This is a concept note for the establishment of a business incubation facility at Global College International to be named, Leadership Studio: A Business Incubation Centre. The idea and the main objective of the Centre is to create a center of competence with a mission to facilitate and support high potential ideas from students, researchers, individual entrepreneurs into sustainable enterprise.
BIC will develop into a full-service, business incubator with the overall mission of assisting start-up and early stage establishments by linking them to a network of services from financial sectors, legal assistance, and mentorship. The incubator will support the prospective business by providing the workspace, office facilities, counselling to develop, sustain, and prosper within an agreed upon time frame with the goal of having them progress with a sound financial foundation.
The center will provide three type of services, namely, innovation, mentorship and facilitating the financing. The center will utilize a single room office space, which will be equipped with Wi-Fi facility and office furniture and fixture. The center will be funded by income form membership, different income generating activities of the center, as well as donations.
Its purpose is to provide young businesses, as well as enterprising minds, a professional office space at GCI, as well as creating a base for the various support available to them, and fostering a community of like minds.
The center is proposed to be located at GCI premises, Kamaladi Ganeshthan. The city location makes entrepreneurs easily accessible to partners and clients, as well as allowing them to conveniently reach any part of the city.
The center is to reflect the philosophy of GCI that value innovation and endeavor to discover young potentials, where students are to set their own path through proactive initiatives, and change the business environment. It is a platform not only to share innovative ideas, but to nurture ideas that carry business values into practical business plans.
BIC will accommodate interested candidates with high business potential and innovative ideas through a selective application process. BIC will have separate advisory committee form faculty members within GCI including national and international experts and executive committee will be formed from among the member students of GCI. The overall impact of the incubator is expected to be small business formation and job creation, establishment of an entrepreneurial environment.
Rational for the Establishment
The economies of the developing countries are suffering under increased unemployment due to diminishing opportunities in the job market, and subsequently, there is need for enterprise development to create more jobs. This then calls for creativity, especially amongst the youth, but that creativity faces a deadlock where ideas cannot meet capital, and when they meet capital, the ideas lack mentorship to be transformed into full fledge businesses. Consequently, there is need for a solution that not only encourages creativity, but also capitalizes the created ideas, and mentors the newly capitalized ideas into business units that can compete and add value to the investors, and customers.
Incubation has been identified as a powerful process of business enterprise development because incubation and prototyping creates the bridge between innovation and commercialization. It is the process of supporting start-up businesses in order to build entrepreneurship capability for self-sustenance. This involves providing common facilities such as physical space, shared services, skills training and business legal advice to facilitate the operations of selected entrepreneurs and assist them until advancement when they have capability on their own.
This platform maximizes the opportunities for young innovators to see their ideas transforming into sustainable enterprise. The linkages with the different sector are very visible. Mentoring by business leaders are key attractive points. These mentors are experts in their field, supportive, and willing to invest in promising ideas, which are all attractive points for innovators to understand the real-world issues. Further, innovators can learn the art of innovation tied with entrepreneurship by shaping their initial ideas into solutions to challenge the problems faced in the business environment.
This center will be a cross-cutting business incubation unit within the GCI which will integrate different department, divisions to provide support resources and services for the start-up business.
BIC Service and Facilities
BIC will designate a separate space for incubates that will accommodate residential as well as virtual clients. It offers shared office model where incubate can work together under one roof mutually cooperating each other. A fully furnished office space will be provided for discussion with stakeholders, clients and for private business decisions. An open discussion space is allotted for BIC member to track the progress of candidates, brainstorm their work and regular progress meetings. Other than this BIC will provide expert counselling and monitoring on candidate business individually.
Facilities in BIC
Office Space and services with Wi-Fi facilities
- Regular counselling and mentoring related to candidate business
- Resource center facility on and off GCI premises
- Preparing business Plan, financial accounting and marketing techniques
- Advise and follow up on legal registration, law and policies
- Training on Entrepreneurship and Management for professional development
- Networking with Industries and financial sector
- Help potential ideas grow into a self- sustaining business
The BIC will run activities under three themes of creativity, capital, and mentorship, as below:
Conferences /Seminar trainings
Monthly speaking sessions to inspire and inform the incubates. The speaker program will bring keynote professionals to talk to entrepreneurs on technical issues of relevance to them, such as taxation and venture capital.
Pitching forum (for incubates to pitch to potential investors)
Proposal submission (for mentees to get funding without necessarily pitching)
Peer to peer mentorship (connecting incubates with each other for mentorship). the biggest benefit of all to the young entrepreneurs, though, is the benefit of working together in a common space. Sharing of ideas and resources, cross-selling, and professional introductions are an inevitable consequence and of immeasurable benefit to the leaders of small, growing businesses.
Other Centre Services
Help with business basics
High-speed Internet access
Help with accounting/financial management
Help with presentation skills
Links to strategic partners
Access to investors or venture capital
Comprehensive business training programs
Advisory boards and mentors
Help with business etiquette
Help with regulatory compliance
Intellectual property management
The center will be managed by member students of GCI Leadership Studio: A Business Incubation Center, an entrepreneur center initiative, who will be the executive members of the center, and will work to brand, and represent the center, with the objective of getting members, getting partners, and getting potential ideas into sustainable enterprise. For the center to be a successful and a sustainable platform, multiple partners representing the different sector of the society needed to be involved. From idea collection to incubation, and to investment, a wide range of partnership collaboration is crucial to bring out the expected results of transforming ideas to sustainable enterprise.
Frequently Asked Questions
What is a business incubator?
Business Incubator is an organization that combines office space with varieties of support services for small business new ventures. The reason for emphasizing incubation is to promote economic development, fuel entrepreneurship by attracting new entrepreneurs, and diversify local/ national economy. The goal is to nurture young volatile resource strapped individual or a group to help them survive by providing business related services and knowledge needed skills. BIC provide the needed resources including consulting expertise, even including financing, marketing, feasibility analysis and preparing a business plan etc. The incubation process helps investors in learning critical business requirements, prepare a solid business plan and provide tips on intellectual property rights. New startups, technology companies, idea generation, plan execution are all part and parcel of incubation services. It may also help in prototype making and R&D of ideas.
How do I apply?
Interested candidates can fill up an application form and submit to BIC. For additional information concerning this process, please contact the members of BIC.
Do I have to stay within the office space of BIC?The choice of space depends on the candidate business and interest. BIC offers mixed type of accommodation where both resident and virtual clients can apply for the service they require.
How is entry to the incubator determined?
- After the submission, incubator personnel will review the applications a case by case basis according to eligibility and requirements
- Then a selected candidate will be allocated a time where they have to present their ideas. Incubator committee will suggest to refine and change if required
- Candidate should prepare a short proposal which will be reviewed by the technical committee. After which candidate have to sign an agreement document before entering incubator facility.
How long does a business stay in an incubator setting?
1-2 years (depends on candidate business growth
Do I need a business plan?
A business plan is not required to qualify for admittance into the incubator program; however, a business plan should be developed within three months of candidate entry.
Will BIC write the business plan for me?
No, but GCI BIC will help link you with mentors and advisors in developing a business plan.
What does BIC expect from me as a client/tenant?
- Client must show progressive growth in business development
- • The client must adhere to the terms of the lease and the policies and procedures as described in the agreement document.