Reasons Why Your Startup Needs An Incubator

Business incubators have been gaining huge popularity in recent times because of the number of benefits they provide for startups.  From providing idea valuation and mentorship to finance, a business incubator can do it all to ensure your startup reaches its goal.  Keep reading to find out why your startup needs the hand of an incubator.

Reasons why your startup needs an incubator

1) An ideal environment

Business incubators provide you the perfect environment for work.  Being in the midst of other entrepreneurs and highly ambitious people will boost your morale and get you ready for work.  Here, you are away from all the distractions you may have if you work from home or other less professional environments. Sharing your ideas with other entrepreneurs and interacting with them on a daily basis could prove to be extremely rewarding for your startup.

2) Professional office space

An office space is something you will need but may not have in the initial stages of your startup.  Renting out a space for your office could be considered, but it is expensive. Business incubators provide you a professional office space with all the necessary office supplies for a far less amount.  This office space could be extremely useful for meetings with clients, investors, partners, or for interviewing people.  

3) Mentorship and networking

Having a mentor is extremely important for an aspiring entrepreneur.  Mentors themselves are successful entrepreneurs who have already been on the journey you are about to experience.  They can help you with several aspects of setting up a business. Finding an ideal mentor is a challenging task and an incubator can help you with just that.  An incubator is a medium through which mentors and mentees can meet. Apart from mentors, you also get to network with a plethora of other people like investors and capitalists, who can eventually form your professional network. 

4) Professional services

To launch your business successfully, you will need a variety of professional services.  From marketing experts, engineers, designers and accountants to professional coders—you may need them all.  A good business incubator will give you access to all these experts, who can ensure your business has a successful launch. 

5) Financial help

Lastly, an incubator can open doors to various funding opportunities for your startup.  Investors are usually keen to invest in incubated businesses. Incubators have partnerships with various angel investors, venture capitalists and banks.  Sometimes, an incubator itself can provide you seed funds to set up your business.  

When you get help and advice from business experts and professionals, the chances of you making mistakes reduces.  Studies show, 75 to 87 % of incubated businesses cross the 5 year mark. This means the success rate of incubated businesses is higher than others.  

Will you consider enrolling with an incubator?  Comment below and let us know.