What is an Incubation Center?
Incubation center is the place that helps the entrepreneurs in developing their business and solving problems associated with it. especially in the initial stages, by providing business and technical services, finance, lab facilities, advisory, network, and linkages.
In an incubation center, there are business development processes, infrastructure, and people, which are design to establish and grow new and small businesses by supporting them through the early stages of development and change. A successful business needs an incubation center where incubators provide resident companies with access to expert advisors, mentors, administrative support, office equipment, training, and top investors.
Most incubators is create as temporary launchers for new businesses, with the expectation that participants will graduate, However, not all graduates are successful, unfortunately, some decide to close their businesses.
The NIC opens its applications twice a year When the applications are open, the candidates are request to visit our website (NIC Pakistan), click ‘Apply Now, and fill the online guest form.
The applications will be watched by a panel of judges when people are shortlisted, then the startup will call them for an interview. Those who pass the interview are select for the incubation program. The NIC opens its applications twice a year. The applications open in June and November. The announcement is make on all our social media platforms and websites.
How does the Incubation Center work?
Although The incubation centers provide support in technological facilities and advice, initial growth funds, network and linkages, co-working spaces, lab facilities, mentoring, and advisory support. But It is a good way to get capital from investors, government organizations, economic development coalitions, and other investors.
Most of the incubators have productive capital to invest in growth startups or have links to potential funding sources. They provide access to services from professionals, such as accountants and lawyers not to mention the invaluable mentoring and networking support available at the incubation center, through the staff and other entrepreneurs at the incubator.
It acts as a basic part of the start-up ecosystem. It also acts as a speedup for both regional and national economic development. There are different types of incubators i.e Academic institutions; Non-profit development corporations; For-profit development ventures, and Venture capital firms.
Incubator strategies vary Some are located in fostering networking between incubated entrepreneurs and others in the entrepreneurial space. While others operate on a virtual basis. Business incubators differ from research and technology parks in supporting start-ups and early-stage companies. Research and technology parks tend to be large-scale projects that house organizations ranging from government institutions, corporates, university labs to very small companies. They seldom offer business help services, unlike business incubators. Rather, it will be good to say that business assistance services are the symbol of business incubators.
What is the purpose of incubation?
Following are the purpose of incubation.
To nurture a culture of innovation at the campus
Assist ideas to translate into reality and upgrade them to the level of commercial value
To create a startup ecosystem at the campus
Encourage solving real problems
Create value-added jobs and services
The whole process of business incubation is broadly divided into three categories, which are the following:
1) Physical Facility Support
This refers to the incubation service provided within the physical facility.
2) Networking Facilities
After the physical facility, business incubators help the start-up with networking facilities for growing the business.
3) Support Services
Once the business is successful and established, the incubators offer various support services to the businesses in order to run the business successfully.