Incubation Centres Can Turn Dreams Into Reality

TUI VOICE DESK

28-Dec-20

Markets do not create entrepreneurs – they create opportunity which the entrepreneur can sense and respond, whereas an incubation center helps them to respond in a better way. One can take a germ of an idea, build a prototype, test its validity, develop a product out of it, and can then successfully launch it into the market. An incubation centre provides for all the required resources and support, including mentors, advisory council, infrastructure, seed fund and regulatory compliance support.

An incubation centre is akin to a springboard that can launch an entrepreneur and motivates students to convert an idea into a business venture.

The role of an incubation centre
• Accelerate support – Ideas are polished and fine-tuned as per market requirements.
• Perfect Mentor
• Provides infrastructure
• Brings in money
• Alumni connect

How can it be established?
It can be established after:
• Feasibility study – (Infrastructure, Human Resource, Capital)
• Formation of team and building support.
• Identifying and securing stakeholders..
• Strategic Planning.
• Emphasising more on local industry requirement.


How can it be made successful?
• A good team with balanced skills and strengths
• Strong technical understanding about the product
• Basic understanding of business and economy
• Understanding of the market size of product or service can cater to.
• Clear idea as to where your business stands on the SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis scale

How can it help talented individuals in achieving their dreams?

• Mentoring
• Industrial connect
• Exposure to recent trends
• Moral & Technical support• Commercialization of product / technology.

Compared to China, Korea, Germany and USA, the number of incubation centre’s in India is comparatively less. Awareness about the advantages of Incubation centres have started to flow amongst various organisations and institutions. It is very hard to judge the contribution at this early stage, but a strong future waits for India.