Aryabhatta College

(University of Delhi)

PROJECT REPORT
On
Online Survey on ZNation Lab – Startup Incubation
Centre

Submitted in Partial Fulfillment of the Requirements for the Award of the Degree

Bachelor of Commerce

Submitted By: Submitted To:

Name: Gracy Agrawal Dr. Aanchal Gupta

Roll Number: BCP/22/75 Assistant Professor

Batch: 2022-2025 Department of Commerce

Semester: VI

Academic Year: 2024–2025

DECLARATION

I hereby certify that the work which is being presented in the project entitled
“Online survey on ZNation Lab” submitted in the DEPARTMENT OF
COMMERCE AT ARYABHATTA COLLEGE,
UNIVERSITY OF DELHI is an authentic record of my own work carried under the
supervision of DR. AANCHAL GUPTA, ASSISTANT PROFESSOR.

Signature of the Student

Signature of the supervisor

Department of Commerce
ARYABHATTA COLLEGE
ACKNOWLEDGEMENT

Apart from the efforts of myself, the success of the project depends largely on the
encouragement and guidelines of many others. I take this opportunity to express my
gratitude to the people who have been instrumental in completion of this project.

I would like to express a deep sense of gratitude to Principal, Prof. Manoj Sinha for his
support as he gave the permission to use all the required equipment and necessary material
to complete the project.

I would like to extend my sincerest gratitude to my Teacher, Dr. Aanchal Gupta for her
guidance and supervision as well as for providing necessary information regarding the
project and also for the support in completing the project.

Finally, I also extend my heartiest thanks to my parents, friends and well-wishers for being
with me and extending encouragement throughout the project.
TABLE OF CONTENTS

1. Introduction to Startup Incubators…………………………………..……………...05

2. About Z Nation Lab……………………………………………………………..06-08

3. Objective of the Survey……………………………………………………………..09

4. Research Methodology…………………………………………………………..10-11

5. Survey Design and Data Collection…………………………………………………12

6. Detailed Analysis and Findings……………………………………………………..13

7. Case Studies from Z Nation Lab Startups…………………………………………..14

8. Impact of Z Nation Lab……………………………………………………………..15

9. Suggestions and Recommendations………………………………………………...16

10. Personal Reflections……………………………………………………………….17

11. Conclusion………………………………………………………………………....18

12. References/Bibliography…………………………………………………………..19
1. INTRODUCTION TO STARTUP INCUBATORS

Startup incubators are organizations dedicated to supporting the successful development of

entrepreneurial companies through an array of business support resources and services.
These services are developed and orchestrated by incubator management and offered both
in the incubator and through its network of contacts.

Incubators have become critical enablers for new businesses globally. According to the
National Business Incubation Association (NBIA), companies nurtured by incubators
have an 87% success rate compared to the 44% rate of businesses that go it alone.
Additionally, startups supported by incubators witness an average growth rate of 20%
annually during incubation.

Global Examples:

• Y Combinator (USA): The world's most successful incubator with alumni like
Airbnb, Dropbox, Reddit.

• Techstars (USA): Has invested in over 3,300 companies with a market cap of $71
billion.

• Station F (France): The world's biggest startup campus hosting over 1,000
startups.

Indian Examples:

• T-Hub (Hyderabad): India's largest incubator supported by the Telangana

government.

• NSRCEL at IIM Bangalore: Supported over 750 ventures.

• IIT Madras Research Park: Focuses on tech startups, bridging academia and
industry.

Recent Trends:

• Specialized Incubators: Focused on sectors like HealthTech (HealthStart),

EdTech (EduGild), and AgriTech (Indigram Labs).

• Corporate Incubators: Companies like Microsoft and Amazon launching their

own incubator arms.
2. ABOUT Z NATION LAB

Z Nation Lab is a leading startup accelerator and incubation center based in Mumbai,
India. Established in 2016, Z Nation Lab was founded with a vision to support and nurture
early-stage technology startups across diverse sectors, including fintech, healthtech,
agritech, edtech, and clean energy. The lab is known for its unique model of combining
seed capital, mentorship, co-working spaces, and a global network of investors to help
startups scale to new heights.

Mission and Vision:

Z Nation Lab's mission is to foster innovation and entrepreneurship by providing the

necessary resources, knowledge, and connections that startups need to succeed. The
incubator believes in "fueling the future of technology-driven businesses", enabling
entrepreneurs to scale their startups and create lasting value in the market.

Their vision aligns with the "Startup India" initiative by the Indian government and the
global call for more "tech-based" business solutions that address some of the world's most
pressing challenges. By equipping entrepreneurs with the tools for business success, Z
Nation Lab seeks to play an integral role in transforming the Indian economy into a $5
trillion economy by 2025.

