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.
The North Eastern Council is the nodal agency for the economic and social development of the North Eastern Region which consists of the eight States of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura.
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. The characteristics of a unique business idea are:
I. It must fulfill customer needs
II. It should be innovative and solve market failure
III. Uniqueness in features and appeal
IV. Clear Focus
V. 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.
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.
An entity shall be considered as a Startup:
a. Upto a period of seven 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. In the case of Startups in the biotechnology sector, the period shall be upto ten years from the date of its incorporation/ registration.
b. Turnover of the entity for any of the financial years since incorporation/registration has not exceeded Rs. 25 crore
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.
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.
Pre-incubation refers to the phase aimed at validating projects ideas, company planning and creation, and the possibility of developing possible business by analysing technical and economic viability and entrepreneur profile.