While startups are the flavour of season and everybody claims to have unique ideas for their business, Mr. Sanjeev Srivastava came up with a question – “Why do incubation centers fail? Why is that we are unable to remove bottlenecks of startups?”
Gufran Ahmed started with a point that because entrepreneurship has become a new trend, nobody wants to identify the real problem and solution. People are trying to create something as per their perspective and not the community. And the incubators are not identifying the right startups.
Sagar Vaghsiya echoes his thoughts and also adds that every MBA and engineer wants to launch their own start up. It is more of fashion these days and therefore people tend to loose interests from such wide variety of startups. Majority of people do not take them seriously despite them launching good products.
Sanjeev Srivastwa was keen to learn about incubator mistakes, blunders to which Sourabh Goyal replied that everyone is looking for a rule book of Do’s and Don’ts. And he gave examples of Tata and Ambani who didn’t go for incubation at all. Gurfan Ahmed responded to Sanjeev Srivastwa by saying that the most important thing for an incubator is to identify the potential a startup has. We need to ask ourselves if the startup really solves a problem or the startup just exists on an hypothetical problem. Once the startup is chosen then the incubator should provide every assistance and every resources to nurture the startup and make it scalable, from technology to marketing to sales to finance. And every detail should be monitored properly. The most important thing is to have trust on entrepreneur as no matter how promising the startup is but if the creator of the startup or its it’s team do not believe in their own product then the incubator can not do anything. The crux is to choose the startup and entrepreneur wisely.
Pia Singh gave her opinion that an incubator is supposed to nurture a startup idea and not just provide a space for entrepreneur experimentor. The day incubators shift their perspective to build sustainable enterprises rather than running a centre, we will see a major drop in start up failures.
Abhinandan Singh explained that the real incubators offer an accelerator that teaches startups how to grow, learn from failures and success of others. Basically, incubators need to be a centre of excellence and knowledge generation centre. A space where people gather and discuss about products, problems and solutions. So,if you want to run a successful incubation space then first learn how to scale a business and how startups build their own ecosystem and find acceleration.
Virat said that even an incubator needs incubators to solve their own problems. Also, start ups just focus on money and nothing else. Money and idea should go together. There are few people who can’t differentiate between startup and freelancer.
Sagar Vaghsiya ended this on a practical note. He said there is no guide book for this. Everybody needs to learn from their own experience.
However, the Nexel World community believes in learning from each other and reading through the experiences to learn some more.