Business Incubators Catching Up Fast On Emerging Trends
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For an emerging market-based yet conventional economy like India, emerging trends pack a lot of punch. This is where the businesses define their growth pattern. The new emerging India wants to leverage on what the world knows is its best potential: Human resource, which is brimming with new ideas to and is defining the way businesses will create new markets and grow in the near future.
Business incubators are fast catching up on the new generation ideas. Apart from the support by the government, which is also acting as an incubator, private firms too are vying to take the space of most coveted incubators, with a strong inclination to lead the course.
As one of the primary steps to harness the ‘new concept’ potential that started with the booming technology sector, the country set up
For business incubators, the process is not single pronged. Today, a potential concept that is sure to work in the market doesn’t come from ‘experienced business players’ alone; even a college dropout is able to understand the ecosystem and turn the tables. So, in a way, saying most colleges and educational institutions act as business incubators in the country won’t be wrong. IITs and IIMs have an in-house business incubation process that is reserved for their students.
The motto is simple. Potential entrepreneurs are simply too crucial and precious to be missed out. Business incubators identify, nurture, and leverage on the success of a concept for the benefit of larger section of the society. Because for a conventional economy like India, which has been witnessing very bright streaks of growth, has to rope in the new generation to create a bigger success story.
While business incubation is a much known term in the technology sector, some areas like primary education, health care, basic and applied research along with infrastructure development need fresh perspectives on how the businesses can flourish to help the country march ahead with confidence.
Startup incubators have set a well-established trend in the country. Apart from government support and institutional aid, business incubators have caught the attention of business houses too, which are soon realising the ‘out-of-the-box-thinking’ lies somewhere outside their radar. Though there is no uniform approach to how they would like to support a business idea, the area is looking more vibrant than before.
The bootstrapping business model where an entrepreneur got his family to support him, or used his own funds to stay put till the idea generated money is more or less a passé now. Today, a budding entrepreneur in India goes online and searches for incubators who can help his business turn into a reality and generate revenue.
New and old business areas like Delhi NCR, Ahmedabad, Mumbai, Bangalore, Chennai, and Kerala have business incubators that help businesses grow their roots through innovation and new technology.
The budget is set aside as a support fund may vary from one place to another and so does the idea, which may find takers at different levels. But, the fact that a business gets its breathing time is something that’s more than reassuring for the young minds to think larger, and be unique in their chosen domain. New India is surely waiting to unravel itself!