This is a phase where the final 35 selected applicants enter into two month long intensive lab-based studio incubation programme. The learning at the incubation programme occurs in three stages.
In the first stage the ideators/entrepreneurs go through three days intensive experiential lab based learning where they learn entrepreneurial skills and develop an entrepreneurial mindset. The experiential lab based learning focuses on developing entrepreneurial skills such as:
Experiential lab based learning is designed using the double diamond human centric design thinking using project based experiential learning.
In the second stage the ideators/entrepreneurs go through an intensive seven day business creation workshop. Where they learn:
- Identifying customers - Who is your customer? Customer segmentation
- What can you do for your customer and How can your customer acquire your product? - Customer decision making units and customer decision making process
- How do you make money off your product? - Designing a business model
- Design and building product
- Scaling your business - adopting strategies to grow and scale your business
- Measuring Impact
The entrepreneurs enhance their business knowledge in this stage of the incubation programme. They also learn research, analytical, and decision making skills as it is very crucial for the success of any business.
In the third stage the incubation center provides one-on-one coaching sessions with mentors from the private sector, experts and academia, preparing the participants for pitching their ideas to a potential business partner. The learning is customised according to the requirement of the entrepreneur. The key learnings from the first two stages of the incubation programme are now implemented in this section and closely scrutinised along with constructive feedback from the mentors/coaches. During this stage bi-weekly seminars are conducted in the areas of:
- Legal compliance
- Taxation and audit
- Accounting and budgeting
- New technology