Frequently Asked Questions
What is business incubation and what is the role of an incubator?
Business incubation is a dynamic process that accelerates the successful development of start-up and fledgling companies by providing entrepreneurs with an array of targeted resources and services.
An incubator is a facility and/or program that provides start-up companies with an environment and a variety of business support resources and services to help them grow quickly and successfully.
Incubators nurture young firms, helping them to survive and grow during the startup period when they are most vulnerable. Incubators provide entrepreneurial counseling, access to financing and introduction to critical business and technical support services. They also offer entrepreneurial firms shared office services, access to equipment and flexible leases.
What are the programs under MUIT Incubation and Innovation Foundation (MIIF)?
The Incubation Center provides:
- Incubation – For registered companies willing to physically work at the Incubation Center.
- Virtual Incubation – For registered companies & not requiring office space at the Incubation Center.
- Pre-Incubation (Precube) – For groups/team/individuals having an idea but not registered as a company.
What is MIIF?
MUIT Incubation & Innovation Foundation (MIIF) is a platform focusing towards fostering & promoting the entrepreneurial spirit of start-up enthusiasts by providing a healthy ecosystem to promote their ideas, start-ups and researches into successful entrepreneurial ventures. It is a space for new age entrepreneurs and budding young minds to transform their innovative ideas into viable business propositions. MUIT Incubation and Innovation Foundation isrecognised as an incubator by Department of IT & Electronics, Government of Uttar Pradesh.
Why so many small businesses fail ?
Generally, two-thirds of new businesses survive for two years, and less than half make it for four years. And “making it” doesn’t necessarily mean profitable. Why do businesses fail? Top reasons include management inexperience and insufficient capital. Other reasons include inadequate business plan, lack of market knowledge, weak management team and concentration on tactical instead of strategic issues.
MIIF works with entrepreneurs to mitigate risk, reduce expenses, develop and execute viable business plans and to improve their likelihood of success.
Is MUIT Incubation and Innovation Foundation (MIIF) recognized by any Govt. department?
There are various benefits provided to registered incubatees, such as:
- Mentorship & advise from domain experts from IIT, IIM and Other Institutions
- Working facility in MIIF Working space.
- Safe and Secure location in an academic ecosystem
- Technology, Infrastructure and other facilities
- Availability of student interns
- Support to incubatees for marketing & outreach
- Business mentors and investors connect
- Seed Funding support
- Access to various expert sessions, workshops, seminars, events, etc.
What are the qualifications/requirements to be an incubator resident?
The requirements for admission to the Incubator Program are:
- A realistic business and marketing plan reflecting the potential to grow the business and become a leading player in their market segment
- Reasonable credit history and adequate financial resources to remain in business for at least twelve (12) months
- Not in direct competition with other incubator clients.
- A product or service that represents a unique technology, application or practice that can create a competitive advantage
- No legal claims or lawsuits pending against the business
How long should the executive summary be?
Business plan summaries should be no more than two (2) pages in length and include clearly marked and defined sections about: your product, target market, competitive position, management team, marketing plan, current stage of growth, funding plan, and financial summary.
I have been in business for a few months; do I qualify?
If your business is in the early stages of business development you may qualify. However you must meet the incubatorrequirements listed above.
What services do you provide the Incubator?
- Business & Marketing Strategy Services
- Business Operation Services
- Legal Services
- Accounting, Tax & Financial Services
- Training Services
What is the application process of MIIF?
The application process is easy and components may be filled out both online and offline. Acceptance into the program is competitive because the MIIF strives to serve all of its clients with personalized attention and programming. MIIF primarily looks at three things when evaluating a company for acceptance into the program:
- Potential & Desire for Growth
- Business & Revenue Model
- Commitment to MIIF
I have completed the “Inquiry Form” and submitted the Executive Summary of my business plan; what should I expect now?
After you fill out the Inquiry form the information provided will be evaluated by our Incubation Manager. If the information submitted is not complete, we will contact you via e-mail or phone to request further information. This may delay the evaluation process time. It typically takes 2 – 5 business days to complete the evaluation. Once the evaluation is complete, the Incubation Business Manager will contact you and will discuss your plans in more detail. We encourage the incubator aspirants to come to Lucknowand meet with us to discuss the business strategy and firm up a business launch plan.