The state will get a second incubation centre for start-ups — developed by the Bihar Entrepreneurs’ Association (BEA) — soon, two months after Venture Park became functional. 

Chief minister Nitish Kumar has announced a venture capital fund of Rs 500 crore for start-ups. In the recently-announced state budget, finance minister Abdul Bari Siddiqui granted the Venture Park started by Bihar Industries Association (BIA) Rs 1.53 crore. The upcoming centre, Bihar Incubation Centre, has been provided Rs 1.42 crore.
“A business plan competition, “Pitch and Play”, has been started by BEA to select candidates with innovative ideas. They will be provided free mentorship, including developing the idea with the required resources and finding a co-founder for them,” BEA secretary general Abhishek Singh told The Telegraph. “The Bihar Entrepreneurship Summit, an event organised by us and the industries department, is scheduled for March 21. By then, the best ideas will be selected and provided space at the incubation centre.” 

Work towards development of the Bihar Incubation Centre, on the first floor of an apartment at Abhiyanta Nagar near Gola Road, is currently on. The centre is spread over 3,000sqm and will provide space to 25 start-ups at a time.
“BEA has signed an MoU with Innovate, an academy in Delhi that works with entrepreneurs towards sharpening their skills in innovation, team-building and strategy,” Abhishek said. “Students learn from entrepreneurs, industry experts, and professors while working in teams to develop breakthrough product concepts and co-found new ventures. Innovate is funded by the Stanford Institute for Innovation in Developing Economics (Stanford Seed) and Delhi-based Indraprastha Institute of Information Technology. A total of 25 start-ups will be selected to be nurtured for a year at the centre. During the incubation period, all help and assistance will be provided to the entrepreneur so that their idea turns into a full-fledged industry. BEA has signed more MoUs with other firms to help the selected ones at the incubation centre.” 

Authorities at Venture Park — which started on the first floor of BIA building on December 11 — said the centre has made impressive progress. 

“Four entrepreneurs have been selected and space has been provided,” a BIA official said. “BIA is in the process of finding a mentor for them. The start-ups are provided mentorship for one year.”