have a pivotal role to play.
Business Incubator role come when An entrepreneur / startup have a brilliant idea that solves a real problem or has great utility, but working on idea to prototype and then fully commercializing it and making money from it is totally different game altogether.
Most of the time budding entrepreneurs face challenges when it comes to executing their business plan and commercializing the idea as they do not have a business background.
Even young entrepreneurs who have passed out from business schools often find the going tough.
Budding entrepreneurs needs mentoring and considerable amount of hand holding. Something that an incubator can provide.
Business incubators can be either a non-profit or a for-profit entity / Institution.
They help entrepreneurs / startup to develop their business, especially in the initial stages. Incubation function is usually done by institutions who have experience in business and technology world.
Different Incubators provides different services. Some of them are are sector specific.
They usually provide workspaces, mentorship, Networking , lab facilities, education, Legal support, HR ,Seed funds, access to investors for startups . During Mentoring sessions they used to invite ( or have resident mentors) Experienced professionals, Industry leaders and entrepreneurs who have been graduated through with the startup process are now successful often provide invaluable help and guidance to these new startups along with other required support .
Even Virtual Incubation is also available with few of them .
As early stage mentors, incubators are an important part of the startup ecosystem.
Sharing details of few Business Incubators / TBI and their services for the benefits of Budding entrepreneur/ Startup
Atal Incubation Centre - BIMTECH is North India's leading sector-agnostic business incubator.
Their mission is to stimulate the establishment of startups and increase the number of successful companies that originate and develop in North India. They have been operational since 20 January 2018, and over the course of their journey, They have supported 130+ startups across the country, formed 80+ national and international partnerships, and offer INR 8.25 crores worth of free soft infrastructure benefits to each of its incubatees. 14 AIC incubatees have raised a total of INR 10.3 crores in funding.
Services :-
Investment Support
Apart from making the incubated startups investment-ready, AIC BIMTECH runs a sector-agnostic accelerator program called "Udaan" which is dedicated to fundraising for investable startups. This program welcomes its applicants, irrespective of their stage, with the help of its diverse pool of investors and investment partners which further strengthen it. AIC BIMTECH has also recently been awarded the Startup India Seed Fund (SISF) Scheme, under which AIC BIMTECH is continuously looking for startups to invest in the form of grants and Compulsory Convertible Debentures (CCD). Further, many of the partners of AIC BIMTECH utilize their CSR fund through the incubator for supporting startups, like the Parivartan grant by HDFC bank.
Mentoring Support
AIC BIMTECH has a large network of mentors, out of which 45 are officially onboarded. These mentors support startups from goals and deliverables setting to industry linkages. AIC BIMTECH follows a stringent process for mentor onboarding, as their guidance has a potentially huge impact on the startup founders and their ventures. The incubator encourages one-to-many interactions with the startups, in order for them to understand which mentors suits them best, before initiating a one-on-one engagement, where AIC BIMTECH acts as a mere facilitator.
Valuable Support Services
AIC BIMTECH extends the wide range of third party support services from IPR, legal, finance, marketing, HR etc to the incubated startups at very subsidized costs with the help of its network. Some services, like company registration, DIPP registration are even provided free of cost. The intent of AIC BIMTECH is to reduce the initial cost of the growth of the venture as much as possible, which also results in the bouquet of soft infrastructure services being offered free to the incubated startups by the partners, worth INR 8.25 Cr, which includes AWS, Microsoft Azure, Digital Ocean, IBM, Msg91, Zoho One and many more.
Incubator Facilities
The incubator provides co-working and co-living space to the incubated startups, developing an ecosystem for the incubatees to work together in an environment that fosters collaborative innovation. The incubatees also have access to the library, mess and wellness centre of the host institute BIMTECH. The intent of it is to provide an environment for startups where the only thing they need to worry about, is their venture, the rest being taken care of by AIC BIMTECH.
Learning and Networking Events
AIC BIMTECH has conducted and participated in 147 events and 342 workshops for the development and exposure of the incubated startups, with the help of the 93 partners across the globe. These events also include incubator training workshops in collaboration with state governments of UP and Odisha, banking for startups series with the top banks of the country like HDFC, HSBC, ICICI and many more.
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Centre for Innovation and Incubation (CII) entails a vibrant community of entrepreneurs and innovative thinkers for promotion of startups and creating a thriving ecosystem for entrepreneurship development and innovation.
