Preincubation
Overview
Preincubation involves the guidance and support of a business tutor, backed by a network of specialist consultants, for the development of technologically-innovative business ideas. I3P provides aspiring entrepreneurs with the skills and know-how to transform their business ideas first into business plans, and then into active businesses with high-growth potential by providing them with a business tutor and training.
Objectives
- To select technologically-innovative business ideas with high potential for success.
- To assess the economic validity and technical feasibility of business ideas.
- To draw up a business plan outlining the actions, strategies and related information to meet business growth objectives.
- To ensure a suitable business team is put together.
- To provide necessary business training.
Timeframe
Preincubation takes place before the actual start-up of the business and generally lasts between 3 and 6 months, though being flexible, it may last longer.
The preincubation programme is designed and tailored by the tutor to the skills and training needs of aspiring entrepreneurs. As a result, preincubation lasts the time required to effectively research and draw up a valid business plan.
Cost
Tutoring is provided free of charge to aspiring entrepreneurs, as the consultancy service currently falls within the scope of the MIP – Starting an Own Business – Project of the Province of Turin. As a partner of the ATI Business Group managing the project, I3P is one of the many MIP Offices present on provincial territory.
Benefits
The preincubation programme offers a broad range of benefits to the business team, thanks to the dual role of educator (how to draw up a business plan) and co-ordinator (calling in specialist consultants on request to lend a hand in certain business planning stages) played by the business tutor. More specifically, the business tutor:
- OUTLINES A TAILORED PREINCUBATION PROGRAMME enabling aspiring entrepreneurs to learn skills and approach;
- OFFERS METHODOLOGICAL SUPPORT for BUSINESS PLANNING
- PROVIDES LINKS TO EXPERTS and specialist consultants, as well as OTHER BUSINESSES
- GUARANTEES feedback and analysis of results and problems encountered
In addition, I3P provides business teams with furnished office space in which to hold meetings and see their tutors.
From idea to business
PRELIMINARY APPRAISAL OF IDEAS
- Preliminary meeting, involving an introduction to I3P and a presentation of the business idea.
- Analysis of the validity of the business idea, on the basis of two parameters:
-TECHNICAL PARAMETERS: the technological innovation content of the idea and its feasibility;
-BUSINESS PARAMETERS: the potential for business success and growth.
BUSINESS TRAINING
Business training is a pivotal part of all preincubation stages, and aims to:
- draw out business aptitude and encourage aspiring entrepreneurs to become entrepreneurs;
- make the business team more familiar with key business concepts and approaches;
- provide the skills and know-how needed to prepare a business plan, such as:
- identifying the benefits of the good/service provided, in relation to market needs and demand;
- assessing the potential market for the good/service and the competition;
- planning operations and financial aspects of the business.
Business ideas judged to have the greatest potential are given the opportunity of being assigned to a team of students as part of the ENTREPRENEURSHIP AND BUSINESS PLANNING COURSE run by the Politecnico di Torino.
TUTORING FOR THE DRAWING UP OF A BUSINESS PLAN
The business tutor assists the business team in fine-tuning all the aspects of analysis that go into drawing up a business plan. In particular, focus is placed on:
- Analysing the general business context of reference.
- Outlining the supply chain and identifying key players.
- Analysing the competition.
- Analysing the market.
- Outlining a marketing plan.
- Outlining the operating structure of the business.
- Choosing a legal business form and governance structure.
- Planning economic and financial aspects.
DRAWING UP A DEFINITIVE BUSINESS PLAN
FINAL APPROVAL BY THE APPRAISAL COMMITTEE
The business plan, together with an application form for entry into the incubation programme, is then submitted for approval by the Appraisal Committee. The Appraisal Committee consists of entrepreneurs, venture capitalists, professors and economists, who assess the economic and technical feasibility of the plan.
Successful business plans are then earmarked for incubation.
GETTING THE PLANNED BUSINESS ONTO ITS FEET
At this stage, the business tutor helps the new entrepreneur fine-tune practical aspects of the business, such as:
- finding sources of finance
- appointing a full management team
- finding solutions to any weakness highlighted by the Appraisal Committee.
n.6 PROJECTS IN PREINCUBATION
(as of Jan 2008)