Business incubators are facilities established to nurture young startup firms during their early months or years. It usually provides affordable space, shared offices and services, hand-on management training, marketing support and, often, access to some form of financing. The main purpose of an incubator is to help startups to grow. They are collaborative programs which help people solve problems associated with launching a startup by providing a space to work, seed funding, mentoring, training and other benefits. Incubators differ from accelerators in a number of ways.
How does an incubator help for startups; It helps new startups succeed. The sole purpose of a startup incubator is to help entrepreneurs grow their business. Startup incubators are usually non-profit organizations, which are usually run by both public and private entities. Incubators should provide the following services;
• Your incubator should provide a free or low-cost workspace that allows you to reduce overhead while you grow.
• Look for an incubator that will give your business access to benefits that can help accelerate your business, including office space and services, mentoring, expertise, influence, and sometimes capital.
• Make sure investors trust the incubator to invest in the right startups and groom them into successful businesses. Joining this type of incubator will give you an advantage when seeking funding.
The structured environment and curriculum of an incubator can help a new business keep focus and grow in the right direction.
As you can see, the benefits can be great for the right applicant. Make sure you are willing to dedicate yourself and your business to the program in order to reap the rewards.