Business incubators are a great tool for startup companies that need business development assistance and communities with suffering economies. Business incubators help support entrepreneurial development, creation of jobs, and economic growth. They are known for helping speed up the growth of the startups and businesses that are in the early stages. For those business owners who want to grow their business fast and reduce their risk of failure, they can do so by participating in a business incubation program.
Business incubators attract business owners who are eager to start building successful companies. Find out if a business incubation program is right for you. In order to find out, you need to know what type of companies use business incubators and what type of business assistance they offer to determine if your business will benefit.
Industries That Business Incubators Target
Business incubators are selective about the business they are willing to help. You are required to submit an application for admission most of the time. Business incubators invest their own funds into the businesses they assist.
Business incubators serve mainly the tech industry but it does not mean you cannot get help from them. Business incubators can serve other business industries on a smaller scale.
The following industries are examples of what business incubators serve as well:
- Services
- Manufacturing
- Electronics
- Telecommunications
- Medical devices
- Arts
- eCommerce
- Construction
- Kitchen/Food
- Energy
- Retail
The industries served by business incubators depend on the are where your business is located.
Services Offered by Business Incubators
There are a variety of services offered business incubators. Business owners need to be part of the business incubation program to have access to these services. Many of these services are expensive so you need to be a member of the program. Marketing and advertising can be expensive or startup and early-stage companies. If the business owner is a member of the business incubator, they can purchase these services at lower rates. There are other services offered that are free.
The following are some of the services offered by business incubators:
- Office space and Wi-Fi
- Management Consulting
- Technical Assistance
- Business Planning and Market Research
- Access to Venture Capital
- Marketing & Advertising
- Assistance with Regulatory Compliance
- Entrepreneurial Training
- Networking Events
- Management Team Selection
Startups who are in the early stages of the company that participate in a business incubation program has a better chance at building a qualified management team, getting venture capital, retaining more skilled employees, and getting more exposure for their products or services.
Business Incubators Support More Than Businesses
Not only do business incubators help build successful companies, but they can also be used as a tool to spur economic growth and creation of jobs in communities that are struggling. The goal of a business incubator was to help local entrepreneurs build relationships, get funding, and grow their business.