Turning innovations into enterprises
The link between innovation and growth provides justification for the government to invest in innovation and entrepreneurship
Not every business enterprise is a start-up. A start-up is an innovative new venture that offers a differentiated value proposition to its customer and can scale up rapidly, thus creating disproportionate value for stakeholders. The journey of a technology start-up is not an easy one. Start-ups typically face multiple risks at an early stage—concept risk, execution risk, technology risk, market risk and scaling-up risk—leading to a high mortality rate. It is estimated that 90% of all start-ups fail. Business incubators are organizations that assist innovators in converting their innovations into sustainable and scalable enterprises. Incubators do this by business handholding, tech support, and facilitating a host of other resources that may be required for the start-up to survive and scale. The Atal Innovation Mission (AIM) at NITI Aayog is supporting incubation centres around the country with the objective of radically transforming the ecosystem for innovation-driven enterprises in the country.
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