Business Incubation

Global and Indian Business Incubation Centres

Business incubators are designed to nurture the development of newly formed entrepreneurial companies by providing them with an array of targeted business support services and resources, which include: management guidance, technical advice, consulting, appropriate rental space, shared basic business services and equipment, networking support, marketing assistance, and financing necessary for company growth. The most common goals of incubation programs are to improve the survival and growth of new start-up firms substantially, create jobs and wealth, enhance entrepreneurial climate, create and retain businesses, commercialize new technologies, build or accelerate growth in a local industry, and diversify economies. The earliest incubation programs focused on a variety of technology companies or on a combination of light industrial, technology and service firms. However, in more recent years, they are targeting industries such as food processing, medical technologies, space and ceramics technologies, arts and crafts, telecommunications and software development. Incubator sponsors have also focused on microenterprises creation, the needs of women and minorities, and environmental endeavours. Although the business incubation centers have come of age, the unavailability of adequate and reliable information about them is a major concern which needs to be addressed.

Startup Incubation:

Startup Incubation “also known as Startup accelerators” hold significant importance in a country like India where entrepreneurs by the score are launching new setups and changing the game of business by minutes. For the uninitiated, Startup incubation programs or centres provide support functions, mentorship and resources to individual entrepreneurs or entrepreneurial setups. This enables them to get all the expert advice and technical guidance that they need to survive for a longer time, unlike most other entrepreneurial ventures that fizzle out within a few months of their launch.

Almost every other prestigious B-school today houses an incubation center so that great ideas can be nurtured from their very source. Currently there are about 100 incubation centers supported by the ISBA which is the apex Indian professional body supporting business incubators. Private incubators are a handful, but gradually growing. These numbers are expected to double within the next two years.

Latest news about Business Incubators in India:

•The Ministry of Science and Technology cleared a proposal for setting up a Rs.36 crore biotechnology business incubation center at the University of Pune called the The Science and Technology (Scitech) Park.

•TheHubli-Dharwad Municipal Corporation in the North Karnataka region is open an incubation center at the Aryabhata IT Park in Hubli to attract and hone entrepreneurs in the IT sector from Hubli and Dharwad.

•The Ministry of Science and Technology has proposed to set up a Nano Park near the Bengaluru International Airport (BIA). This will host a nano-incubation center, science and technology-based business incubator, physical infrastructure and other support systems.

Experience Successful Development

Education & Training

Education and training can enhance your professional life in a number of significant ways.

• Completing increasingly advanced levels of education shows your employer that you have a drive and commitment to learn and apply information, ideas, theories, and formulas to achieve a variety of tasks and goals.

• If you need to acquire subject matter knowledge, education and training is often the most direct way to obtain it in a short amount of time.

• Obtaining a particular degree or certification may be a requirement for applying for some jobs. Educational requirements are a quick and easy way to narrow down a field of applicants, so if you find yourself competing against others with more education than you, it could be in your interest to obtain the degree, certification, or training to be a competitive candidate.

Education and training can consist of any of the following:

• Advanced Degrees

• Professional Certifications

• Computer Skills Training

• e-Learning

• Independent Reading

• Seminars and webinars through Professional Associations

• Workshops, Trainings, and Educational Coursework on Campus

 Developmental Experiences

While education and training are important to skill development, it is also known that only 10 percent of adult learning happens in the classroom, from books, tapes, or online learning activities. This is often because learning in these formats is more passive. Most adult learning, a full 70 percent, happens by doing. Learning by doing can take place through on-the-job and leadership experiences.

Following are examples of on-the-job and leadership experiences that can help you develop a range of skills and competencies.

On-the-Job Experience Examples

Ø  Take on a challenging “stretch” assignment. Some examples:

·         Fill in for your supervisor or manager when they are on vacation

·         Manage a project from start to finish

·         Make a temporary lateral move to another part of the organization

·         Help launch a new business, initiative, or program

·         Help turn around a struggling project

·         Develop a new product or service

·         Teach a process or course to your team or others

·         Run a team meeting or briefing session

Ø  Seek out critical feedback on how your performance might be improved, then implement a plan to improve your performance.

Ø  Represent your group at a cross-functional meeting on campus or serve as a liaison between groups on campus.

Ø  Offer to manage project budgets to develop financial and budgeting competencies.

