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How do you create a
wonderful experience for
the tenants of your business incubator?
Start-ups are very much like
new borns.
A new born baby needs proper,
overall care in order to be
strong and healthy while growing
up. Further, in addition to
basic necessities like food,
water or availability of other
resources, they need supervision
and care to survive and grow. |
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The same can be said about the
Start-ups who are nothing but
ripe ideas which are newborn as
business entities. |
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Regardless of availability of
adequate resources and skills,
early-stage startups need
this “proper care” in order to
face the vagaries of real life
world and grow their business
effectively.
Now where can they receive such
nurturing support? The answer
is, the
business incubator. |
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The incubators provide
startups with not just the
resources, but also the
necessary guidance needed to
achieve success. |
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In fact, studies have shown that
the
Start-ups tend to achieve
much larger scales of
success
when supported and mentored
properly via incubators. |
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We at the Centre for Innovation
and Incubation (CII)
understand this, and thus have
formulated our program for
incubation accordingly. We also
keep in mind, that we need to
optimise to the needs of each of
our Start-ups, rather than
taking a broad-brush
approach.
For example, startups
at the
ideation stage are very
different from ones who are
already done with
prototype
development. |
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In
the ideation stage, startups
need idea validation, which is
not necessary for those with a
working prototype. |
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Keeping this
in mind, we have launched two
thoughtfully curated programs
immediately after setting up CII
Utkal: Upakram and Udyam. While
Upakram is for Startups in the
Ideation stage, Udyam envisages
to cater to those which have
already developed a prototype.
We have designed Upakram as a
platform for nascent
entrepreneurs to validate their
ideas and move towards
developing it into a marketable
Minimum Viable Product (MVP) and
subsequently, a
profitable
business model. |
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It is a 6-month
cohort based program (24 weeks)
covering the entire spectrum:
from Call for Ideas to
pitch
presentations before investors.
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So, we start with simply
spreading awareness as well as
by scouting for entrepreneurs
with innovative ideas.
Then, the
ideas are evaluated and selected
for the later stages.
Next, we
provide the unique opportunity
to the early-stage startups to
have a single platform to test,
validate and continuously
improve their business ideas.
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They are thus provided with
technical support, and access to
the right one-on-one mentoring
by using the program as a
networking platform. They can utilise this to undertake proof
of concept (POC) tests leading
to a minimum viable product
(MVP) by understanding the
technical feasibility of their
ideas. Lastly, we also provide
classroom
coaching about
entrepreneurship, idea
validation,
pitch presentation,
and applying for
prototype
grants.
In the Udyam program on the
other hand, we provide an
incubation program designed to
validate startup solutions,
provide support for product
development, regulatory & IP,
and provide go-to-market
strategies.
Understanding its
importance, we also offer
one-on-one mentoring as well.
The Start ups incubated through
the Udyam program, receive
office space at very nominal
rates, access to a meeting room
for meetings with clients,
conference room/training room
for conducting training
programs, highspeed internet,
recreational areas, and sectoral
labs. |
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We are in fact, in the
process of setting up an AI/ML
Lab, a Fab-lab and a Tool Room
too! Some of the selected
Start-ups shall also be provided
with Seed fund support.
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Besides,
we also provide AWS Credit, 12
courses of Online Learning
Modules for capacity building of
founders in fundraising, 20+
customizable tools and templates
for founders to prepare for
investor reach out, legal and IP
services through our
collaborative partners at
nominal rates, IT support
through collaborative partners
and also the opportunity of
hosting Student internships.
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However, these programs are just
the beginning. Going forward,
next year, we envision to start
the Twaran Acceleration Program
catering to Start-ups in the MVP
stage who already have some
market traction and wish to
scale up further. This shall
also be a six-month cohort based
program.
With these 3 programs, we aspire
to cater to the individual needs
of every Start-up that joins our
incubator, and provide them with
the best environment and support
to grow. We tirelessly and
consistently make efforts to
connect with regional, national
and even international ecosystem
players to gives access to the
best resources to our Start-ups.
And just like a baby growing up,
our reward would be similar to
that of a parent viz. to see our
Start-ups succeed in their
endeavours.
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We closely work with our
Start-Up Incubatees and keep
obtaining their feed backs as
well. |
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Mr. Abhigyan Choudhury,
Founder & CEO, Happiness Under
Budget Retail Pvt. Ltd. (Grameen
Store) says “CII, UTKAL has been
a good experience for us. They
have provided us a good work
space and now it’s our identity.
We could also collaborate with
other Start-ups working there.
They are helping us in growing
our business by mentoring and
giving valuable advices. It’s a
great environment for us and we
are learning everyday and cii is
guiding us to acquire new
heights.” |
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Another startup Dr Aviseka
Acharya from Home Acts Pvt Ltd
opines that “there are so many
wonderful things about working
at the CII . One thing which we
like the most about CII is the
leadership. Though CII itself is
an nfant Organisation, but their
professionalism at each steps of
our journey has been
appreciable. We also love the
CII culture and enjoy working
with everyone here.” |
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Rupali Nanda from Lyfvibes says
that the best contribution of
CII is the legitimacy of its
Leadership in the community. Dr.
Vijayshree from AgIntel feels
that “the networking and
administrative services made
available by CII to the nascent
companies is incomprehensible.
The administrative support acts
as immediate assistance for the
Start-ups to save the operating
costs. CII has also extended its
network, which helps in
interaction with other
entrepreneurs and business
mentors”. |
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Dr
Manisha
Acharya
is
CEO
of
the
Center
for
Innovation
&
Incubation
(CII)
Utkal
University,
Odisha,
India.
She
is
also
a
Startup
Advisor
&
Mentor,
and
British
Chevening
CRISP
Fellow
at
University
of
Oxford. |
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