This incubator nourishes business ventures

Entrepreneurship

Having completed 10 years, the Technology Business Incubator (TBI) at SJCE-STEP has churned out 15 companies expand their business in the city with a collective turn over of around `50 crore and providing employment to around 700-800 persons directly.

Speaking to Deccan Herald, SJCE-STEP Project Officer Rajaram said that the incubator concept was started to help entrepreneurs with technology oriented ideas. All that is needed is an idea and a strong business plan to back it, he added. Notable companies that have become successful out from SJCE-STEP are Aspire Communications, iCAD and Skanray.

Rajaram said that the incubator concept provides entrepreneurs with an office space along with necessary communication networks and basic infrastructure needed to run a company. When a person approaches STEP with an idea and business plan, it is evaluated to check if the product is viable.

Later it can be considered it for financial funding that is also available from the Department of Science and Technology (DST). At present there are three-four spaces available for entrepreneurs with brilliant ideas to set-up shop, he added.

An advantage of the campus, he said, is the huge student resource that is available and security. Another advantage is that businesses can connect to the Asia Pacific Incubator Network (APIN) through which they can interact and explore business opportunities across countries such as Thailand, Vietnam and China.

Students

Students with plans to set-up a company are provided with a hatchery, which means that a mentor gives them instructions on the various facets of making a business plan.

Rajaram said that they are helped to develop a business plan and once they are ready, they are put into incubation, where advise on obtaining licences and the places to seek funding are also provided.