2024-06-01 21:50:20
In a bid to strengthen the manufacturing sector, the government has reportedly urged over 100 corporates, including big names like Tata, Hyundai, and Apple, to establish incubation centers specifically for manufacturing startups. According to a report in news agency PTI, the Department for Promotion of Industry and Internal Trade (DPIIT) has provided these companies with a handbook outlining corporate incubation and acceleration practices.
“We’ve approached over 100 corporates, including established companies like Tata, Hyundai, and Apple, along with unicorns, to set up their own manufacturing incubators,” an official said. “There’s a current gap in this area, and we’ve set an internal target of creating 50 such facilities in the near future.”
“Manufacturing-focused incubators play a crucial role in this by offering essential facilities for piloting, scaling up, and actual production. These incubators function as ‘plug and play’ solutions for product-based startups, minimizing the burden of hefty capital expenditure investments.”
These centers provide shared resources to startups, enabling them to develop innovative products and initiate early-stage manufacturing, paving the way for their growth and the overall expansion of the ecosystem.
Furthermore, they act as a bridge between startups and established companies, granting access to pilot facilities for manufacturing, testing grounds, prototyping facilities, design centers, and support in technology management, market access, and securing venture capital.
The establishment of such incubators can be undertaken by various entities, including corporations, academic institutions, and research institutes.
The official reportedly elaborated that corporate incubators can harness the innovative potential of startups through technology transfer and facilitate the co-creation of groundbreaking products.
Collaboration with incubated startups can lead to corporates gaining a competitive edge in the market and acquiring new customers at a faster pace. This is because working with startups can help reduce research and development (R&D) costs and shorten development timelines.
“There are various ways for corporations to establish in-house incubators and incubation programs, depending on the resources at their disposal,” the official said. “The scale and scope of these incubation activities can be customized to align with the specific goals of the corporation.”
“We’ve approached over 100 corporates, including established companies like Tata, Hyundai, and Apple, along with unicorns, to set up their own manufacturing incubators,” an official said. “There’s a current gap in this area, and we’ve set an internal target of creating 50 such facilities in the near future.”
“Manufacturing-focused incubators play a crucial role in this by offering essential facilities for piloting, scaling up, and actual production. These incubators function as ‘plug and play’ solutions for product-based startups, minimizing the burden of hefty capital expenditure investments.”
These centers provide shared resources to startups, enabling them to develop innovative products and initiate early-stage manufacturing, paving the way for their growth and the overall expansion of the ecosystem.
Furthermore, they act as a bridge between startups and established companies, granting access to pilot facilities for manufacturing, testing grounds, prototyping facilities, design centers, and support in technology management, market access, and securing venture capital.
The establishment of such incubators can be undertaken by various entities, including corporations, academic institutions, and research institutes.
The official reportedly elaborated that corporate incubators can harness the innovative potential of startups through technology transfer and facilitate the co-creation of groundbreaking products.
Collaboration with incubated startups can lead to corporates gaining a competitive edge in the market and acquiring new customers at a faster pace. This is because working with startups can help reduce research and development (R&D) costs and shorten development timelines.
“There are various ways for corporations to establish in-house incubators and incubation programs, depending on the resources at their disposal,” the official said. “The scale and scope of these incubation activities can be customized to align with the specific goals of the corporation.”