Core Values of Z Nation Lab:

1. Innovation: Encouraging startups to disrupt traditional markets with cutting-edge

technology.

2. Mentorship: Offering world-class mentoring from experienced entrepreneurs,

business experts, and industry leaders.

3. Scalability: Focusing on helping startups build sustainable businesses that can

scale globally.

4. Impact: Supporting startups that create a positive social and environmental impact.

Key Services Provided by Z Nation Lab:

• Seed Funding: Z Nation Lab provides startups with early-stage funding to

accelerate their growth.

• Mentoring & Networking: Startups receive regular mentoring from seasoned

entrepreneurs and access to an extensive network of investors, corporate partners,
and industry leaders.

• Co-working Space: A dynamic and collaborative workspace for startups to work,

share ideas, and scale.

• Investor Relations: Regular pitch days, demo days, and access to global investors,
including venture capitalists, angel investors, and corporate partners.

• Accelerator Programs: Tailored programs designed to fast-track the growth of

startups, providing them with the skills and resources they need to succeed.

Strategic Partnerships:

Z Nation Lab has established strategic partnerships with both domestic and international
organizations to bring global perspectives to the startups they incubate. Some of their key
partners include:

• Google for Startups: This partnership allows Z Nation Lab startups to access tools,
resources, and mentorship from Google’s global network.

• UC Berkeley’s Skydeck Program (USA): Z Nation Lab collaborates with UC

Berkeley to provide startups exposure to Silicon Valley’s vast innovation
ecosystem.
 • CIIE.CO (IIM Ahmedabad): A leader in startup incubation in India, this
collaboration helps startups expand their reach within the Indian market and
beyond.

Success Stories and Achievements:

Z Nation Lab has incubated over 50+ startups, many of which have achieved notable
success both in India and abroad. These startups are working across diverse sectors, from
fintech to artificial intelligence to e-commerce.

1. Beardo (Men's Grooming Brand):

o Founded: 2015

o Raised Funding: Beardo raised significant funds after getting mentorship

at Z Nation Lab, and was later acquired by Marico for ₹100 crore.

o Impact: Beardo is now a household name in India and a leader in the male
grooming market.

2. Strike (Payment Solutions for Rural India):

o Founded: 2018

o Funding Raised: $5 million in Series A funding from investors like

Sequoia Capital.

o Impact: Strike has enabled digital payments in underserved rural areas,

connecting over 1 million users.

3. Hubilo (Virtual Event Platform):

o Founded: 2015

o Funding Raised: $23 million in a Series B round led by Lightspeed

Venture Partners.

o Impact: Hubilo transitioned from a traditional event management platform

to a virtual event platform during the pandemic, securing clients like BMW,
Roche, and Puma.
3.OBJECTIVE OF THE SURVEY
The visit to Z Nation Lab was undertaken with a clear set of objectives, aligning both
academic learning and practical exposure to the evolving world of startups, incubators,
and entrepreneurship. The visit was an opportunity to bridge theoretical knowledge
acquired in the classroom with real-world business operations, entrepreneurial
challenges, and opportunities within the startup ecosystem.

1. Understanding the Role of Startup Incubators: The visit aimed to provide

insights into the crucial role that startup incubators like Z Nation Lab play in
nurturing early-stage ventures.

2. Experiencing the Startup Ecosystem: The visit provided the chance to experience
firsthand the vibrant startup ecosystem at Z Nation Lab. It allowed participants to
observe how a thriving network of entrepreneurs, mentors, investors, and corporate
partners collaborates to create and scale high-growth ventures

3. Direct Interaction with Entrepreneurs, Founders, and Investors: A critical goal

of the visit was to directly interact with the founders of startups that were part of
Z Nation Lab’s accelerator program.

4. Conducting a Survey on Startup Incubation Perceptions: A vital part of the visit

was the online survey, which was designed to collect insights from entrepreneurs,
students, and business professionals about their perceptions and awareness of
startup incubators.

The visit also served as a crucial component of academic learning by aligning classroom
theories with practical startup environments. The information gathered from the survey and
direct interactions with entrepreneurs and mentors will serve as rich data for future
academic work, research, and thesis projects related to the startup ecosystem, incubation
centers, and entrepreneurship in India.
4. RESEARCH METHODOLOGY

The research methodology employed in this project was a mixed-methods approach,

combining both qualitative and quantitative techniques to gain a comprehensive
understanding of the role of startup incubators, specifically Z Nation Lab. The aim was to
collect diverse insights that could provide a well-rounded perspective on the effectiveness
of incubation centers, their impact on startups, and how they shape the startup ecosystem.
Below is a detailed breakdown of the research design, data collection techniques, and
analysis methods used in this project.

