Access to Funding and Mentorship through Incubators and Accelerators

On 23.07.2024, a session on "Access to Funding and Mentorship through Incubators and Accelerators" was organized by the Entrepreneurship Development Cell and IIC in association with the Department of Information Technology. The session was handled by Mrs. T. Nancy Lydia, Assistant Professor, Department of IT, Francis Xavier Engineering College, Tirunelveli, from 2.00 PM to 4.00 PM. A total of 55 students and two faculties participated. This event was coordinated by Mr. F. Richard Singh Samuel, AP/IT. The event was conducted under the guidance of Dr. Lourdes Poobala Rayen, EDC Director.

The program started with a welcome address by Mr. F. Richard Singh Samuel and introduced the guest speaker Mrs. T. Nancy Lydia. She explained the role of incubators and accelerators to startups towards mobilising necessary funds and the invaluable support mentorship. Incubators typically focus on nurturing early-stage startups by providing workspace, resources, and initial funding. In contrast, accelerators provide more intensive support over a shorter period, often culminating in a startups pitch to potential investors.

Key aspects covered in the session were identifying the right incubator and accelerator based on the startup's stage and needs, preparing the startup founders and making the most of the mentorship and networking opportunities. The guest speaker shared success stories of startups that benefitted from these programs, such as Dropbox, which joined Y Combinator, and Airbnb, which participated in the Sequoia Capital incubator. She said that accessing funds and mentorship through incubators and accelerators can significantly boost a startup's chances of success. These programs offer critical support in the early stages, helping startups refine their business models, scale effectively, and attract further investment. This session underscored the importance of leveraging the resources and expertise available through incubators and accelerators, providing students with actionable insights to advance their entrepreneurial ventures. The participants raised few questions regarding the mentoring support through incubators and accelerators. The interaction between the speaker and the participants created a new insight about the startup success.