Business Incubator
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Date
2022
Authors
SAMARA, MYASSAR
Journal Title
Journal ISSN
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Abstract
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