NSIC Rapid Incubation Model
NSIC (National Small Industries Corporation), a mini-ratna Government of India enterprise, has developed a unique model of rapid technology incubation for setting up new small enterprises, creating self-employment opportunities by imparting training in entrepreneurship building and skill development to unemployed persons who intend to set up their small enterprises or seek employment opportunities.
The objectives of the model include Self-employment generation among aspiring start-up entrepreneurs, accelerating creation of new enterprises, extending integrated support by way of providing hands-on training on working projects and boosting the development of small enterprises in manufacturing sector. In addition consider the following points:
The Incubators envisage transformation of unemployed youth into budding entrepreneurs in just three months’ time.
- They intend to provide training in several trades in manufacturing of product and service sectors.
- They provide an opportunity to first generation entrepreneurs to acquire skill on basic technical trades and gain exposure in all areas of business operation such as business skill development, identification of appropriate technology, hands-on experience on working projects, project / product selection, guidance to spot opportunities, commercial aspects of business, etc.
- Supply of machinery and credit support are arranged to the trained, budding entrepreneurs for setting up Micro and Small Enterprises through tie-up with financial institutions. Once established, the entrepreneur generates employment opportunities for others.
The methodology involves putting the selected candidates through a comprehensive training programme of 12 weeks’ duration (part-time) covering the following:
- Classroom training on entrepreneurship skill development
- Hands on practical training on live manufacturing projects
- Guidance for project report preparation
- Guidance on preparation of fund proposal to banks
- Support services to start business
The Rapid Incubation Programme provides on-the-job training to prospective entrepreneurs. The programme has been developed to include classroom and practical hands-on training on working projects installed in the incubator. NSIC also facilitates in machinery/credit sourcing for trainees in the post-training phase. As a part of the post-training support, assistance is also provided to candidates in procurement of equipment and machinery for selected projects and installation and commissioning of projects. Online placement assistance is also provided to candidates seeking job opportunities.