Patna, Dec. 11: Bihar's first incubation centre meant for supporting start-ups has started functioning.
Spread across 1,000sqft on the first floor of the office of the Bihar Industries Association (BIA), the centre named Venture Park will be provided to those having innovative ideas and need help to develop and nurture it so that it could be turned into a full-fledged business.
Sanjay Goenka, the vice-president of the BIA, said today: "The idea of the incubation centre was mooted a year back and an MoU in this connection was signed with Delhi-based Indian Angel Network (IAN). Named Venture Park, the incubation centre would organise an 'Open House Session' on December 19 which will give a chance to budding entrepreneurs for a one-to-one session to discuss their concepts and plans with experts. All entrepreneurs will be given 30 minutes for the presentation of their business plan followed by a Q & A session. The entrepreneurs can register themselves for participation at www.explara.com."
He added: The open house evaluation and feedback shall be on a first come, first served basis. After selection, the entrepreneur will get working space during the incubation period under proper mentorship. There will also be assistance in getting seed capital to a selected few. Those interested can also check the website of the centre ( biaincubator.com) and get more information. Until now, 25 people have already registered themselves."
"There are many who have got novel business ideas up their sleeves but then these ideas need to be structured and given a shape. Also, there has to be a feasibility study as well as to whether it will sustain in the market or not. The incubation centre will help in changing these ideas into business. Any idea needs proper mentoring besides other forms of assistance. The state government, too, has promised financial help to the incubation centre and the ideas. Both the Centre and the state governments are serious towards start-ups and want them to grow and take shape. And with Bihar now having one, young entrepreneurs can expect a much-needed support and help," Piyush Jha, a professor at IIM-Ahmedabad, who is associated with the project, said. Apart from the incubation centre at BIA, the information technology department's IT incubation centre, which is being supported by Bihar Entrepreneurs' Association, is also in the making at Biscomaun building.
"In addition, the draft of a 'Start-up Policy' has been submitted to the industries department for approval. The draft of the policy is with the industries department and will be presented before the cabinet soon. Also, the state's venture capital fund is taking shape and will be finalised too in some time," a department official told The Telegraph.
