For a new business or startup, the support that stimulates its development from a starting level is the incubator centre, a unique approach to bringing business in fine fettle before reaching out to the world while moving ahead on the right path.
What is an incubator centre?
Incubators centre is the institution that assists entrepreneurs in developing their business and solving problems associated with it, especially in the initial stages, by providing an array of business and technical services, initial seed funds, lab facilities, advisory, network and linkages.
Their sole purpose is to help create and grow young businesses through some of the ways:
- Manufacturing space is acquired at below-market rates.
- Their staff supplies advice and expertise in developing business and marketing plans.
- They assist in funding fledgeling businesses.
The handbook for non-profit Incubator Managers authored by IIMA’s Centre for Innovation Incubation and Entrepreneurship (CIIE) states, “incubation should be seen as the process of de-risking an idea or a startup and helping them improve the odds of success”.
It is a space emphasised towards boosting & fostering the entrepreneurial spirit of startup enthusiasts, too, by offering a healthy ecosystem to develop their ideas, startups and dives into winning entrepreneurial ventures. It is a platform for new-age entrepreneurs and young minds to enhance their innovative ideas into feasible business propositions for action, where job creators purposefully become job seekers.
What is a non-profit incubator?
A non-profit incubator has a design to put the infrastructure non-profits required for sustainable growth and considerable impact. It prepares a successful non-profit fundraising plan and maintains ethical leadership. With the diverse goals to help non-profit startups grow, it provides market research, links to strategic partners, gives access to bank loans and assists in regulatory compliance.
What are the objectives of a non-profit incubator centre?
The objectives of a non-profit incubator centre are as follows:
- To create jobs, wealth and business aligning with priorities as per the contemporary situation.
- To encourage entrepreneurship, innovation and incubation of ideas.
- To provide a platform for swift commercialisation of technologies.
- To build a vibrant startup ecosystem by providing cost-effective, value-added services to startups like mentoring, legal, technical and intellectual property related services.
What are the standard services that an incubator centre provides?
The standard services that an incubation centre provides comprise networking activities, marketing assistance, accounting and financial management, specialised types of equipment, access to venture capitalists, business mentors and strategic partner connections, raising bank finance, grants, seed and venture capital
shared administrative or office services links to a higher educational institution, comprehensive business set-up planning, human resource and presentation skills training, advisory boards or mentors.
There are multiple advantages to owners of startup businesses as the offices and manufacturing areas are provided at lower prices. Their team members send recommendations and much-required knowledge in creating business and marketing plans and assistance to oversee businesses. Companies have their two years (an average) in a business incubator; at that time, they constantly exchange secretarial office, telephone and production equipment expenses with other startup companies in an attempt to lower everyone’s overhead and operational costs.