1. Primary Data Collection:

Primary data was gathered through an online survey and observational research
conducted during the visit to Z Nation Lab. This allowed for firsthand insights into both
the perception of incubation services and the actual practices of startups incubated at Z
Nation Lab.

a. Online Survey: An online survey was developed to capture the perceptions and
experiences of a diverse group of participants, including students, aspiring
entrepreneurs, and early-stage startup founders.
b. Survey Design: The survey was structured with a combination of closed-ended
and open-ended questions to provide both quantitative data and qualitative
insights. The questions were carefully formulated to cover a wide range of topics,
including:

• .Sample Population: The survey targeted a sample size of 150 respondents,

including:

o 100 students from various educational backgrounds (commerce, business

administration, and engineering) to understand their awareness and
perceptions about incubators.

o 50 entrepreneurs and startup founders to gather insights from

individuals who had experience working with incubation centers or those
aspiring to enter the startup ecosystem.

• Survey Distribution: The survey was distributed via email and social media
platforms to ensure a diverse range of responses. Tools such as Google Forms and
SurveyMonkey were used to facilitate easy collection and analysis of data.
Responses were gathered over a period of two weeks.
2. Secondary Data Collection:

Secondary data was gathered from a variety of sources, including:

• Reports and Studies from organizations such as NASSCOM, Startup India, and
the Ministry of Commerce and Industry (Government of India) to understand the
role of incubators in India’s startup ecosystem.

• Case Studies from successful startups that have been incubated at Z Nation Lab,
such as Beardo, Strike, and Hubilo.

• Articles and Publications from leading business media outlets like YourStory,
Economic Times, and Inc42 that offer in-depth insights into the incubation process,
startup growth, and challenges faced by entrepreneurs in India.

• Z Nation Lab’s Official Documents and publications detailing the incubator’s

history, success stories, services offered, and the evolution of its incubation model.

This secondary research provided a theoretical background that complemented the

primary data collected through the survey and observations. It also helped contextualize
the findings within the broader landscape of India’s startup ecosystem.

Data Analysis:

• 82% of respondents indicated awareness of startup incubators.

• 69% of respondents identified mentorship as the most important service provided

by incubators.

• 54% of respondents listed funding as the primary service they sought from an
incubator.

The open-ended questions in the survey and observational research provided rich
qualitative data. These responses were analyzed through thematic analysis, which
involved:

• Identifying recurring themes, ideas, and patterns across responses.

• Categorizing responses into themes such as mentorship, funding, scalability, and

networking.

• Interpreting personal reflections, success stories, and challenges shared by survey

respondents and Z Nation Lab startup.
5. SURVEY DESIGN AND DATA COLLECTION
Survey Findings:

1. Key Services Expected from Incubators:

Respondents identified the following services as the most crucial when selecting an
incubator for their startup:

• 69% of respondents prioritized mentorship as the most important service.

• 54% emphasized the need for funding support, specifically seed funding or access
to investors.

2. Challenges Faced by Startups:

• 63% of respondents cited lack of funding as the top challenge faced by startups.

• 52% reported difficulty in scaling operations and managing growth, especially in

the initial stages.

3. Perception of Z Nation Lab:

• 70% of entrepreneurs who had interacted with Z Nation Lab expressed satisfaction
with the services provided, particularly in terms of mentorship and investor connect
programs.

• 65% of respondents noted that Z Nation Lab’s international exposure (especially

its partnership with Silicon Valley accelerators) was a major attraction.

4. Expectations from Incubators:

• 55% of respondents expected access to seed funding or investment opportunities

as the most crucial benefit of joining an incubator.

• 44% emphasized the need for mentorship and expert advice on business strategy,
product development, and market entry.

These results further confirm that while funding is a priority, the overall value of
mentorship, networking, and strategic support is seen as equally important by aspiring
entrepreneurs.
6. DETAILED ANALYSIS AND FINDINGS
Survey Overview

An online survey was conducted among 150 participants including college students,
startup founders, and working professionals to understand perceptions about incubation
centers, especially Z Nation Lab.

1. Awareness Levels

• 82% knew about startup incubators.

• 66% had heard of Z Nation Lab.

• Most recognized Z Nation Lab for supporting startups like Beardo and Hubilo.

2. Expectations from Incubators

• 69% prioritized mentorship programs.

• 54% valued funding support.

• 62% preferred incubators offering global networking opportunities.

