by Business incubators are essentially organizations that increase the survival rates of innovative startups and support the entrepreneurial process. Incubators earlier used to focus mainly on the IT segment but now they work with companies from diverse industries and orientations. This post discusses the concept of business incubators and business incubation, the role of business incubators, types of incubation services, and the phases involved in business incubation development.
Role of Business Incubators
- Business incubators help with the basics of business.
- They provide networking activities.
- They guide startups/ventures on how to compete with established industry players.
- They help startups save on operating costs.
- Incubators provide marketing assistance.
- Incubators help with market research.
- They provide high-speed internet access.
- Incubators help with accounting/financial management.
- They provide access to bank loans, loan funds, and guarantee programs.
- Incubators bring credibility to the company. This helps the company receive loans and credit facilities from financial institutions.
- They create long-lasting jobs for new graduates, experienced mid-career personnel, and veteran executives.
- Incubators help with presentation skills.
- They have a strong network of influential people who can connect startups/ventures with established businesses and individuals.
- They provide access to higher education resources.
- Incubators can tap into their networks of experienced entrepreneurs and retired executives.
- They link companies with strategic partners.
- They provide access to angel investors and venture capital.
- Business incubators organize comprehensive business training programs.
- They act as advisory boards and mentors.
- They help in management team identification.
- They offer marketing and PR assistance to new companies for brand establishment.
- They help with business etiquettes.
- They provide technology commercialization assistance.
- They help with regulatory compliance.
- They provide intellectual property management.
- They create jobs for mid-career personnel and veteran executives which benefits communities and drives economic growth.
