The business plan for our Incubation Centre in India details all actionable steps taken and needed to be taken to create a fully functional Incubation Centre. The Business Plan is the cornerstone of any venture, so before making any money, you must have one.
There has been an increase in the number of new small business startups in the country in recent years. The biggest challenge for small businesses, however, is ‘surviving’ those first few years when businesses are not yet profitable. An incubation centre would be a vital tool for boosting local businesses to make them more competitive.
Business plan for incubation centre
Atal Incubation Centre is a national level initiative launched by the Government of India to promote entrepreneurship and startups in India. The incubation centre was launched by Prime Minister Narendra Modi on February 24, 2016 at Atal Tinkering Lab, IIT Madras campus.
Atal Incubation Centre is the first government-backed incubator in India with an aim to foster innovation, entrepreneurship and incubate startups. It has been jointly set up by the Department of Science and Technology (DST), Government of India and NITI Aayog.
The Atal Incubation Centre is designed to provide entrepreneurs with a conducive environment for nurturing ideas into viable businesses through mentoring and networking along with providing access to technology facilities and best practices.
The main objective of setting up Atal Incubation Centres is to promote entrepreneurship among youth, particularly those belonging to economically weaker sections of society; create employment opportunities for people; enable development of new technologies which are needed for addressing major challenges faced by society; promote development of products/processes which can be used for addressing problems faced by poor people; facilitate creation of infrastructure required for promoting entrepreneurship at grass-root level; promote institutionalization of innovation.
Atal Incubation Centre (AIC) is an initiative of Atal Innovation Mission (AIM) to support start-ups in setting up their own incubation centre. The objective of the scheme is to provide a conducive environment for Startups to flourish, grow and become successful ventures.
The AIC Scheme provides a platform for Start-ups to establish their own incubation centres in various regions across India by providing support in terms of funding and mentorship. The scheme aims to create an ecosystem where aspiring entrepreneurs can learn from each other and network with industry leaders.
In order to foster innovation among our youth, Government has launched Atal Innovation Mission (AIM), which has been entrusted with the task of developing an ecosystem for nurturing and promoting innovation among students, researchers and young professionals in India. AIM has been given the responsibility of implementing Atal Incubation Centres (AICs).
The present Government has taken a number of steps towards promoting entrepreneurship in the country through various schemes like Start Up India Stand Up India initiative, Mudra Yojana etc., but still there are not enough incubators available for budding entrepreneurs.
business plan for atal incubation centre
Atal Incubation Centre is one of the important components of Atal Innovation Mission. The centre is established to promote entrepreneurship, innovative ideas and technologies by providing them a platform to develop their products in an incubator environment.
The prime objective of Atal Incubation Centre is to promote entrepreneurship and provide a platform for entrepreneurs to develop their ideas through various incubation programmes like seed funds, mentor network and exposure programmes.
The Centre has also been envisaged as a catalytic agent for creation of innovation ecosystem in India through creation of an ecosystem where entrepreneurs can work with each other, mentors, investors and other stakeholders either directly or indirectly through various initiatives like workshops, conferences etc.
The Atal Incubation Centres will be established at six locations: Delhi NCR; Bengaluru; Ahmedabad; Chennai; Hyderabad and Kolkata (as per priority). Each incubation centre will be set up as per the requirements at respective location and will have facilities for housing about 50 start-ups at any given point in time.
Atal Incubation Centre is an autonomous body under the Ministry of Micro, Small and Medium Enterprises (MSME). The centre was established in 1994 to promote innovation and entrepreneurship among youth. The Atal Incubation Centre (AIC) is a self-sustaining model that provides funding, infrastructure and mentoring support to start-ups. The AIC has been working with the government and other stakeholders to promote entrepreneurship in India.
Atal Incubation Centre was set up as a commercial venture to promote innovation, entrepreneurship and incubate high-tech start-ups. It is an autonomous body set up by Ministry of MSME through its subsidiary organisation Atal Innovation Mission (AIM). The centre has been providing seed funding, infrastructure support, mentoring and management support services to promote Start-Up Companies through the Government of India’s flagship scheme ‘Startup India’ since 2016.
The AIC has so far incubated more than 200 start-ups across sectors such as agriculture, agri-logistics, food processing, healthcare products and services etc., which have received over INR 500 million in investments from various investors including VC funds like Sequoia Capital India Advisors LLP and Accel Partners India Private Limited.
Setting up of Business Incubation Centre
Business incubation centre is a concept that is used by many countries in the world to help small and medium enterprises (SMEs) grow. The government of India has also decided to set up business incubation centres in the country. This will help SMEs to develop their ideas, market them and make them commercially viable. Business incubation centres are a place where entrepreneurs can get advice and guidance from experts who have knowledge about running businesses. These experts will provide mentorship services for entrepreneurs so that they can learn how to run their own business successfully.
Business incubation centres also provide space for entrepreneurs to work on their projects away from distractions at home or office so that they can concentrate on developing their ideas into successful products or services which can be sold easily in the market. These centres also provide facilities like computers, printers, scanners etc for entrepreneurs who do not have these facilities at home or office. They also provide training programmes for entrepreneurs so that they can learn everything about running a business from scratch including marketing, sales etc.
Business incubation is a process of providing an environment that encourages entrepreneurs to start and grow their businesses. It is a holistic process that includes the provision of physical infrastructure, business support services, mentoring and networking opportunities.
The main objective of business incubation is to assist start-ups with their business idea by providing them with an office space, equipment, training and access to networks.
It also helps entrepreneurs to gain experience in managing their own business as well as giving them access to capital for expansion.
Business incubation has been defined as: “the process by which new ventures are aided to commercial viability through provision of resources such as management assistance, finance, marketing assistance and physical facilities”.
The term incubator may be used interchangeably with accelerator or accelerator program (though accelerator program may refer just to early stage investment). Accelerators generally target later stage companies than incubators do.