~Grow your Startup from ‘Baby to Heavy’ holding the hands of Incubators

Starting a venture leads to many sleepless nights ho- vering over different thoughts and ideas about a successful business plan. To establish a successful business, funding is the most essential element that will help to grow your business and it will give the business a form. Apart from funding, a clear picture of targeted consumer markets is very essential for a booming business owner. Among the floating concepts in the market, incubators, venture capitalists, investors, acc- elerators are the widely heard terms which seem to be overlapping but every concept has their own signi- ficance in a business scenario. There are various houses where you can go and approach for help but before approaching, you always need to examine the market and identify the stage of your business.

To make your business float in the market, your shoe might have worn out the sole, but your soul should not get detached from your innovative ideas and thoughts

At the very starting of your business, when you need funding but you don’t want to offer equity to anyone, business incubators are the right option for you to approach. Incubators help the innovative new ideas to grow to bigger form with all the required necessities.

Business Incubator/Corporate Incubators/Startup Incubators

Startup incubators provide participants with workspace, mentorship, and community. These are regarded as one of the trusted shelters for Startup companies, as they support entrepreneurs in developing their businesses, especially in initial stages. Incubators are regarded as the catalyst of regional as well as national development. They help in gearing-up the sale of your business by providing technological facilities and advices, initial growth funds, network & linkages, co-working spaces, lab facilities, mentoring & advisory supports. Incubators provide foundational business services to support founders from ground zero as they find product-market fit.

All about Business Incubators

Incubators provide free or low-cost workspace, mentorship, expertise, access to investors, and in some cases, working capital in the form of a loan. They sometimes work as the common link between the angel investors, government organizations, economic-development coalitions, venture capitalists and other investors. They also help to get compliance services from the professionals like lawyers and accountants and offer mentoring and networking support by its staff and other entrepreneurs at the incubator. It helps the company to have expert managerial and operational suggestions and advice without running here and there aimlessly. It helps to cut down the operating cost and other overhead costs of the company namely utilities, office equipment rentals, and receptionist services.

Incubators train the new comers in the business with proper knowledge and education and make them a corporate business player by easily avoiding the common pitfalls in its pathway. It connects those startups who are floating on the same boat in the market, which helps the startups to collaborate, connect and share ideas through workshops and panel discussions and help each other to grow bigger. Even after they leave incubator, they are connected and help each other when needed.

Incubators don’t demand for companies share or equity. They chalk down plans and outlines in detail and help the startups to stay focused without getting evaporated in the business world.

Further, they help the startups to know the market better and advise them how to segment the market according to their targeted consumers and also introduce various channels of marketing to them. Lastly, they recommend the most suitable channel of marketing for their business.

Role of Incubators in Uplifting the Business Ecosystem

Incubators create various job opportunities for the unemployed youth and educate & encourage students to evolve new & innovative ideas for business. For this reason, they often receive many government and non-government funding for uplifting the new ideas. Incubators with their expert and skillful mentorship help the innovative ideas to rise from ground zero and soar in the sky.

The National Business Incubation Association (NBIA) describes the role of business incubators as networking facilities supercharged to help startup companies succeed. It gives startups accountability and trustworthiness that may not be there without their support and provide the fertile ground required for longevity and independence. By providing business education, it is uplifting the whole society and fueling up the economy of India.

A study from the National Bureau of Economic Research found that incubator-backed firms had a significantly higher rate of survival compared to non-incubator backed firms. India has emerged as the 3rd largest ecosystem for startups globally in 2023. As per the data, India is the storehouse of 108 unicorns with a total valuation of $340.80 billion.

Profound Business Incubators of India

1) Venture Catalysts is an integrated incubator that offers funding, mentorship, and network. It provides investment of $500K to $2MN per startup with incubation support for 18-24 months.

2) 10,000 Startups is an initiative of NASSCOM to support technology entrepreneurship in the country. It is India's most ambitious startup program and aims to successfully impact 10,000 Tech startups in the next 10 years.

3) T-Hub is India's largest Startup incubator, which is a partnership between Govt. of Telangana, IIT Hyderabad and India School of Business

4) CIIE.CO supports entrepreneurship in India by harnessing the power of technology and using famous business models targeted for Indian market. It has already invested in 53 startup companies.

5) WE Hub is the first-of-its-kind and only State-run platform for Women Entrepreneurs.

Taking all the points into account, we can come to this conclusion that, for fueling your new budding ideas to the most successful ones, an advanced guidance and expert brain is needed. At the very early stage, entrepreneurs often get covered-up in the shadow of giant business houses in the vast array of industry even with having enlightened ideas and innovative products. At this early stage they need a shelter where they will be nurtured & guided along with needful funding. Incubators will definitely contribute to grow the economy of India more and help it to ride up in the ‘Ease of doing Business Index’ which is currently 10th from 14th during the period of 2018-22.