These days, youngsters in huge numbers desire to start their very own business, due to easy access to modern, advanced, sophisticated technology and government supporting their ventures in various ways. Tech startup can seem to be a craze among youths almost all over the world. In recent times, the number of startup incubator has increased significantly.
Related Post: How to apply for a startup incubator?
What is a startup incubator all about?
It is considered to be a collaborative program that has been designed to provide assistance to new startups to help achieve quick success. Entrepreneurs with the help of incubators can solve a few problems that are associated commonly with running any new startup. Such entrepreneurs are provided with seed funding, adequate3 workspace, training, and mentoring.
The startup incubator is mainly created to provide assistance to wannabe entrepreneurs to start and develop their business. Usually, such incubators can be termed to be non-profit organizations, associated with business schools and universities. It allows participation of its alumni and students in such programs. Several other incubators are present like the ones run by civic groups, governments, successful entrepreneurs, and startup organizations.
Also Read: How to run a Startup Accelerator?
What does it focus upon?
The startup incubator focuses mainly on tech startups, but not limited to any specific industry. As a matter of fact, its focus tends to vary by region. There are also incubators that support fashion and restaurant industries including every type of startups, irrespective of the domain it belongs to.
Business incubators are mostly associated with the tech boom. It was in 1959 that the initial startup incubator had formed with Batavia Industrial Center. It was formed to help out ease the high unemployment rate in New York and to repurpose the available vacant industrial buildings. Therefore, it does make a great sense of the concept coming back huge during the Great Recession period.
Some common services
Startup incubator offers few of the given below services:
- Networking opportunities
- Assist with business basics
- High-speed net access
- Marketing assistance
- Financial / accounting management assistance
- Provide assistance with presentation skills
- Easy access to guarantee programs, loan funds, and bank loans
- Better aces to venture capital or angel investors
- Better connections with strategic partners
- Better connections to avail higher education resources
- Provide assistance with business etiquette
- Advisory mentors & boards
- Detailed & well chalked out business training programs
- Provide assistance with regulatory compliance
- Assistance with Technology commercialization
- Business etiquette assistance
- Identify the management team
- Legal counsel & Intellectual property management
Getting to know the above will help you to startup incubator easily & effortlessly.