PPU Business Incubator has a clearly defined incubation process which helps entrepreneurs realize their ideas. The objective of incubation is to produce successful companies with the potential to create jobs, commercialize new technologies, and strengthen economies.
Key Principles and Elements of Business Incubation
Entry/ Selection and Exit/ Graduation
Given graduation is the goal of incubation, it is important to define an initial road map towards successful graduation and to select those startups willing and able, with the incubator support, to reach this goal.
Outreach and Virtual Services
- Enables individuals from beyond the incubator to access services.
- Can be an easy way to reach clients.
Access to Finance
In most cases, capital is a critical issue for incubatees. Therefore, incubators must address this issue by providing access to sources of finance, reaching out to sources in larger economies, international donors and others to locate and secure appropriate funding for their incubatees.
Business Support
• Efficient and effective delivery of business support services by an incubator enhances the chances of an incubatees’ success.
• Incubators must tailor their services to fit the incubatees’ needs, if possible offering the services at below market rates to reduce the cost of start-up.
Linkages
Business incubators rely upon the connections their incubatees can establish, as the connections can result in new revenue streams, partnerships, or ideas that may prove financially successful. Incubators should make an effort to connect incubatees with individuals from a variety of sectors and areas of expertise.