How the Chandaria Business Innovation & Incubation Centre takes in, supports and graduates innovations.
Applying and vetting
Innovators apply through the Incubation Management System. A team of reviewers will meet monthly to review the ideas, where the coordinator will communicate the outcome of the review process to all applicants.
Phases
Innovations are enrolled in one of the following phases:
- Idea phase
- Research and Development
- Prototype phase
- Start-up phase
- Market phase
- Scaling-up phase
- Other
Support for innovators
Innovators will be provided with necessary support such as business development services, seed capital, space, telephone services, high speed internet, stationery, administrative support, professional guidance and mentorship for a period of twelve (12) months (with possible extension).
- There will be a full time Administrative Assistant with a background in Business Administration and Accounting to offer administrative support at the Centre.
- Other support staff will include a receptionist, a cleaner and a messenger.
- On regular intervals, renowned entrepreneurial icons shall be invited to talk to the innovators.
- A selected team of professionals from relevant disciplines will be available on daily basis to offer advisory support to the innovators as consultants.
Milestones and exit
Every business at the Chandaria-BIIC must meet various milestones to continue receiving support.
- A company will be exited from Chandaria-BIIC if it does not attain satisfactory growth for the first six months.
- After a maximum period of twelve (12) months, companies will exit the Chandaria-BIIC but the successful ones may exit earlier than that upon attainment of their maximum growth to maturity.
Categories of ideas
The centre takes ideas in these areas:
- Agribusiness and agriprocessing
- Aviation and Space Science
- Business and Professional Services
- Information and Communication Technology
- Marketing and Communication
- Manufacturing and Construction
- Transport and logistics
- Bio and Nano-Technology
- Health and Nutrition
- Green and ecological business
- Tourism and eco-tourism
- Fine and Performing Arts
- Sports, Leisure and Entertainment
- Water and Sanitation
- Energy
- Media and Entertainment