Incubation Ideation For Start-ups

By Author: poddarbschool
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Start-ups are small companies but they play a big role in the economic process. They create more jobs which insinuates more employment, and more employment means an enhanced economy importance of start-ups. Moreover, a start-up contributes to economic development by increasing innovation and inducing competition. New entrepreneurs bring new ideas, much needed for constant innovation and to generate competition importance of start-ups. Poddar Business School, Jaipur offers Entrepreneurship and Start-up Technologies as one of the specializations in its top PGDM program.
The various stages of Incubation for start-ups are as following:

The Pre incubation Stage
The Idea Stage
The Seed Stage
The Early Stage
The Growth Stage
The Expansion Stage
The Maturity Stage
Exit
In this article, we are only going to discuss the Incubation and Idea Stage.
Ideation is the process of coming up with an idea. It is using creativity and questions like “What if?” to imagine ways something can be done differently. The ideation stage is critical to ensure that you are generating ...
... good ideas from the start. It involves seeing problems and opportunities, brainstorming around the problems you identify, and doing research to test your assumptions about the market, your customers, and your idea. Refining that initial idea involves assessing the market, looking at trends, and asking questions (and more questions) — and learning from potential customers, investors, and research whether your idea is a sound one. Poddar International College provides full support and guidance to the students interested in initiating their start-ups.

Incubation Phase
At the end of the pre-incubation period, entrepreneurs who complete the business plan and are ready for incorporation, start the incubation phase. During the incubation period, entrepreneurs continue to need physical facilities and training, consultancy and mentoring services, similar to the pre-incubation phases. These needs of entrepreneurs are met while in the incubation center. The length of the incubation period varies between 1-3 years depending on the sector of the enterprise. Start-ups that take longer to obtain certificates and patents in sectors like health, food, etc. spend longer incubation periods than software companies.
Poddar Business School organized a Workshop on “Creating an Ecosystem for Start-ups” for students, faculty members and the Management Board members recently. Entrepreneurs set up their companies at the incubation stage and produce their minimum viable product. At this stage, the technical support that entrepreneurs need, especially when developing products, are provided by incubation centers. After the product is developed, the commercialization of the product, the enterprise process and management, begins. The main reason why this stage is difficult is that commercialization efforts are costly. Due to the costs incurred, the financing needs of companies increase and they need to find new supports.
In India, there are many incubation centers supported by the state or private sector and the number of these centers is increasing day by day. Entrepreneurs who stand out with their business plans and the capabilities of their teams and who have high awareness of the functioning of the entrepreneurship ecosystem can miss the pre-incubation stage and settle directly in the incubation center.
How to ensure if your good idea is the next big thing?
It takes answering few questions of your probable customers, of your own motivations, and of your idea as well. Two key qualities required to begin this journey include curiosity and creativity. As a communicator or a student at a mass communication program, you should already possess an innate curiosity about people, storytelling and problem solving.