A startup incubator is a collective program planned to aid new startups to succeed. Incubators help businessmen solve some of the problems which a person usually comes across while running a startup by providing workspace, invest funding, guiding, and training. The main objective of an incubator is to help entrepreneurs grow their business. Business incubation programs are mostly financed by private companies or municipal organizations and public institutions, such as universities and colleges.
The encyclopedia defines business incubators as “An organization designed to accelerate the growth and success of entrepreneurial companies through an array of business support resources and services that could include physical space, capital, coaching, common services, and networking connections.”
The government of India has planned to set up 51 new incubators for startups in the department of information and communications technology all over India as a section of its Technology Incubation and Development of Entrepreneurs also known as TIDE 2.0 scheme. “Proposals for incubation centres will be invited from organisations of higher learning and R&D organisations across India- having incubation facilities” the Ministry of Electronics and Information Technology (MeitY) tweeted.
Their website states that the scheme has classified the selection of incubators into three different categories which are Group 1 Centre (G1C), G2C, and G3C. G1C will include incubators offering intensive support to startups including mentoring, investment capacity building and post-investment consulting, G2C incubators will help entrepreneurs and students who desire to launch their startups. G3C incubators will promote entrepreneurship in unexplored areas.
Earlier this year, WhatsApp collaborated with Startup India to initiate ‘Startup India – WhatsApp Grand Challenge’. It aimed at motivating entrepreneurs to come up with solutions to socio-economic problems in the Indian economy.
On 18th June 2019, WhatsApp India announced 5 winners and handed each of them with $50,000 cheques. The startups include MedCords, Melzo, Javis, Gramophone, MinionLabs. The winners were selected from 1700 entries on the basis of innovative thinking, the scale of impact and problem-solving ability.
Mr.Abhijit Bose, Head of WhatsApp India said that India has proven to move forward and develop highly innovative ideas that are making a huge impact on the economy and society.
Amity Innovation Incubator, BengaluruAngelPrime, iCreate, SINE (Society for Innovation and Entrepreneurship) are some of the well-known business incubators in the country.
Numerous incubators, which are looked after by academic bodies, private companies, government, and corporate, existed in India till November last year. Over 70 incubators in India have received financial support through respective state governments in the past two years.