The program seeks to intervene mainly at the critical start up phase of the enterprise with business development services provided at later stages.
Identification and selection of entrepreneurs
Identification methodology will be through referrals, field scouts, network outreach like workshops or conferences, local competitions to name a few. There will be two phases in the selection process-
- A selection committee carries out a final selection on criteria that measures entrepreneurial ability such as their innate talent, personality and intuition found to be a greater predictor of success at SELCO
- Entrepreneurs will be shortlisted to participate in face-to-face interviews and field visits to SELCO site of operations and their home base
- One of the vital parameters would be the individual's urge to balance social needs along with commercial orientation
- Our training comprises of on-field as well as classroom. However, being attached to a successful operational entity like SELCO gives us access & know-how to expose potential entrepreneurs on practical scenarios rather than theory.
- The training process will be extended over a period of one year which includes our staff availability virtually as well as physically and the entrepreneur coming to our centre too
- The training is extended not just for the founding team members but also the operational staff who will join our incubatees
- Areas of training include -
- Sales & after-sales service component - The premise of building SELCO into a consistent service provider
- Technology - How does customization work & how to experiment based on the needs of the customer? How to tailor affordability with products & its design?
- Building banking relationships & End user financing
- Rural marketing & its dynamics
- Finances of an enterprise
- Human resources planning - focus on getting local talent
- Policy - How does global & national policies around renewable energy impact local prices, logistics, margins etc.,?
- The center will mentor the entrepreneurs in key areas of SELCO’s business model to build management team capacity that can demonstrate personal and business skills
Business development services
- To facilitate the execution of business plans, the Center will provide a trained shadow team to guide early stage operational and management support that is critical when entering new markets
- Establishing network hub among the entrepreneurs engaged in the program, access to multiple stakeholders that can provide trusted advice, and outreach to other partnerships that can benefit the entrepreneur and business in turn
- Support to raise the right mix of social investments at different stages of growth
- Upon completion of training process the entrepreneurs will be assisted in developing a business plan through a collaborative approach of academic support to qualitatively improve the plan, provide a comprehensive analysis of the business opportunity with guidance from the Center management to keep core of the energy enterprise’s mission intact.
- The Incubation Center will facilitate an investment committee assess the geography, operational context, quality of management and business potential of the enterprise and procure investment through an affiliated social venture fund, or 3rd party investments. The investment instruments will be a mix of debt, equity and grants.