Why you should consider business incubation
Much like how an infant is placed into an incubator to provide a safe, controlled space to live while their vital organs develop, business incubation follows a very similar concept. A business incubator is a company that helps new and start-up companies and individual entrepreneurs to develop their businesses by providing a full-scale range of services to help grow and develop a business from its infancy.
Popularity in business incubators has somewhat grown over the years, but why is that? Here are 5 ways in which they could help you and your business:
1. They provide access to professional resources
Partnering with an incubator means that you’ll gain access to professional resources that you may otherwise have been unable to access. These may range from education to software and business tools.
2. Low-cost access to expensive and sophisticated equipment
One of the most beneficial aspects of joining an incubator is that you’ll gain access to expensive equipment that your start-up with limited funds would otherwise not be able to afford.
3. Exposure to industry leadership and mentorship
Working with an incubator almost certainly guarantees exposure to industry leaders in a manner that may allow for a mentoring relationship. Receiving tutelage from individuals who have already built successful businesses can prove to be invaluable when you’re looking to grow your own company.
4. Access to funding
Incubators typically have numerous partners that they work with to assist the start-ups that are using the incubator. This includes helping out in terms of providing access to funding opportunities and other invaluable resources.
5. Low-cost space & flexibility
Incubators also offer a range of different types of spaces at a fraction of the cost to lease or purchase one.
Entrepreneurship isn’t exactly a walk in the park, but fortunately there are numerous options you can take to improve your chances of success. Business incubation, with everything considered, seems a solid option if you are looking to get the most for less while also increasing your likelihood of coming out on top.
Source: 9 Reasons Why Startups Need Incubators. (2019, Feb 25). Retrieved from http://universitylabpartners.org/blog/why-startups-need-incubators