We are on a fast track growth when it comes to startups and promotion of entrepreneurship at all levels, we are competing with the worlds giants in the race and have already reserved our place in top 20 of the world’s best startup destinations.
The honorable government of India is offering multiple benefits to startups through various schemes running both at the state as well as national level. Ease of business initiatives, least paperwork regime since independence, collateral free loans, tax holidays, subsidies, incentives and funds, government is going inside out for supporting the ideas, developing them and taking the new India to the world, a stronger, sharper and more robust India.
In the view of promoting the startups in all sectors and in all regions of the country the government has launched the incubation centers in all states and to provide it further speed they have allowed the private players as well to participate and support this nation building activity. The regional colleges as well the as the underserved and remote districts are also getting connected with the mission and we have seen some really good business ideas in the past coming from the tier II and III towns of the country.
How to select the best Incubation Center
It is really crucial for the startup to get along with the best in the market, but that is not possible in all locations, India being a huge country there are colleges and universities all across and ideas are getting generated from the remotest of the locations into rural entrepreneurship, social projects and technology therefore it is good to atatch with the closest but if you have a choice then here are some of the key elements to look for while making a selection.
“De-agglomeration could well be one of the legacy trends from COVID-19. And this trend is mainly driven by the digital economy where fresh growth is coming from Tier II cities.”
Anonymous
Get in the zone
Entrepreneurship is best flourished within the ecosystem, stand alone startup idea dies fast, and therefore it is a good idea to get in the zone, means reach out to a closest place where you see the things are moving, the happening place nearby, where you can find people from the industry, talking and sharing ideas, developing acumen and talking business. Sooner you get into the ecosystem better you feel with your idea, especially in the early stages.
Location and Accessibility
It is going to be your first office address, your clients may visit you and you would not want your customers to roam around in the busy streets looking for parking, or still not able to find the address.
High speed internet
Most of the research work these days is carried out on a laptop sitting in comfort, gone are the days when people used to go to multiple data collection points, and libraries for reading industry journals and news.
If everything is on the internet, then you need one, the fastest and most robust one to support your research, your teams needs and your first business requirement.
Good experienced team
Entrepreneurs are usually young geniuses, but since they are new in the field of business, they lacs experience in the various aspects of business setups therefore they need a strong support and guidance in the core areas of business viz finance, accounting, business planning and strategy.
Marketing capabilities
The startup needs the in-depth understanding of the customer, the market, competition and price points.
Training team at the incubator
by far the most important strength of any incubation center is its training capabilities, the experience of the trainers and the industry reach and depth of knowledge to guide properly plays a vital role.
Networking Capabilities
The incubator should be well networked as well as ready to teach networking tips and tricks to the incumbents, moreover the regular events, activities, workshops, industry visits will also help.
Data and Analytical capabilities
A good business idea is often researched well and for going a qualitative as well as quantitative research as well as for analysis of the large data from the market, sometimes purchased from independent survey agencies, the incubator must have capabilities to support and teach.
Mentorship
Assistance is needed at all levels, if it is in the form of mentorship, it helps the entrepreneurs with early stage ideas to save on their limited funds, it is always great to connect with incubator with deep base of mentors who can offer advise for free.
This is something I personally admire the most, because for the early stage ideas, it is more about getting the handholding for longer period of time before they actually start burning funds, so in the beginning if there is someone who can help as a guide, can help more people join in.
Equipment to use
