It is generally seen that the startup team size at the point of joining incubation is just a couple of members. Over time, they add in employees and grow. So, there is no need to have a full fledged team when you are joining incubation.
Mentoring is a process by which mentors (details of mentors are here) assist the start up team in structuring their business and business models to have a firm grounding in the market.
This is generally an iterative process and helps the first time entrepreneur’s move ahead with confidence.
The entrepreneurs generally believe that their ideas are unique, but in reality, many of the ideas are similar. The mentors during a mentoring session come across a number of ideas in a similar domain, and with similar products. They generally do not share these details with the companies, but they definitely indicate a potential competition in the space.
There are no Non-Disclosure agreements that the Centre or the mentor sign with the mentees
The Screening Committee meets once a quarter and typically spends half a day meeting 4-6 companies. This high profile panel comprises of entrepreneurs, venture capitalists and academicians.
In extraordinary cases, we do conduct these meetings within the quarter, however such instances are rare.
The Screening Committee Member profiles can be seen here.
When the first licensing agreement is signed, the incubation is offered for a maximum period of 12 months. Over the course of 12 months the progress of the company is tracked through monthly reports and meetings with mentors.
The company would need to write a note explicitly requesting an extension for the incubation as the close of the 12 months with clearly defined milestones that they would intend to achieve using the facility for the extended period.
NSRCEL provided funding only to companies which have been incubated at NSRCEL. These funds are sourced from government schemes.
The company that is incubated would need to make a specific request and present to the Screening Committee again with the request for funding.
NSRCEL has a Section 25 company that holds equity in the startup. The companies that are incubated at NSRCEL would require to part with 5% equity for the incubation services that the center provides.
The seed funding would attract additional equity from the company.
Generally at the NSRCEL no Idea is rejected. When a person or a team submit an idea, the NSRCEL team evaluates the idea and if the idea is not ready to take-off, a mentor sits down with the group and helps them to refine the idea. Soon after, a series of review meetings, one is able to redefine the idea to commence work on its implementation.
To apply for incubation, you would be required to submit a short presentation/document about your startup. The outline of what we expect in the presentation is listed out here. You would need to explicitly state you are applying for incubation in this email.
Companies are offered incubation at the center through a process of selection by the Screening Committee (SC). The SC is composed of high profile entrepreneurs, venture capitalists and academicians who take an independent view of the companies that present to them. Generally the SC meets once a quarter and typically evaluates around 5-6 companies who are pre-screened on 3 broad criteria – innovation, implementability and impact out of the pool of companies that have applied for incubation during the quarter. The process is explained here
Once incubated, the company would have an office from where they could work on the product/service they are developing. The facility would have uninterrupted power supply, internet connection and access to some of the shared resources like meeting room, training room, conference rooms, accounting and secretarial services (the last 2 are optional to the incubatee.)
There would be couple of designated mentors – a lead and a second mentor who would help you navigate the crucial turns that you encounter in your entrepreneurial journey. The profile of the mentors can be seen here
The Incubation office rooms NSRCEL are at subsidized rates and would range from Rs 4000/- to Rs 12,000 depending on the seating capacity; however the company would need to provide 5% equity for the incubation services that is provided by the Centre to a Section 25 company – IIMB Innovations The overall idea is that your success in the long run could help us develop a better facility for the start -ups that would come up in future through the Centre.
Launchpad@NSRCEL is a new initiative from NSRCEL that provides coworking space to entrepreneurs and enterprises that are at a very early stage of evolution. The initiative is targeted at entrepreneurs and enterprises who are still working on their business idea or are perhaps just contemplating embarking on an entrepreneurial journey. Launchpad would enable the entrepreneur to be a part of NSRCEL’s vibrant start-up community and the academic ambience of IIMB, which in turn is expected to lead to a more fulfilling ideation experience.
Launchpad@NSRCEL is located inside Indian Institute of Management Bangalore (IIMB). Its location is expected to enable the residents of Launchpad@NSRCEL to be a part of the entrepreneurial community that works out of NSRCEL and participate in the ecosystem initiatives of NSRCEL, IIMB.
IIMB is India’s leading business school which distinguishes itself through its active involvement in the public spaces by way of initiatives such as its Centre for Public Policy (CPP). The school sits on a beautiful, green 104-acre campus on one of the most rapidly developing locations of Bangalore on Bannerghatta Road. The campus prides itself in its extremely open architecture conceived by India’s leading architect, Bharat Doshi, with enormous open spaces that are provide a congenial setting for the creative pursuit of entrepreneurship. The body of extraordinarily talented students and academics working in IIMB provides an ideal social setting for innovative and cutting edge thinking for an aspiring entrepreneur. The campus is the venue for many events and lectures that bring in luminaries and celebrities to address the community. Explore more about IIMB at http://www.iimb.ernet.in
NS Raghavan Centre for Entrepreneurial Learning (NSRCEL) was established at the turn of the millennium. It is one of the leading academic centres of entrepreneurship development. The Centre has been made possible by a generous grant from Mr NS Raghavan, co-founder of Infosys. An integral part of IIMB, the Centre also receives considerable support from the institute in a variety of different ways. Know more about NSRCEL at http://www.nsrcel.org
Launchpad@NSRCEL provides seats for up to two co-founders at a time. The period of tenancy is limited to three months. Enterprises and entrepreneurs who seek longer term tenancy are encouraged to explore the possibility of getting an incubation spot at NSRCEL.
The Launchpad infrastructure comes with an air-conditioned co-working space at NSRCEL, free wi-fi access and access to the other infrastructure available on the IIMB campus such as its cafeteria. Each co-working space comes with secure private lockers and a common network printing facility.
Residents are also notified of the numerous events that are typical of campus life at IIMB, many of which are free to attend.
Launchpad residents are encouraged to bring their own devices.
Launchpad@NSRCEL is part of NSRCEL’s incubation programmes. However the main incubation programme at NSRCEL offers a deeper engagement, over a longer period of time of twelve to eighteen months, that brings with it access to the full range of NSRCEL’s mentoring and ecosystem services and funding in some select instances. The main incubation is meant for entrepreneurs who have developed their business idea and are ready to start executing their business plan.
Launchpad@NSRCEL on the contrary is meant for those who are still working on developing their enterprise.
Entry into the incubation programme requires the application to go through a selection process. Entry into Launchpad@NSRCEL is merely subject to availability of seats.
Launchpad@NSRCEL does provide access to a limited range of mentoring services. Further, those who avail of Launchpad@NSRCEL will get to be a part of the socialization processes of the incubation community.