How To Get Started With Business Incubators
If you don’t know what business incubators are, you really don’t need to worry because we’re going to tell you more about them so you will know how you can benefit from them.
As the name implies, the so-called business incubators are in the business of setting up and growing new businesses. In every developed country in the world, there are business incubators, although some of them prefer to be called business accelerators because they only work with developed businesses that only need to be grown from good to great.
As a business organization, a business incubator has the resources to accelerate the growth and success of started ups and companies in the early stages of business. These resources include a network of capital investors, support from state governments, and friendships with economic-development coalitions. If you are a startup company or a new business (please do some research on the differences between the two), you should get in touch with the business incubators on your country.
Your best bet for finding them is by contacting a local business and trade association. In the United States, there’s actually an organization called National Business Incubation Association and it has over 1,400 members in the country. However, it also has memberships – 1,900 members in total- in 60 nations around the world.
You should know that not all business incubators are created alike, and each of them vary in their strategy. While some have physical office space that you can walk into, other work virtually. Many of them, however, foster networking opportunities among entrepreneurs.
They give you access to funding and capital, which is quite obvious. But they also give you access to services that are essential for business, like the services of a lawyer and accountant. If you need a business coach, they can provide that too.
In a few short words, business incubators give you the benefit of accessing different sources of capital, professional services and business coaching. These are the tools that will make your business succeed. However, there is a downside to it – you may be distracted from your focus because you are tending to too many different things at once. Our advice would be is this: Really think about if you and your business can truly benefit from being incubated, or if it would be better for your business to grow organically.
If you decide to be “incubated”, go find a business incubator. The business incubators’ association that we mentioned earlier does NOT contain the complete list of business incubators around the world. Do your own research and look for the different business incubators in your country. Try to find out how each organization works. Once you’ve found your incubator, give it your all. Don’t just jump from one business incubator to the next.
The last thing you want to do is jump from one to another because it would be just like chasing one shiny object and quickly replacing it with another. You never get anything done that way.