NSIC IT Incubator

National Small Industries Corporation (NSIC) is working to fulfil its mission of promoting aiding and fostering the growth of Micro, Small & Medium Enterprises (MSMEs) in the country. All the traditional sectors of India and high-tech areas are in total need of new innovations and all new technology. This is mainly because of the globalisation of the Indian economy. The growing technology seems to have many professionals with good knowledge and are emerging with new ideas every day. The ideas of entrepreneurial professionals have to be developed in a good and supported environment before they are attracted to venture capital. Incubation centres are needed for these purposes.

Objectives

The first generation of entrepreneur’s innovations is used in sustainable development in the area of Information Technology in NSIC.
The Innovative ideas of the entrepreneurs are nurtured for making them commercially available for business purposes.
The outputs produced will be encouraged and managed to become commercial ventures.
NSIC will provide its expertise helping hand to the start-up companies. This will help them to become successful companies.
There is a network established between the R&D and the industry target system.

There are two types of target groups to be focussed in the NSIC IT incubator. They are:

Primary target group

The small start-up company owner or a person who is willing to become an entrepreneur can become a primary group.
Group of research people from the surrounding universities and are funded with only a partial amount become a primary group.
Students or capable employees of the start-up companies and are in need of practical training in the company.
People who like to start their development of products can be a part of the primary group.

Secondary target group

People who are financially strong have a tie-up with the researchers are capable of forming the start-up groups at the Incubator.
Sales Partners and their clients who are personally interested in coordinating with the research people can form a group at the incubator.
Universities, private training institutes, and industrial enterprises can form a group at the incubator.

NSIC Incubator

The NSIC Incubator is located at the Centre of Okhla Industrial Estate, New Delhi.

Services by the Incubator

To provide with a building and business space, computer hardware, and software facilities, the software library and providing access to it, the Internet for business purposes all these facilities will be provided.
All the guidelines will be provided, and preliminary level training will be given, business plans will be discussed, specialised training will be provided, and the exposure of the market and business will be provided.
Provides support for documentation, survey, legal formalities support, managing the finance will be provided.
The process of identifying the business partners will be provided along with legal formalities for starting a business, and its selection process will be guided.

Application Process

The entrepreneur has to submit the application in the given format to NSIC.
The application must contain all the business plan along with the marketing and financial sources.
There will be a selection committee that will scrutinise the applications based on merit.
After which the applicant will be called for presenting his business plan to the selection committee.
The applicant’s strength, confidence and entrepreneurs skills will be analysed, and the selection committee will take the final decision.
After the selection process, the applicant has to sign an agreement with NSIC to start working in the incubator.

Incubation Period

The incubation period is kept at a maximum of 12 months due to the shorter life cycles of the products and services. For some of the deserving cases, the lifetime may be extended to a maximum of 6 months in a gap of 3 months each.