INDIA: Salesian Business Incubation Center boosts startups
The Salesian Business Incubation Center under the FiiRE initiative incubates 75 businesses over 2 years
(MissionNewswire) The Business Incubation Center at Don Bosco College of Engineering, located in Fatorda, a suburb of the city of Margao, India, has assisted 75 startups over the last two years. Of this number, 45 were recently identified to be incubated while 15 have been done so virtually, according to DS Prashant, the CEO of the Forum for Innovation Incubation Research & Entrepreneurship (FiiRE). The initiative has received the support of the Department of Science and Technology of the Government of India.
“FiiRE works in accordance with the guidelines of the Startup India policy, which aims to build a strong ecosystem that is conducive for startup business growth, to drive sustainable economic growth and generate large-scale employment opportunities,” said Prashant. “This is achieved with an additional focus on innovation, product design and the core team that is driving the idea toward implementation.”
Five new businesses recently applied for patents with the assistance of FiiRE. Tejas Barve developed Barve Technologies and produced a life-saving temperature regulating machine for animals. Sachin Gangadharan launched LaFabrica Craft, which created a paper bag that can carry up to 10 kilos. Letcetra Agritech, created by Harish Usgaonker, is an online platform for all things related to urban farming. Decimi Technologies, launched by Navin Prajapati and Saurav Lahoti, developed Sabka Mandi, which provided an easy-to-use online ordering platform that allows retailers to submit all of their purchase orders to their authorized distributors from one portal without waiting for the distributor salespeople.
Among the ongoing support provided by FiiRE, co-working spaces are available for new businesses, including facilities such as meeting rooms, conference rooms, open work areas and an auditorium.
“FiiRE offers a structured incubation process based on the 12 critical success elements for start-ups,” added Prashant. “Pre-incubation counseling and idea validation is done before accepting the idea into the incubation program. Incubation involves training and mentoring sessions. This helps startups build the prototype and connect to early adopters and investors over a period of 12 months.”
Access to professional training and workforce development services is highly valued by youth in India. The country, which is home to 1.34 billion people (18 percent of the world’s population), will have overtaken China as the world’s most populous country by 2024, according to the World Economic Forum. While India has the world’s largest youth population, it has yet to capitalize on this, leaving some 30 percent of this population without employment, education or training.
India has the world’s fourth largest economy but more than 22 percent of the country lives in poverty. About 31 percent of the world’s multidimensionally poor children live in India, according to a report by the Oxford Poverty and Human Development Initiative.
India’s youth face a lack of educational opportunities due to issues of caste, class and gender. Almost 44 percent of the workforce is illiterate and less than 10 percent of the working-age population has completed a secondary education. In addition, many secondary school graduates do not have the knowledge and skills to compete in today’s changing job market.
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Salesian Missions – India
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