Public-sector engineering consultancy organisation KITCO is extending the reach of its ambitious incubation programme — myenterprise — to working professionals to encourage them to join the growing Indian start-up bandwagon.
The company’s new initiative is unique in its form and content as it acts as a launch pad for working professionals to shift their jobs and start working on their dream to become successful entrepreneurs, says Cyriac Davies, Managing Director. .
“Many professionals are keen to become entrepreneurs. However, they are faced with the fear of failure and doubts over their ability to manage the multidisciplinary functions of a founder.
“The new plan is aimed at taking working professionals on board by extending a pre-incubation programme to make them work on their idea, develop a viable product/service, take market feedback and prepare a comprehensive bankable business plan. Once the business plan is ready, the organisation will facilitate presentation of the same to investors.” he said.
Breaking free According to Davies, working professionals are increasingly breaking free from stressful mundane jobs to start their own enterprises.
Emerging opportunities and the support provided by various Central and State agencies offer a favourable ecosystem for professionals to launch their enterprises.
KITCO has so far provided incubation support and mentoring to over 20 start-ups, which range from online publishers and mobile advertisers to agriculture and tourism-based start-ups.
The applicants will be selected after a pre-incubation programme lasting 45 days.
Though there will be a nominal fee, selected applicants will be provided all kinds of support during the incubation period, which can last up to a maximum of three years, without any extra charges, he said.
However, after launching a start-up, KITCO will pick up 10 per cent equity in the firm in return of their services. The organisation will ensure the launch of the start-ups during the incubation period.
KC Chandrasekharan Nair, Associate Principal Consultant, KITCO, said tthe pre-incubation programme will not merely be confined to teaching theories.
It will focus on co-working, peer-to-peer learning and testing ideas with market feedback. Such an exercise will enhance the preparedness and confidence of the participants.
“We will ensure that all those who associate with KITCO launch their start-up with seed or angel funding,” he said.
The programme is not limited to any particular age group or sector.
myenetrprise was launched in 2014 with focus on a broad spectrum of sectors including agriculture, tourism, healthcare and ayurveda, IT and ITES.
The programme has so far successfully incubated and facilitated angel funding for many start-ups, in addition to extensive management and technology advisory services.
Kitco also opens up an unmatchable access to a mentor network across geographies, Davies said. The mentors will conduct regular interactions to review progress and provide technology and business advices.