IIM Calcutta innovation Park (IIMCIP) is a non-profit company set up under the aegis of IIM Calcutta to promote entrepreneurship and innovation and established itself as a premier hub of entrepreneurship development in East and Northeast India.

A business idea is a concept for commercial purposes and typically centers on a product or service that can be sold for money by adopting an operational and practical model. A unique business idea:

I. Fulfils and solves customer and market need
II. Has a Unique Value proposition, and
III. Is Scalable and Profitable in the long run

The process of improvement in the existing product/services in its manufacturing/delivery/use and applicability by way of technology and enhances efficiency adding to its value proposition/benefits is termed as innovation. For example, the mobile app services are innovation for delivering product and services which were earlier possible to be delivered only through a computer.

The product/services which are traditionally in the market may be improved upon in a multiple manner so as to differentiate them. The product/service differentiator usually comes with improvement of quality, service and overall standardization. For example, the intervention of technology helped in railway ticket/bus ticket and hotel booking. Similarly, packaging of milk helped it improve ease of handling and sale anytime during the day.

Any new idea or concept when translates into a product/services is first tested within closed group of experts is a testimony of the proof of concept. The incubation centers are usually the places that provide the support and services for proof of concept of new idea/concept. The PoC is a stage before the test marketing (or beta stage) of any product/services.

Defining the challenges in a business and in production of products or delivery of services in clear terms is a problem statement. Writing a problem statement helps in analysis and arriving at solutions to the challenges.

An entity shall be considered as a Startup:

a. Upto a period of ten years from the date of incorporation/registration, if it is incorporated as a private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008) in India.

b. Turnover of the entity for any of the financial years since incorporation/ registration has not exceeded INR Rs. 100 crores.

c. Entity is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.

The business that focuses and registers enough profits so as to serve its own cost of existence and grow on a year-on-year basis is a sustainable business. The products and services of the business remains relevant in its value proposition and benefits to its customers to be in demand sustains itself.

Incubation is a process whereby an entrepreneur/organization get help for their new and startup business to develop by providing services such as management training, capital or office space. The incubation provides the eco-system for harnessing new business idea/concept and develop it into a commercial venture.

Mentoring involves advising or training an individual or a group of individuals and guiding them pertaining to their respective activity or domain. This involves counseling, training, and guidance by experts. A mentor can be anyone who helps a new individual learn and understand the nuances of a particular activity/work/business/art/trade. Mentors usually have long years of hands on expertise in their area of work and have demonstrated success in their field.