- Commit to the core values constituted for the Centre
- Obtain harmony on a project that defines the Centre’s involvement with the stake holders (students, faculties, individual and entrepreneurs) and develop a strategic plan containing convincing objectives to achieve the program mission.
- Structure for financial sustainability by developing and implementing a realistic short term and long term business plan to ensure perennial sources of funding.
- Recruit and appropriately compensate human resource capable of achieving the mission of the Centre and having the ability to help in overall growth of budding ideas, trainees and young entrepreneurs.
- Create an effective Board of Directors committed to the Centre's mission and to maximizing management's role in sustainable development.
- Develop an incubator facility, resources, methods and tools that contribute to the effective delivery of business assistance to client firms and that address the developmental needs of each company.
- Develop stakeholder support, including a resource / mentor network that helps the incubation program's client companies and supports the incubator's mission and operations.
- Maintain a management information system and collect statistics and other information necessary for ongoing program evaluation, thus improving a program’s effectiveness and allowing it to evolve with the needs of the clients
- To arrange regular seminars, workshops, orientation programme, training programme etc. to motivate and train students, faculties and individuals for directly involving the same towards active participation in idea generation, product development and its commercialization.
- To provide state-of-the-art laboratory facilities with latest equipment so that the students and faculty members can utilize their full potential for dynamic research activities in a congenial atmosphere.
- To understand market niche and to channelize active efforts towards addressing of existing problem by direct landing of commercial plans.
- To provide initial seed funding to transform an idea into a prototype and/or initialization of a futuristic enterprise.
- To encourage industry and institution interaction through regular visit and faculty exchange program.Encourage projects of educational institution of short duration in industry.
- To generate patent awareness and encourage motivation for patent-generation.To initiate start-ups in the campus of University .
- To establish dedicated cell for technology transfer and customer - outreach window under the University tag itself.
To implement the ‘paper to product’ program, a following five steps will be implemented
- Identification of Market niche
- Identification of development partner
- Identification of Major customer
- Involvement of all available expertise among the Center to identify and work on dedicated specialized sectors
Joint Ventures for final commercial product and its marketing
The proposed Incubation Centre under Maharashtra State Innovative Start-up Policy –2018 will be characterized by following fundamental characteristics:
- Functional area, which consists of modules, with an affordable rent and on flexible rental terms.
- Shared area and office services, appliances and network of cooperation.
- Synergy among Incubatee, caused by the fact that they stay under one roof and exchange experiences.
- Seed capital will be available in the incubator or there will be access to loans, guarantees and equity investments.
- Access to information, facilitating connections and promotion.
- Training aimed at enhancing competence and skills, consultancy.
- Accounting, legal and technological services and marketing.
The operation of the proposed Incubation Centre will be characterized by the following elements:
- Careful selection of future entrepreneurs, who have growth potential, as well as a flexible process of entering the incubator.
- Rental rates and fees for services will be usually lower than those on the market and gradually increase.
- Highly competent core expert team to provide consultancy, training, information, access to external sources of funding, and supports the synergy among Incubatee.
- Operating like a business with the prospect of achieving considerable sustainability.