Why you should choose business incubator for your startup

Business Incubator is an organization dedicated to supporting young entrepreneurs at all stages of their project development, from design and concept to its commercialization. Therefore, more than half of all business incubation programs are multipurpose projects.

Generally, the startup incubator is working for the comfort of your company. You can stay focused on the development of your business and let incubator to take care of all other problems.

Business incubator services

  • From idea to implementation. The company incubator will review your idea, assess its potential as a commercial project, gather expert opinions from its entrepreneur network, and create a roadmap for your development.
  • Development and Research. The next important step will be market research, team building for the project and the search for strategic partners who will join the development.
  • Access to the market. The main goals of this stage are licensing and obtaining all the necessary permits for the product. Also, you will need additional staff – so HR support is also important to find best Hi-Po employees and A-players for your future team.
  • Expansion. With an increasing number of clients, there is a need to monitor the implementation of the orders and keep business away from messy uncontrollable growth. This requires constant improvement of commercialization. There is always a need of accounting and cash flow management in this period, and of course marketing assistance.
  • Debugging and checking of business processes. This stage consists of work and expense optimization, daily tasks automation, administrative support, and access to international markets.

The main paradigm of business incubation process includes services from 1 to 3, but you always can look for venture builder, that is focused on building a profitable company that could generate income by itself.

Benefits of business incubators:

— Easy guidelines and framework, which does not prevent you from growth in your area.

— A comprehensive business support in all directions.

— The experience of mentors, who helps you not to miss valuable details upon expansion.

Additional pros:

  1. Renting an incubator office space for your needs. The company just starting out is particularly in need of affordable office with high-quality Internet and comfortable rooms. And the owner gets an opportunity not to think about such details as security and reception.
  2. Secretary and administrator are services. There is no sense in hiring a person for a full-time job if all his work can be done in a couple of hours. Use the incubator and get high-quality secretarial services.
  3. Legal support. There’s always a need for legal protection and accounting support in the new country and new business field. Professional legal advisers and accountants are ready to deal with your cases.
  4. The image of the company in the eyes of clients consists of many parts, and one of them — the representativeness of the office, its appearance. The seriousness of intentions is usually judged in connection with this image.

Cons:

— Your business is your primary concern. Do not expect that incubator will do everything instead of you.

— You need to thoroughly work out your idea in order to run it successfully.

— Incubator offers solutions that have already been tested in dozens of companies. Perhaps, after the start-up period, you will need something new.

According to statistics, 85% of start-ups take root because of incubators. And even if the main task of the incubator is to embody your ideas into life from scratch, you can try it even with the already started, but not yet prosperous project. It’ll help you to check out and find a successful path of development for your company.

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