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Incubating Entrepreneurship @ IMT

“The creative act always requires a stepping back. It's called the incubation period. The incubation period - one of the four phases of creativity - is when you're not consciously thinking of a problem, and you're letting it marinate. So this is why you hear time and again, people saying they had that ‘Eureka’ moment in the bath, like Archimedes, or in the shower, or while going for a walk or in a coffeehouse.” - Eric Weiner

But what do you do after you’ve allowed the problem to marinate and have had your Eureka moment? You require the right support system and guidance to take your idea to the stage of fruition, and make it relevant and profitable in the real world.

Why IMT?

Having produced more than 400 successful entrepreneurs, who are actively contributing to the country’s economy, what better institute and support system to turn to, and learn entrepreneurship from, than the Institute of Management Technology (IMT).

What is incubation?

While the ‘incubation’ referred to in Eric Weiner’s quote above might not be exactly the ‘incubation’ talked about in the context of start-ups these days, it nevertheless is something that is at the root of all modern-day enterprises. Going by its definition in the business world:

“Business incubation is a unique and highly flexible combination of business development processes, infrastructure and people designed to nurture new and small businesses by helping them to survive and grow through the difficult and vulnerable early stages of development”

"IMT’s initiatives for promotion of entrepreneurship"

IMT Ghaziabad has always stayed committed to promotion of entrepreneurship in its Institute. It offers a number of courses focused on entrepreneurship and also has an active E-cell manned by its students.

IMT Incubation Centre (IIC)

The institute runs an incubator known as IMT Incubation Centre (IIC) which provides support to the upcoming entrepreneurs, helping them in the following ways:

The Incubation Centre aids creation of new ventures by offering consulting services to upcoming entrepreneurs and by helping them evaluate opportunities. Thereafter, it assists them with identification of resource requirements, resource acquisitions and venture management too.
It also executes research projects based on different aspects of innovation and entrepreneurship.
You can also refer to the IIC’s case studies which highlight issues commonly faced by innovators and entrepreneurs.

Offered Programs at IIC

The IIC offers two types of incubation programs to the interested entrepreneurs:

Dry Incubation

Under its Dry Incubation program, every incubatee is allotted two mentors, one from the IMT faculty and one alumni mentor. While the former helps with preparation of business plan and consults on various aspects of operations, finance, marketing and human resources, the latter helps in building market linkages and facilitation of Angel/VC funding. Apart from mentoring, the entrepreneurs are also helped with R&D support, networking, funding assistance and access to shared services like accounting, legal etc., at a concessional rate.

Wet Incubation

Entrepreneurs who undertake the Wet Incubation program can make use of a dedicated and furnished air-conditioned office space, well-equipped with computers, printer and high-speed Internet access. They can also make use of videoconferencing and boardroom facilities, apart from the cafeteria and common area.

About IMT Ghaziabad’s E-Cell

Counted amongst some of the major entrepreneurship cells of the country, IMT Ghaziabad’s E-Cell is mainly responsible for promoting entrepreneurship amongst the IMT students and helping budding entrepreneurs with the necessary resources. The E-Cell’s mission is to explore self-employment opportunities for students and to help them inculcate the entrepreneurship spirit.

IMTheInnovator

Not too long ago, IMT Ghaziabad (IMTG) launched its first Innovation Day – IMTheInnovator, on February 3, 2018, in collaboration with knowledge partners such as LetsVenture, TiE-NCR, DiPP etc. and with the support of StartUp India. The idea behind this event was to cultivate leadership qualities in students through innovation, execution and social responsibility. On exhibition were around 50 innovative project exhibitions by the IMT’s ‘Design Thinking and Innovation’ (DTI) students and a select group of start-ups.

Its dedicated centres of entrepreneurship and its initiatives targeted at promotion of innovation amongst students clearly prove that IMT is indeed at the forefront of incubating entrepreneurship in India.