Business Incubation is a process by which the Incubator guides and mentors the Incubatee to unfold one’s business Idea to Implementation. The NSRCEL has a clearly defined Incubation process which helps entrepreneurs to realise their ideas. The objective of the NSRCEL is to produce successful companies that will have the potential to create jobs, revitalize neighbourhoods, commercialise new technologies, and strengthen economies.
The First Step towards the Incubation process is to Submit an Idea. The Site has a Standard Template which you will use to make the First Cut submission of the Idea. The Process of selection is outlined below -
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 yet not ready for a take =off 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.
The NSRCEL parameters for selection of the Incubatee is based o the following factors –
- Unique technology or idea likely to mature into a viable business in 18 months
- NSRCEL / IIM B has resources to significantly support the Incubatee
- Incubatee is willing to be mentored & periodically reviewed
- Incubatee is willing to allot shares and/or pay nominal fees for the incubation
- High growth potential or high economic value add