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ABMSP's Anantrao Pawar College of Engineering & Research, Pune started Technology Business Incubator(TBI) Center to inculcate entrepreneurship and creation of enterprises on knowledge based innovation specially focused to Technology and Information & communication technology.
A technology business incubator is an organizational setup that nurtures technology based and knowledge driven companies by helping them survive during the startup period. Incubators do this by providing an integrated package of work space, shared office services, access to specialized equipment along with value added services like fund raising, business planning, technical assistance and networking support. The main objective of the technology business incubators is to produce successful business ventures that create jobs and wealth in the region, along with encouraging an attitude of innovation in the country as a whole. The primary aspects that this report shall go into are the stages of a startup, the motivational factors behind establishing incubators by governments & private players, the process followed by them
in selecting, nurturing talent as well as providing post incubation support. Incubators play in the general economy apart from their function of incubating companies, such as educational or public research roles.
Incubation is a business support process that accelerates the successful development of startup and fledgling companies, also referred to as ‘clients’ [of the incubator], by providing entrepreneurs in the company with an array of targeted resources and services. These services are usually developed or orchestrated by the incubator management and offered both in the business incubator and through its network of contacts, in the form of mentorship and financing An incubator’s main goal is to produce successful firms that will leave the program financially viable and freestanding. These incubator graduates have the potential to create jobs, revitalize neighbourhoods, commercialize new technologies, and strengthen local and national economies. As a part of their services, incubators usually also provide clients access to appropriate rental space and flexible leases, shared basic business services and equipment, technology support services and assistance in obtaining the financing necessary for
company growth along with mentors to guide the company through its initial steps. Incubators also play an active role in the economy of the region by serving as a focal point of interaction between venture capitalists, academicians, university students and government members. This potent collection of stakeholders allows for an intensive exchange of ideas and enables the creation of quick as well as efficient solutions to problems that plague young businesses in a country. The benefits of this extend not only to the stakeholders mentioned above but also to the general economy of the region as well.
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