In country like India an incubator is a less popular word. In the simple language, it is a company or a group of experts that helps startup companies to grow by providing services such as management training and guidance. Typically incubators are focused on speeding up the growth and success of startups. This is the main reason why they are often referred as startup accelerators in India. They are considered to be a good path to gain capital from angel investors, governments, economic-development coalitions and other investors.
Many entrepreneurs failed to sustain enough momentum within their business particularly due to lack of proper guidance, strategies and experiences. Business incubators works like blessing for such entrepreneurs.
How incubators work: Incubators may vary in their strategies. Many 0f them may exist in an actual physical space meant to foster networking among entrepreneurs and their coaches, while others operate on a virtual basis. They also sometimes refer themselves as accelerators instead, often when they’re focused on jumpstarting businesses which are more established.
- Working space for an entrepreneur will be very useful because usually funds will be tight at the initial stages. Incubators provide co-working spaces where different start-ups work together. Another important use of this is, people from other start-ups will also help you at difficult times and you can always learn new things from others
- Since each entrepreneur believes that his idea is the best and often considers it to be revolutionary, an incubator helps to decide if an idea can address market needs and will perform market research and get feedback and will also make a prototype for market.
- The quality of experienced staff provided by incubator will be very useful for people who are starting business for the first time. There are aspects such as sales, marketing, operations and finance which have to be handled by people with good grip on those respective branches in order to provide good planning and solutions for problem.
- Now a days Indian Government is encouraging such incubation institute to motivate upcoming startups under Startup India campaign.
Some well known incubators in India
- Start-up village
- Innovation and Entrepreneurship (SINE), IIT Mumbai
- Technology business incubator IIT Delhi
- Indian angel network (IAN)
- Techno park (TBI)
- Techno park Technology business incubator Kerala
- GSF Accelerator
- Centre for Innovation, Incubation and Entrepreneurship, IIM Ahmedabad
- NSRCEL, IIM Bangalore
We highly recommend to use services offered by an incubators for novice entrepreneurs who want to launch their own startup.