The SPSU Business Incubator was established in 2013 under the scheme “Support for Entrepreneurial and Managerial Development of SMEs through Incubators” of the Ministry of Micro, Small and Medium Enterprises (MSME), Government of India. The objective of the scheme is to provide early-stage funding to nurture innovative business ideas (new indigenous technology, processes, products, procedures, etc.) that could be commercialised within a year. The scheme promotes emerging technological and knowledge-based innovative ventures that seek the nurturing of ideas from professionals beyond the traditional activities of Micro, Small & Medium Enterprises (MSMEs). Such entrepreneurial ideas have to be fostered and developed in a supportive environment before they become attractive for venture capital. Hence, the need arises for incubation centres to promote and support the untapped creativity of individual innovators and finally to become technology-based entrepreneurs. It also seeks to promote networking and the forging of linkages with other constituents of the innovation chain for the commercialization of the process or products developed by them. The Ministry of MSME acts as the nodal Ministry for the development of entrepreneurship and the creation of self-employment and additional employment avenues.
The SPSU Business Incubator aims to provide a suitable environment and infrastructural support to innovators at the early stages of idea generation and planning. It is also engaged in research and development activities in the frontal areas of technology that have relevance to society and will be marketable in the future. The incubator also assists the innovators in establishing networking and linkages with the various stakeholders in order to nurture their ideas and help to commercialise their innovative processes and products.