The thumb rule for any business enterprise to do well and grow is to make sure it survives the first three years without major reverses. Startups Club has now floated a special vehicle called SC Incubator (SCIN) and the stated objective of SCIN is to incubate, invest and accelerate early-stage startups over a 12-month period, as per an Inc42 report.
According one of the mentors at Startups Club, the growth of startups in India augurs well for the nation’s economy and the combined ecosystem, comprising the government, the universities and such incubating firms, have to work together to give a fillip to this sector. The encouragement given to fresh and innovative ideas and guiding the newcomers to deploy their resources and finance intelligently will benefit all stakeholders within the system.
Startups Club has been running a successful campaign holding more than 500 events and conducting mentoring sessions for startup entrepreneurs covering in excess of 7000 hours. Some 100 odd founders of startups have benefitted from these sessions organized by Startups Club.
SCIN will aim at filling the gaps in this mentoring program and they have fixed a few requirements to be met for the startups to be eligible for enjoying the benefits. These include the valuation of the startup being below Rs 10 crore ($1.56m) and they should not be older than five years since starting their operations.
Among the stated aims of SCIN, they plan to take on 10 startups a year and then scale up subsequently. It will cover many industry segments and will have a pan-Indian character.
The first four startups already signed up, include Vicara, a Vellore, TN based hardware startup, Renaura, again based out of Vellore, that is into making personal care products, Grabbngo, a Bangalore based startup developing intelligent technology solutions for the retail sector and Foxity, again a technology startup involved in developing solutions in the night-life entertainment space that aims to connect the venues and the customers not only is large Indian cities, but globally as well.
SCIN is hoping that other early stage startups will apply to be included in their mentorship and incubation programs in the days to come.