You definitely know that we are coming from an Indian society, when discouraging inventions and innovations is in the scenario. What is it that does not allow Indian society to accept new and profitable changes in ventures? What is it that gives rise to a hundred thousand bottlenecks in any and every “new trend” that the new generation aspires to get?
Let’s look at the story from a broader picture!
We do realize that we need to frame our standards on a high note and should get the required quality of life like other first world countries. This is mainly important so that the nation dwellers can earn a much more sustainable income, thereby creating enough social and economic wealth. Fair enough, eh? But are we really doing anything in accomplishing even the path leading to this direction?
The answer is No!
The markets and the business environment are to be blamed. These do not support any kind of freshness in the business – be it practices or even innovative products and process! There is absolutely no support system in place to guarantee the growth of the creativity and innovation that one wants to induce in the form of business. Another obstacle that is always ready to show up on the forefront is the combination of the innovation and entrepreneurship. This is considered as quite a risky combination as it hampers the realization of wealth – on the social and economic note.
What’s the solution for this “play of invention and entrepreneurship” conundrum?
Business Incubation is the finest solution for all of the problems that the Indian start-ups and the markets face. It can best be explained as the support system that is indispensable for helping all the growth oriented, tender and early-stage business risers. This is mainly reflects the conducive business environment that Business incubators create in order to provide that oomph and that excitement and a ray of exaggerated hope amongst the young, creative and growth oriented entrepreneurs. All of the targeted resources and requisites as well as the financial and encouraging capacity are provided by the Business incubators. These are pivotal when it comes to raising the start up from the initial stepping stones till they reach a milestone – which could be in terms of sales revenue or profitability, after which the business incubators may leave the start ups on their own to run.
A lot of profit as well as non- profit organizations work their ways upwards in achieving their goals and sole motives with the help of business incubators. These business incubators act as a boon when it comes to upliftment and furthering of business and other growth interest.
Looking at the westernization that is coming down to India, do we really want to compromise on picking the best brands for ourselves? And all of this, when you know you have the talent and the zest of going entrepreneurial with your exclusive and new ideas? Well, knock knock! You are yet stuck up on the desk of your ‘job’ that pays you an unsatisfactory salary every month! What keeps you from standing up with the faith in yourself and establish your dream? The bottlenecks? For finances and regulations? Or is it labor and infrastructure?
Let’s check on all the requisites:
Academia – Well, the educating spree on starting up, business development, sustainability, profit creation, business expansion, cost efficiency, finances is what business incubation shall be parenting your “innovation infused” small business with.
Financiers – Business Incubation has its main highlight herewith. It is the financial prospects that keep new and creative individuals from setting up their own venture. However, does this actually deserve to be such a hurdle in way of one’s talent and invention oriented project? Thus, this is greatly looked after by the business incubation. However, do we really know what the revenue sources are when it comes to the services from Business incubators? Government subsidies, donor subsidies, royalty, equity, rent as well as fees for services are what make up the “bag of money” for business incubators.
The infrastructure that is indispensable for the organization to function
Stratagem – Intensive strategies for the growth of the business as a macro unit are integrated with the operational support by the business incubators in order to help the growth oriented start ups to trot their way up. It is pivotal to have all of the strategies for planning from base to hiring labor (Human resource management) as well as putting the hierarchy and work structure in place in order to help the firm stand and sustain itself as it makes profits and incurs minimum and affordable expenditure.
Policy makers – It relies in the hands of the worthy business incubators to even mentor the various guidelines, laws, procedures, registrations, legal requirements and more to be fixed in their appropriate slots to cover all the holes that can be dug up in the future by competitors, government and union issue creators etc. However, it is always better to be the “bigger person” in the picture and be safe on all of the policy and legal fronts.
Thus, business incubation is the business model that adheres by all the requisites and connects to all the possible areas, in absense of which the new entrepreneur and his team could be termed as oblivion. Thus, it is extremely important to atone all the areas of knowledge, regulations, finances, risk analysis, disaster management before letting out the tender venture out of the business incubator to face the world, the markets – national and international as well as competition, the whole and sole.
Business Incubation: Setting in the invention prodigies of new age:
Business Incubation is the only slender ray of hope that remains with the growing young entrepreneurs that they can ever be running their idea in reality. Let us see the detailed process:
A potential entrepreneur, who is capable and has the zest to turn his innovative ideas into practical reality and is also donned with the perfect fusion of skills and capabilities, is given the opportunity. Moving on, he shall be called the ‘Nascent entrepreneur’ as he is now involved in setting up the business as an entirety. He then becomes the owner-manager of a new business in about 3 to 3.5 years time. It is then time to be called the owner manager of an established firm post 3.5 years of successful business incubation.
Business incubators then release these established firms with their entrepreneur to work independently and reap enormous profits. However, the exposure and the grilling are all in positives when it comes to taste the sweet cake of success in the real market scenarios!
The training and simulation then ends, for the real world battle of competition then commences!