Supported by Utkal University, Odisha under the aegis of RUSA 2.0 (MHRD, GoI), it envisages to offer a host of services to the budding startups ranging from pre-incubation, incubation, acceleration.
Thematically, although the key technology focus areas for CII are Agri-tech, Food Processing, Biotechnology, Green Technology, Eco-Tourism, Rural Technology, it will also incubate and nurture any innovative idea which has commercial potential.
Some of the services offered are enlisted below:
Co-working Spaces
Seed Funding
Advisory Support
Mentoring Support
Market Linkage
Training and Hand-Holding
Facilitate Investment & External Funding
Access to Sectoral Labs
Website URL: https://ciiutkal.com/
LinkedIn: https://www.linkedin.com/company/centre-for-innovation-and-incubation-utkaluniversity/mycompany/
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3:-JSS Science & Technology Entrepreneurs Park is India
JSS STEP (Science and Technology Entrepreneur’s Park) [also called Business Incubator] was started in 2001 with support from the National Science & Technology Entrepreneurship Development Board (NSTEDB) & Department of Science & Technology (DST), Government of India.
The incubator is engaged to foster entrepreneurship and innovation to make the Startup ecosystem stronger, with • Plug and Play facility to start your work in No time • Mentors to refine Idea, vet the Business plan and help to create a strategy • Assist in fundraising to accelerate growth • Enabling meetups with Investors and Partners
JSS STEP provides not just the plug-n-play infrastructure but helps in the quick growth of the business venture with market access.
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Amity Innovation Incubator is a holistic ecosystem for Startups for their growth and development towards a successful and independent venture. AII is the most comprehensive startup ecosystem at the forefront of technology and innovation by generating and supporting Entrepreneurs from across the industry.
Services
In its endeavour to support start-ups and entrepreneurs financially, Amity Innovation Incubator has strategically tied up with Amity Capital Ventures- for financial advisory and investment support. Amity Capital Ventures as an entity has led and coinvested in start-ups and entrepreneurs along with various partner PEs and VCs. Amity Innovation Incubator through its unique model of investment- also encourages investment in its Incubatee and partner Startups. Amity Capital Ventures is constantly on a look out to strategically invest and partner with upcoming Startups and Entrepreneurs.
Amity Innovation Incubator in its endeavours to mentor different start-ups and budding entrepreneurs towards successful business ventures introduces experts from different industry domains with those who need advisory support to scale up. They are privileged to have an esteemed network of global CEOs and CXOs from renowned business houses extending mentoring support and guidance to the entrepreneurs. If you wish to be a part of this noble initiative, please feel free to share your interest along with a brief experience profile at mentornetwork@aii.amity.edu
The most comprehensive Startup ecosystem providing the following services –
Affordable Modern Infrastructure
Business Plan Support
Venture Capital Funding
Networking and Collaborations
Market Assessments
Managerial Support
Legal & IPR assistance
Training & Team Development Assistance
The following services are available for the Incubatees at Amity Innovation Incubator
MENTORING AND ADVISORY
Business Plan Advisory
Strategic Execution
Team Development and Support
Industrial Leads via Power networking and Introductions
FINANCIAL ADVISORY AND SUPPORT
Financial Modelling and Evaluation
Valuation Advisory
Fund Raising Advisory and Support
Legal & Patent Advisory and Support
INFRASTRUCTURE SUPPORT
Centrally Air Conditioned
Round the clock 24 X 7 operations
Institutional Security
High Dedicated Bandwidth
Internet Connectivity
LAN Support
Entrepreneurs often need mentoring about various nuances of starting up, multiple aspects of business such as Marketing, Sales, BD, Operations etc. needs to be understood and planned beyond the technology solution for a problem. Amity Incubators helps an entrepreneur in providing dedicated sessions/events for its Startups.
Amity Incubator has well entrenched in the Startup ecosystem and are well networked. Investors also like Startups from Amity incubator as they have a certain amount of faith and expect the ideas and Startups to be vetted to a larger extent. Supported more than 500 ventures and have aided investments in 55 ventures through their investment vehicle Amity Capital Venture, with more than a dozen exits to their credits. Amity Technology Incubator has so far invested in ventures like Big Fat Phoenix, Voorant, Legal Pay, Bambrew and many more.
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Others Incubators
Next BLOG :-How to select right Startup Incubator for your Business
Young entrepreneurs / working professionals or colleges students from Ed CEll may enrolled my free sessions on How to prepare startup Business Plan .
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