3. Challenges Identified

• Lack of funding (65%) and limited mentorship (58%) were the major challenges
startups faced.

• Scalability issues were reported by 45% of respondents.

4. Z Nation Lab’s Perceived Strengths

• Strong global connections.

• Active mentorship programs.

• Access to venture capital networks.

5. Suggestions for Improvement

• Expanding to Tier 2 and Tier 3 cities.

• Specialized programs for fintech, healthtech, and edtech sectors.

• Increasing virtual incubation programs post-pandemic.

7. CASE STUDIES FROM Z NATION LAB STARTUPS

One of the most successful startups incubated by Z Nation Lab is Beardo, a brand that
initially specialized in beard grooming products for men. Recognizing the growing trend
in male grooming, Beardo strategically expanded into a full range of men’s personal care
products. With the mentorship from Z Nation Lab, Beardo was able to refine its marketing
strategies, access early-stage investors, and scale operations effectively. The incubator's
strong network helped Beardo secure investment from Marico Ltd., one of India's leading
FMCG companies. Today, Beardo stands as a major player in the men’s grooming market,
showcasing the importance of early brand positioning and targeted customer engagement.

Another noteworthy success story is Hubilo, a company that started as an event

management platform for offline events. When the COVID-19 pandemic disrupted the
global events industry, Hubilo, under the strategic advice of Z Nation Lab mentors, quickly
pivoted its business model towards virtual and hybrid events. This agility helped Hubilo
capture new market opportunities during a crisis. Z Nation Lab also facilitated
introductions to Silicon Valley investors, leading to a significant $23.5 million funding
round from Lightspeed Venture Partners. Hubilo’s journey emphasizes how adaptability
and proactive mentorship can lead to global success even in adverse times.

Strike is another impactful startup nurtured by Z Nation Lab. Focusing on providing digital
payment solutions to India’s rural and semi-urban areas, Strike addressed a critical gap in
the market. Z Nation Lab supported Strike by offering seed funding, business model
validation, and insights into navigating regulatory frameworks related to digital payments.
Through structured mentorship and operational support, Strike expanded rapidly across
several Indian districts. The startup’s success highlights how incubation support can enable
startups to drive financial inclusion and technological innovation at the grassroots level.
8. IMPACT OF Z NATION LAB

Z Nation Lab has made a significant impact on India's startup ecosystem by empowering
early-stage startups with the resources, mentorship, and investor access necessary for rapid
growth. Since its inception, Z Nation Lab has successfully incubated over 50 startups,
many of which have scaled nationally and internationally. These startups collectively
account for a cumulative valuation exceeding $400 million, highlighting the tangible
economic value created through its programs. Beyond just funding, Z Nation Lab
emphasizes strategic mentoring, helping startups refine their business models, achieve
product-market fit, and build scalable ventures. Its partnerships with Silicon Valley
accelerators have opened global avenues for Indian startups, enabling cross-border
mentorship, fundraising, and expansion opportunities. The lab also regularly organizes
pitch days, demo sessions, leadership talks, and intensive bootcamps, fostering a culture of
continuous learning, networking, and innovation among young entrepreneurs.

Importantly, Z Nation Lab has contributed to the broader ecosystem by promoting

entrepreneurship in Tier 1 and Tier 2 cities, encouraging innovation beyond traditional
metropolitan hubs, and ensuring that talent from smaller regions also gets an opportunity
to scale globally. It has also been instrumental in advocating for startup-friendly policies
and providing feedback to regulatory bodies through its associations with various industry
platforms. By focusing on sectors like fintech, healthtech, edtech, SaaS, and consumer
technology, and by supporting a diverse range of entrepreneurs, including women-led
startups and social impact ventures, Z Nation Lab has played a vital role in nurturing a
more inclusive, resilient, and globally competitive startup landscape in India. The
consistent success of its portfolio companies reflects the deep value that Z Nation Lab
continues to add to India’s entrepreneurial journey, making it a cornerstone of the country's
innovation-driven future.
9. SUGGESTIONS AND RECOMMENDATIONS

Based on the detailed survey analysis, observations during the visit to Z Nation Lab, and
secondary research on startup incubation best practices, several suggestions and
recommendations are proposed to further enhance the impact and effectiveness of Z Nation
Lab:

Firstly, expanding to Tier 2 and Tier 3 cities would allow Z Nation Lab to tap into the
untapped entrepreneurial talent across smaller towns and semi-urban areas. Establishing
satellite incubation hubs or partnerships with local academic institutions could help
democratize access to startup resources beyond the major metro cities.

