My idea has been selected for Mentoring and then incubation at IIM Bangalore. How should I go about presenting it to them so that they agree for incubating it?

One of my friends' startups was incubated by NSRCEL, IIM Bangalore. She narrated her struggles in achieving this after 3 attempts. I won’t go through the details of how you can get your idea incubated as your idea has already been. Instead, I will tell you what comes after.

Once your idea has been incubated, you will be enrolled in a 3-month LaunchPad program. During this program you will have to work from the IIM Bangalore campus itself. The team of NSRCEL will 

• Conduct workshops to familiarize you with startups and how they function.
• The NSRCEL team will set attainable targets and help you achieve them.
• You will be allowed interactions with experienced mentors who will offer suggestions and opinions regarding your idea. Use this opportunity to learn and upgrade the idea and not as criticism.
• The team will also provide you with some time and money-saving business tools like AWS credits, Access to CRM, and accounting software.

My friend said she regretted not paying during this program because she was not well prepared for what came after. You will have to present your idea in front of a panel of 8 judges. They will analyze if your idea is worth investing in and your goals. They will inquire a lot and pose difficult questions, the answers to which can be known only if you really paid attention to the program. 

The 3 possible outcomes of this procedure are

1. Your idea gets incubated
2. You are granted an extension of 2-3 months to work on your idea a bit more
3. You are asked to re-apply for the Launchpad program as you need to understand your business better.

Irrespective of the outcome don’t get demotivated. Because the largest of empires have been built after countless failures.