Explain The Idea Incubation

Name : Ashmita Bose

Roll : 24400220002
Dept : IT
 What is Idea Incubation?
• Idea incubation is a process for bringing ideas into reality.
It starts on a very fundamental level, often with a single
individual who comes up with a concept he or she thinks
should be further explored. This individual brings others in
on the incubation process, making the idea stronger and
more viable. Ultimately, the idea may be turned into a
product, assuming that funding can be secured and that
the idea is commercially viable.
Many companies foster idea incubation by clustering
workers together in collaborative environments.
Especially in the case esses of the idea, resulting in a
stronger finished product.of software companies,
employees are actively encouraged to spend work time
pondering issues and ways to solve them. Cooperative
groups work best for incubation because other members
of the group can identify strengths and weaken.
HOW TO GENERATE IDEAS
• 1. Environmental scanning: Entrepreneurs should
make use of available information to catch the current
developing trend in business and for that he should keep
reading local, national, international; news papers,
magazines, journals, commercial articles, and should
keep watching commercial news on TV. Moreover, it may
look like a difficult task but the potential entrepreneurs
should do it passionately to get in touch with theEcurrent
scenario.
2.Use of Creativity to problem solving:
entrepreneurs should use their creativity to have solution
of unusual problem. Creative thinking means to link new
concepts in extraordinary manner.
For example, here are a few specific techniques:

The checklist method, in which an entrepreneur makes

use of different questions or statements and thereby
develops new ideas.

Free association, in which an entrepreneur develops a

new idea through a series of word associations.
3.Brainstorming: One of the most popular approaches to
generating ideas is brainstorming. It is an idea-generating
process for getting dynamic solutions that gives a large
number of alternatives. Brainstorming is a simple technique
that can be done with friends or colleagues. In a brainstorming
session, a group of people get together, mostly in a relaxed
atmosphere, where everyone feels free to broaden their minds
and imagine beyond the ordinary.A group leader presents the
issue or problem to be solved and ensures that all participants
identify with it. Then members put up as many ideas as they can
in a specified time by explaining them orally.
4.The Role of Intuition : Intuition is a cognitive process
through which we knowingly or unknowingly make decisions
on the basis of our knowledge and experience. It is perhaps a
sudden outcome of the mind. Even though structured or
systematic approaches to generating ideas are important,
intuition also plays an important role. Intuition is certainly a
powerful source of new ideas if you learn how to use it
effectively. However, the best approach of all could be to
combine the structured with the intuitive as both of them
complement each other.
 The incubation process:
• Help with business fundamentals
• Networking management
• Promotional support
• Speedy Internet access
• assist with financial management
• Linkage with higher education resources
• Links to strategic partners
• Access venture capital
• Comprehensive business training programmes
Incubation Process Stages
 Types of Incubators:
• 1.Social Incubators : These incubators transform the
lives of the people by providing innovative approaches to
solve social changes. This is the combination of passion
for social mission and entrepreneurial discipline. Many
initiatives are there that flourish, develop and encourage
social entrepreneurship.You don’t need to get enrolled with
any specific category like charity or social enterprise. All
you need is a perfect business idea with the motive to
provide a positive environmental or social impact.
Stages :
2. Academic and Scientific Incubators
These incubators are familiar with many universities in the
United States, and also offer business incubator facilities.
They target the students of the universities, so all you have
to do is that you have to be a student at the institution.
These academic incubators provide scientific and technical
assistance to test different concepts of start-up ideas.
3. Virtual Business Incubators :
These are the most common incubators and provide the
capital and professional advice to execute their business
concept in reality. These incubators require you to set up a
physical shop at the incubator’s location (website). With
this, the virtual incubators allow the business to have the
advice and resource support that is offered to them. But
they have to maintain the warehouses and offices away
from the site of the incubator.
4. Corporate Incubators :
Corporate incubators are good at offering financial
resources and conducting some things such as prototype
and market testing. The companies which get enrolled
under this scheme can enjoy great access to commercial
markets. There can be some conflicts of interest with the
start-up companies. With this corporate incubators have
many resources and the ability to mobilize these also.
5. Medical Incubator :
As far as medical incubators are concerned, they have to
face many challenges and hurdles in the terms of
validation and realizing effective product development.
Additionally, they have to face financial hurdles also. So
the incubation centers which are specialized in health care
can take assistance from these incubators to boost the
growth of their start-ups. As they play a great role in
grooming the economy. Moreover the medical incubators,
accelerators and health care start-ups driving a high level
of innovation in this industry.
 Conclusion :
• This chapter provides the conclusion. The results imply that
innovation centers and incubator programs that provide
continuing tangible and intangible services are able to add
value to the companies they support. This leads to a high
number of tenants in incubator programs and a high number
of start-up companies. The most common outcome from
innovation is economic growth. In addition innovation systems
in developed and developing countries lead to a platform for
policy decisions and high technology derivatives. The results of
the survey of a sample of seventy-four organizations.