Identification of incubatees happens through referrals, networks, outreach programs like workshops, conferences, local competitions etc. Major channels to identify potential entrepreneurs are: RUDSETIs, ITIs, Universities, Manufacturers/ Suppliers, Local NGOs and other Incubation Centers.
Identified entrepreneurs go through:
- Face to face interviews + references
- Field/site visits to SELCO operations and end users, OR other home based relevant partners(optional)
- Orientation session
- An assessment process that selects the candidate to begin the incubation process on criteria that measures entrepreneurial ability such as their innate talent, commitment levels, personality, ability and dedication to go through the incubation process
Selected entrepreneurs from the identification stage, move on to the initiation stage. Within this stage there is a much deeper engagement with the entrepreneur, specifically on the following areas:
- Enterprise planning workshop (vision and mission alignment, understanding of user base/context, articulating solution and challenges)
- Personality assessment
- Setting expectations (on both sides)
- Discussion and feedback on initial/draft business plans from entrepreneurs
Incubation process begins for chosen entrepreneurs/enterprises. Based on the custom strategy prepared for each entrepreneur in the initiation phase, combinations and intensity of each resource required is planned and executed.
Throughout the process SELCO Incubation works in close partnership with the entrepreneur.
- Mission and vision alignment
- Human resources, skill development, training and orientation
- Operations, finance and supply chain management
- Technology (product support)
- Financial know-how
- Process and model transfer
- Business plan development
- Marketing and communications support
- Partnerships, networks and linkages
- Help in securing and managing appropriate funding/investment
GROWTH & ANALYSIS
- Remains a part of the board
- Continues to provide mentorship and advisory services when needed
- Helps with future strategy, diversification and expansion
- Conducts evaluations
SELCO Incubation also facilitates an investment committee assess the geography,operational context,quality of management and business potential of the enterprise and procure investment through an affiliated social venture fund,or 3rd party investments. The investment instruments are normally a mix of debt, equity and grants.