Aspire to start a business? Require government aid and assistance? In the plethora of business incubators, how will you as an entrepreneur decipher the dilemma of choosing the right incubator to help grow your business to a wider scale?
The incubation period of your business will start from the creation of your master plan and will last till the growth of your business. During this period, you need management assistance, venture capital funds, angel investors and other forms of supports. Livelihood Business Incubators (LBI) under the ASPIRE scheme has been set up by the government of India to provide hand holding guidance and aid to the entrepreneurs. If you are looking for an incubator scheme that offers support to business enterprises in the incubation process, imparts entrepreneurship guidance and helps in developing skills then the LBI scheme calls for an action.
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The Micro, Small and Medium Enterprises (MSMEs) Ministry has developed the Livelihood Business Incubators (LBI) to focus on these components to aid businesses in the following ways:
- To offer a network of technology centre by development of a technology database with government as well as private enterprises
- To mentor skilled operators to offer a hand-holding and mentoring for new entrepreneurs.
- To provide easy administration support through various agencies of Small and Medium Enterprises (MSMEs) Ministry
- Offering awards, consultations and aids to upcoming enterprises
Implementation: The corpus fund of Rs. 62.5-crore in the LBI scheme will be dedicated to create 80 incubation centres which will aim to develop 104000 youth to budding entrepreneurs in the coming three years. The scheme will be implemented in two steps:
- Replication of the success of the Rapid Incubation Model that transformed an unemployed youth to a budding entrepreneur in three months, the LBI incubators focuses on developing youth employment and entrepreneurship skills.
- Private partner institution (PPP) livelihood incubation centres will be formulated by partnering with NSIC, KVIC or Coir Board or any other Institution/agency of GOI/State Govt.
You can apply to register under this scheme by submitting your business proposal in a prescribed proforma under AnnexureI and AnnexureIB along with the necessary enclosures and endorsement of the head of any of the following agencies: NSIC, KVIC or Coir Board or any other Institution/agency of GOI/State Govt. The funds will be designated to these agencies and will be received by you in the form of the following milestones:
- 50% after the approval of incubation
- 30% after the installation of plant and machinery
- 20% upon the commencement of incubation
The Livelihood Business Incubator imparts entrepreneurial and employable skills, develops businesses in various sectors to provide a better eco system to the entrepreneurs. With the objective of transforming job seekers in to future entrepreneurs, LBI can offer you a hand holding incubation guide for easy registrations and funding to new businesses.