What is a Startup?
A startup is a young organization trying to create their own path in business. New companies will be initially small in size and funded by a set of founders or by VCs. These companies offer a product or administration that is not currently not in the market.
Initially, costs may be higher than the income, so the startup may avail some time to start generating revenues. Experimenting new things is the trend giving rise to startups, Managing Finances, Convincing VCs, Crossing big bridges in terms of technology and many more hindrances are to be faced by the newborn company, if the companies can stand strong and fight despite these hurdles, then their potential is proved.
To encourage all these startups, Of Late, many companies are stepping forward to Incubate such startups.
What Is Incubation?
Incubation is a process of supporting these small startup companies to grow and reach the next level and get success in their business goals. In this process, the well-established companies help these startups by providing workspace, administration support, financial setup support and hiring support. As we all know Bengaluru is the Hub for startups, many successful startup companies are from Bengaluru hence one will get to see how exactly Incubation works.
Why is Incubation a necessity?
In the past, we have witnessed many funded startups shutting down shop due to lack of guidance, business consulting and mentoring. Startups are having a high mortality rate of around 75-80%. Hence, setting up a good incubation programme becomes very vital for helping the early stage startups, to reduce the chances of startup failures. To put India on the global innovation map, a much-needed push is required to set up more technology business incubation centers to breed and nurture increasing number of startups. Beyond helping startups in building a sustainable business environment, startup incubators also share both tangible and intangible resources such as equipment, office space, services such as accounting, computing, and legal services and provide the much-needed help in raising seed funding, mentoring and training.
Big corporates are also setting up incubation programmes to help the emerging startup ecosystem. Starting a new business is similar to giving birth to a baby. As the baby is kept under parental supervision during the initial years, every startup needs a lot of guidance, support, and positive energy during its formative months.
We have already shared our office space with a number of companies being a part of the coworking space trend. However, We intend to step into the Incubation program as Wenger & Watson Inc recognizes the need for Incubation programs and intends to help startups grow.