Business Incubator

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Business incubator is an organization that helps startup companies and individual entrepreneurs to develop their businesses by providing a fullscale range of services starting with management training and office space and ending with venture capital financing. [1] The National Business Incubation Association (NBIA) defines business incubators as a catalyst tool for either regional or national economic development. NBIA categorizes its members' incubators by the following five incubator types: academic institutions; non-profit development corporations; for-profit property development ventures; venture capital firms, and a combination of the above. There are many benefits of a business incubator for a growing startup. Here's what you can gain by applying:  Save on rent: An incubator usually offers a coworking space at a low cost. These programs allow you to save on operating expenses while you grow your business.  Learn and grow: The best business incubators give you access to a network of mentors, coaches and educational programming geared toward business innovation. Mentors may include entrepreneurs, accountants, HR professionals, angel investors, lawyers, researchers and more.  Find funding: An incubator often gives you close contact with venture capitalists who may want to fund your ideas. Acceptance into a reputable program can impress investors and serve as proof of your skills and drive.  Network with other startups: While incubators aren't usually cohort-based, you'll share your office space with a group of fellow innovators. There are many benefits of coworking spaces for startups. They allow you to take advantage of shared resources such as utilities, saving on costs. You'll also be in a prime location to meld minds and partner with other companies.  Improve focus: Incubators offer a structured environment that can help you immerse yourself in your work. Whether you have daily workshops or scheduled work time, you can establish good work habits to get your business off the ground