West indian culture

Incubate startups to foster a nascent entrepreneurial culture

Just like a newborn baby needs the proper care and nutrition to thrive, a startup is a business baby who needs to be taken care of while they take their first steps.

Incubation centers help a lot in providing startups with a much needed boost: strategy, finance, marketing, operations and business. According to a report by PwC India, in the third quarter of the year, Indian startups received $ 10.9 billion in funding across 347 deals.

The staggering sum proves that the startup world is all the rage and that investors, venture capitalists, FIIs are pouring their money into innovative and scalable ideas to generate more money and create a thriving startup ecosystem. boom that generates more jobs.

This is not just a practice or a coincidence; it means that incubation centers and startups foster the nascent entrepreneurial culture in India.

Pickup for startups In the 21st century, startups have been the biggest change for India. With expertise at their disposal, a startup is surely more productive and is bold in its choices and often obtains unexpected results. Basically, these centers foster innovation and give them the freedom to fall and rise and ultimately to be successful.

Such a small example of an incubated Indian startup, Aloe E-cell, which recently received a MeitY grant, solves the problem of dangerous batteries by creating the world’s first non-hazardous and environmentally friendly AA batteries made from aloe vera. Such startups not only innovate, but also solve global problems and offer a better solution and a worthy substitute.

Voice for local

It is now well established that technological entrepreneurship is an important lever for accelerating economic growth. According to a MoMSME (Ministry of Micro, Small and Medium Enterprises) report, India is ranked third among the largest startup hubs in the world.

One of the main ways to accelerate entrepreneurship is to support collaborative programs such as incubators. Over the past three decades, more than 140 publicly funded incubators (companies and academics) have been established, and more than 100 are in preparation under the Startup India Program. While most startups are concentrated in metropolitan and tier 1 cities, there is a need (and growing demand) for such incubators in tier 2 and tier 3 cities.

The focus should be on universities and colleges, to build university incubators on their campuses and tap into regional talent, providing them with all the necessary technological, financial and other support systems.

The Indian government has also realized the role that university incubators play in the current scenario and with its plethora of programs and policies, they are supporting university incubators.

Programs like MoMSME, DST (Department of Science and Technology), MEITY (Ministry of Electronics and Information Technology), NITI Aayog, Idex Bionest are some of the departments and ministries that are actively working for incubators academics and others.

Catch them young and bright

The role of educational institutions is no longer limited to providing quality education, internships, sports facilities and smart infrastructure. Their roles (colleges and universities) have grown exponentially amid the wave of innovation and entrepreneurship.

There is enormous potential in college students, their curiosity and motivation drives them to go beyond the classroom and work their brain muscles towards innovative thinking.

The idea is to catch these young and bright kids and provide them with all the infrastructure, mentoring, coaching, guidance and investment support so that these students can turn their idea into reality at a stage. early.

University incubators, in addition to addressing students and entrepreneurs, must ensure that they have an appropriate process in place. The process and policies such as a university incubator start-up policy serve as the SOP for the incubation center, and growth can be tracked along with other key performance indicators.

If we look at the unicorns in India, there are over 66 unicorns, and in the current year we have added over 33 unicorns. However, these figures are really encouraging insofar as students tend to become entrepreneurs.

Aid Culture

Nowadays, students are more inclined to start their own business rather than join an established organization. This is due to their overflowing creativity properly channeled through concepts such as an incubation center.

The startup boom in India is not only a testament to a growing entrepreneurial culture, but vehicles such as incubation centers are also fostering a culture of help, a thought of growing together.

The incubation centers and their mode of operation are a gentle reminder of a relationship of assistance over bidding, camaraderie over competition and inclusive growth over exclusive growth.

Edited by Affirunisa Kankudti

(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)

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