Ø  Benchmark other teams that are known for high-performance and/or strong accountability, and create a plan to help your team meet or exceed expectations.

Ø   Solicit feedback from peers, direct reports, and key constituents regarding a project, departmental program or process that is under-performing. Propose several improvements.

Ø   Serve as a back-up contact when your supervisor is not available.

Ø  Take responsibility for writing or reporting on project deliverables.

Ø  Review your project budget and make recommendations for:

·         Cutting costs

·         Financial strategies that can maximize quality and efficiency

Leadership Experience Examples

Ø  Serve as a mentor to other colleagues, supervisees, or staff members or help to on-board new colleagues.

Ø  Lead a project team/manage a group where team members are experts in areas that you are not.

Ø  Lead a project that requires innovation.

Ø  Lead a division- or campus-wide project or task force that will have campus policy implications.

Ø  Assume a divisional liaison role with HR on processes for:

·          Outreach and recruitment

·          Managing people issues

Ø  Chair a selection committee to fill a position.

Ø  Speak at a meeting.

Ø  Present at a conference.

Ø  Run for a position in a professional association on or off campus.

Ø  Take on a leadership role in a social, community, or volunteer organization.

These are just some examples of developmental experiences that can help you develop your skills. See additional examples of development experiences in this Experience Inventory.

The unique experiences that can help you progress toward your career development goals will be created by you, in conjunction with your supervisor or manager. Learning how to communicate to your supervisor that you are open to and desire development experiences is important to getting the opportunity to develop your career skills.

Show openness by being receptive to new ideas and suggestions, by admitting to your need for improvement, and by actively seeking your direct supervisor/manager's feedback. Keep in mind that the end goal is your career development, not the coaching process itself. Even if it's difficult to hear constructive criticism in the short run, if it helps to create development experiences for you it will help your career development as a whole.

Read the steps below for details on how to manage a developmental experience.

10 Steps to More Effective Developmental Experiences

1. Take the initiative to look for ways that you can learn new skills through experiences that also help your supervisor/manager, team, unit, or department achieve its goals.

2. Set up meetings with your supervisor/manager to discuss your proposed development experiences and get buy-in for proceeding. Use the Questions to Ask Before, during, and After Planned Development Experiences as a guide for discussions with your supervisor or manager.

3. Create a development plan with your supervisor/manager to track your progress.

4. As your development experience is progressing, update your plan to mark accomplishments and learning acquired.

5. Set up regular check-in meetings with your supervisor/manager.

6. Take time to review your development plan before meeting with your supervisor/manager for check-ins.

7. Send your supervisor/manager any major changes in advance before meeting.

8. Leave the meetings with an updated plan.

9. Review where your supervisor/manager can provide you the most help going forward.

10. Seek out feedback after a project’s completion to discuss the positive, negative, and key lessons learned, as well as to begin developing a new development experience.

If you are a supervisor or manager, see Resources for Supervisors and Managers for handouts to manage your own developmental experiences, as well as tips on communicating with your employees regarding their developmental experiences to ensure the best outcomes for both employees and managers.

Value for the Organization

Career Development

Skill Development

Skill Development means developing yourself and your skill sets to add value for the organization and for your own career development. Fostering an attitude of appreciation for lifelong learning is the key to workplace success. Continuously learning and developing one's skills requires identifying the skills needed for mobility at Cal, and then successfully seeking out trainings or on-the-job opportunities for developing those skills.

Developing your skills begins with assessing which skills are important for your desired career development. Read about career skills in the self-assessment section of this website. Speak with your supervisor or manager and other career mentors to identify the types of skills that will help move you forward in your career.

Your development should follow the 70-20-10 rule:

70% of your development should come from on-the-job activities and action learning. This can include development experiences like managing a project, serving on a cross-functional team, taking on a new task, job shadowing, job rotation, etc.

20% of your development should come from interactions with others. This includes having a mentor, being a mentor, coaching, participating in communities of practice, serving as a leader in a staff organization, etc.

10% of your development should come from training, including classes, seminars, webinars, podcasts, conferences, etc.

Once you have identified the skills you need to develop to achieve your career goals, your next step is identifying how you will develop your skills. The two main avenues for developing your skills are through the Education and training and Developmental experiences.