Business Incubators & Entrepreneurship Development Cells

Mohd. Zubair Ahmad

Business Incubators
Many entrepreneurs don't have the space or desire to start a business out of their home, yet find renting space and setting up essential support functions is overwhelming financially and energy draining just at a time when their financial resources and energy are most needed for development of the business itself. A business incubator can be the perfect solution for such a person. The primary goal of a business incubator is to produce successful businesses that are able to operate independently and financially viable.

Business Incubators usually provide
flexible space and leases, many times at very low rates fee-based business support services, such as telephone answering, bookkeeping, secretarial, fax and copy machine access, libraries and meeting rooms group rates for health, life and other insurance plans business and technical assistance either on site or through a community referral system assistance in obtaining funding networking with other entrepreneurs

Reasons for operating a Business Incubator
need for job creation in the community promotion of economic self-sufficiency for a selected population group diversification of the local economy transfer of technology from universities and corporations sharing venture experiences with new companies by successful entrepreneurs and investors

Choosing the Right Incubator
Space and Service-related Issues Quality Success Rates Policies and Procedures Management

Entrepreneurship Development Cells
Mostly run by Professional colleges EDC acts as facilitator and resource institution to motivate, guide and help prospective and existing entrepreneurs in their entrepreneurial endeavors/efforts through positive training interventions.

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