Secondly, launching sector-specific programs for industries like healthtech, agritech,

climate tech, and edtech can help address industry-specific challenges and make startups
more market-ready. Curating domain-specific mentorship panels and workshops will
provide more targeted guidance to entrepreneurs.

Thirdly, it is recommended that Z Nation Lab strengthen its global linkages. Facilitating
international soft-landing programs, collaborations with overseas accelerators, and joint
demo days with foreign venture capitalists would offer startups greater exposure to global
markets and investors.

Additionally, supporting diversity and inclusion should be a key focus. Dedicated

initiatives for women entrepreneurs, entrepreneurs from underrepresented communities,
and social impact startups can foster a more inclusive entrepreneurial ecosystem.

Furthermore, enhancing post-incubation support is crucial. Continuous alumni

engagement, growth-stage mentoring, and access to follow-on funding sources would
ensure that startups continue to thrive even after graduating from the program.

Finally, embedding a stronger corporate partnership model can benefit startups by

providing them opportunities to work on real-world business challenges through pilots,
strategic alliances, and co-development programs with established companies.

By adopting these recommendations, Z Nation Lab can scale its impact, attract even more
high-potential startups, and cement its position as a leading innovation catalyst both within
India and globally.
10. PERSONAL REFLECTIONS

Visiting Z Nation Lab was an inspiring and transformative experience that offered a
firsthand view into the dynamic world of entrepreneurship and innovation. It provided me
with much deeper insights than what traditional textbooks or lectures could offer.
Observing passionate startup founders presenting their ideas, interacting with experienced
mentors, and witnessing the collaborative environment within the incubator deeply
impressed upon me the importance of a strong support system for early-stage businesses.

The exposure helped me realize that building a startup is not just about having a good idea,
but about relentless execution, continuous learning, and adaptability in the face of
challenges. I learned that mentorship, access to a network, and strategic guidance are as
critical as funding in the journey of a startup. Listening to the real-life experiences of
entrepreneurs who pivoted their business models multiple times before finding success
taught me the importance of resilience, patience, and a willingness to embrace failure as a
stepping stone to growth.

Moreover, the experience also sparked my interest in the broader startup ecosystem and
the role of incubators and accelerators in economic development. I now better understand
how incubation centers help reduce startup failure rates and accelerate innovation by
providing critical infrastructure and advisory support. It also strengthened my belief in the
power of collaborative workspaces that encourage the free flow of ideas and learning across
startups.

Overall, this visit has broadened my horizons and motivated me to pursue deeper
knowledge in entrepreneurship. It has instilled in me the ambition to perhaps one day not
only become an entrepreneur but also to contribute meaningfully to the startup ecosystem,
either by mentoring future innovators or by promoting initiatives that foster innovation and
inclusion.
11. CONCLUSION

The visit to Z Nation Lab and the subsequent survey analysis provided an enriching and
holistic understanding of the critical role played by startup incubators in shaping the
entrepreneurial ecosystem. Through firsthand interactions, practical exposure, and data-
driven insights, it became evident that incubators like Z Nation Lab serve as powerful
catalysts for innovation, helping transform raw ideas into scalable and sustainable
businesses.

The experience highlighted that successful startups are not built solely on groundbreaking
ideas but require a robust foundation of mentorship, funding access, networking, and
continuous learning — all of which are provided by a well-structured incubation
environment. The case studies of startups such as Beardo, Hubilo, and Strike illustrated
how strategic guidance, resilience, and adaptability can propel startups toward remarkable
success stories.

Moreover, the survey findings reinforced the significance of tailored support systems,
global exposure opportunities, and sector-specific mentorship in nurturing high-potential
ventures. Z Nation Lab's unique model of combining Indian market expertise with global
networks sets it apart as a premier incubation platform.

In conclusion, startup incubators are vital to fuelling innovation, job creation, and
economic growth, especially in a fast-developing economy like India. Strengthening and
expanding initiatives like Z Nation Lab will be instrumental in empowering the next
generation of entrepreneurs and in positioning India as a global hub for innovation and
startups.

The knowledge, skills, and perspectives gained from this project will serve as a foundation
for my future academic, professional, and entrepreneurial pursuits, reinforcing my belief
in the transformative power of entrepreneurship.
12. REFERENCES/BIBLIOGRAPHY

1. Z Nation Lab Official Website — https://znationlab.com/

2. Startup India Portal — https://www.startupindia.gov.in/

3. NASSCOM (2023), Indian Tech Start-up Ecosystem Report.

4. YourStory (2023), "How Z Nation Lab is Empowering Startups Globally."

5. Economic Times (2022), "The Rise of Indian Startup Incubators."

6. Survey Responses — Primary data collected through Google Forms (April 2025).