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NIESBUD I Create Business Incubation Centre

Ministry of Skill Development and Entrepreneurship (MSDE), Government of India, through NIESBUD (National Institute for Entrepreneurship and Small Business Development) has entered in to an MOU with I Create to “Provide Entrepreneurship Education and Training to promote a culture of entrepreneurship across the country and provide end-to-end handholding support to potential entrepreneurs for setting up enterprises & provide necessary mentoring support to them afterwards if so desired”. Further, the Ministry has approved establishing a Business Incubation Center (BIC) at Bangalore, co-branded as NIESBUD- I Create incubation center. Accordingly, I Create operates NICBIC (NIESBUD I Create Business Incubation Center) at Bangalore.

NICBIC provides facilities such as providing guidance and information both for aspiring and current entrepreneurs to formulate their business plans, various banking schemes for funding the enterprise etc

NICBIC Brouchere                                                   

NICBIC is focusing on helping the Aspiring Entrepreneurs “take the idea to the market”. The emphasis is on mentoring them on market research, customer identification, determining the economics of the business in terms of cost computation, price determination, assessing cash requirement, business plan preparation, credit linkage guidance etc.

PROCESS

Structured formats and checklists have been developed by I Create in order to assist the Aspiring Entrepreneurs who are registered for the mentoring guidance from NICBIC. These formats are used at the various stages as follows:

1. Counselling: I Create experts counsel the walk- ins and the people who have been directed to NICBIC from various Govt. Agencies through our network. The Protégé is first counselled on the Idea Generation and is asked to enrol for mentoring in the NICBIC.

2. Enrolment form – This is obtained during the initial interview where the candidate will define his business idea and express his willingness to seek guidance from NICBIC

3. Mentoring Engagement letter – On assessing the ‘need’ of the candidate and ‘ability’ of the NICBIC to mentor the candidate, he/she will sign up as protégé and we provide mentoring and guidance by connecting them to relevant experts .This also stipulates the fees/donation payable by the protégé.

4. Mentoring Check-list – To realise the protégé’s potential to take the “idea to the market” various techniques viz., questioning, probing, guiding, directing etc. are used to elicit information on market research, customer identification, determining the economics of the business in terms of cost computation, price determination, assessing cash requirement etc. The protégé will get this information on visiting the market place.

5. Business Plan – At the end of the mentoring the Protégé will be ready with a bankable business plan.

6. Handholding - I Create help in documentation and legal processes of the Protégé, like getting Udyog Aadhar number, drafting of partnership deeds if needed, registration of the business under shops and establishment Act etc., In cases where business has already commenced I Create team helps the protégé to overcome the challenges faced in the business steadily. Cash book and cash flow are closely monitored and moral support is provided by the team.