Earlier when I had written about five mistakes that most start-ups make, the mistake to top the list was to start with an undeveloped idea. I had written that no matter how good your business idea is, if you fail to develop it, success will be a far cry.
Now that we have identified one of the most important problems of start-ups, let’s look for a solution.
One of the best ways to avert all kinds of mistakes that a start-up generally commits is to get incubated. The prevailing concept that incubation is primarily for students of a particular institution is not right.
Aseem Chauhan, CEO, Amity Incubation Cell says, “Our incubation cell incubates 50 companies within the campus. Out of these 15 companies are of our own students and the rest are from outside.”
Such incubation centres offer all kinds of support ranging from getting a venture capitalist to technical assistance.
There are numerous such incubator cells in various parts of the country. Not just educational institutions but corporate giants are running incubation cells as a part of their corporate social responsibility. Tata Group has also set aside $500 million to incubate new ideas.
The group either picks up a stake or acquires a start-up business with a potential to grow. It invites some other group companies to either invest or take up the business as an independent unit within that company.
There are other organisations like National Small Industries Corporation (NSIC) and other organisations that provide consultancy services to start-ups. Even the government and the ministry of micro, small and medium enterprises (MSME) have appointed organisations to provide support system to start-ups.
Of course it takes a while to convince the supporting organisations about your idea and its feasibility but that’s the first hurdle an entrepreneur has to cross while on the journey. It will help you chalk out a road map that you need to follow while you are doing business and that will lead you to success.
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