When it comes to encouraging, mentoring and supporting entrepreneurs, it is important to understand the distinction between Incubators and Accelerators.
Accelerators accelerate the speed of an aspiring entrepreneur’s business (in most cases an existing business or an idea). Through short and intense programmes, they help one hone an idea and build it out.
Eg. Tlabs: A startup accelerator by Times Internet Ltd. where investment of Rs. 10 Lakh is provided for 10% equity. The program lasts for 13 weeks with mentorship from renowned entrepreneurs and angel investors along with office space for the team. Batches in February and August
Incubators incubate your early pre-product idea, help you make a prototype, and further make a product out of it through a longer engagement.
Eg: National Design Business Incubator(NDBI), NID Ahmedabad:Incubator focused on promoting design-based entrepreneurship. Physical incubation period is 24 months which can be extended further by 6 months or more. Grants are also provided.