This is right time to start a own venture and explore your Idea
To support startups, several parties exclusively encourage this field such as mentors, accelerators, and incubators. They have different purposes, procedures, and ways of guiding. An example is a difference between incubators and accelerators. Accelerators tend to focus on scale-ups. Meanwhile, Incubators aim at the innovation of startups. It is why incubators are mostly targeted by startups.
Incubators usually give some mentoring, ideas validation, co-working space, networking, or in the science area, labs, and equipment. All these are presented to startups just to make them flourish.
Hence, it can be said that the startups’ success is Incubators success also.
Sharing few Top Incubators list :-
Startup India is a Government Initiative [ https://www.startupindia.gov.in/ ] where every startup should register. Startup can apply for DPIIT for various benefits if approved like Income Tax Exemption and other benefits.
During pandemic we saw number of professionals and industry workers were out of employment. We also saw few individual change mindset and start working on new idea during Covid-19 which is now flourishing as new startup like in medical sector.
So Its right time for every Individual /startup entrepreneur to start work on their niche ideas as in India there is good scope for Startups after lockdown is almost over. They can approach relevant Incubators if they have Proof of Concept, prototype, and pilot stages or even started working on niche ideas.
As number of incubators are available in India those are working with support of various Govt. Organization like TBI ,DST, The India Ministry of MSME or private Incubators. Few Incubator list with contact details can also be obtain from various Govt. sites like http://www.nstedb.com/institutional/tbi-list.htm
With those various incubators, for Indian startups, it becomes easy to find an incubator that could guide them.
However, the startup must ensure what exactly they need from incubators, mentors & accelerators as few incubators are specific to certain sectors.
1. Startup should bear in mind that every incubator has their own standards and selection criteria on the basis of their program as per certain sector.
2. Incubator may ask for Equity or some may have other options so startup entrepreneur should decide which option is the best for them during agreement if selected.
3. The funding system of course has different schemes from Govt or from VC. Some of them provide capital in the beginning, while others are periodical but only if startup qualified for set criterion.
4. Therefore, it can be inferred that some incubators might not provide the ‘complete’ facilities as expected by startup.
Once again to get the rightest partner, startup owners must identify their needs and goals to find suitable incubators that could fulfill the startups’ need for growth or discuss their expectation openly with Incubators before incubation.
Startup should know that their startup journey is not to get incubation but to achieve set milestones in wise manner.
Virtual Incubation:-Now these days various Incubators are also providing virtual Incubation support. This is good option for startup.
Refer Book :- THE LEAN STARTUP by ERIC RIES
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