A business incubator is a company that helps new and startup companies to develop by providing services such as management training or office space. It is a facility established to nurture young (startup) firms during their early months or years. It usually provides affordable space, shared offices and services, hand-on management training, marketing support and access to some form of financing.
What is business incubator?
Entrepreneurs have deep-rooted image of being self-reliant, business incubator helps to sustain the image of the business owners.
- Business incubator is an organization that acts as lifeline for small businesses and startups to survive and grow during their initial stages. This association provides secured and affordable environment for the entrepreneurs to boost their venture
- Business incubator generally offers physical space, consulting, management services, financial and technical support to the flourishing businesses
- Business owners can also get bailed out with additional services like accounting, marketing and networking, provided by few incubators
- The main aim of this organization is to elevate your business and take it to the next level
How does a business incubator work?
ü They gather multiple businesses under one roof, provide them guidance, temporary workspace and financial support.
ü Business incubator serves to an assortment of industries.
Benefits of business incubator –
1. Affordable cost for workspace: It provides affordable workspace for the newbies and entrepreneurs need not have to worry about costly rentals or building costs.
2. Shared operating cost: Entrepreneurs can be benefited with additional savings by sharing the operational cost with their co-tenants. Business tenants share their overhead costs like expenses related to office equipment’s, utilities, conference room etc.
3. Strong networking partners: One of the plus points of business incubator is that it offers strong networking, right from the early stage of your business. Many media and tech partners help startups and small businesses who have assistance of business incubators.
4. Great access to finance: Reputed incubators have good union with venture capital and banks thus tenants can get availed with better financial support.
3rd Eye Advisory® has helped many startups such as NGO’S, E-commerce companies and few financial companies by providing assistance as startup incubator. Some of the services we offer as a startup incubator are:
- Helping with business basics and networking opportunities
- Marketing assistance and connections to strategic partners
- Accounting/financial management assistance
- Access to bank loans, loan funds and guarantee programs
- Access to angel investors or venture capital
- Comprehensive business training programs
- Advisory boards and mentors
- Management team identification
- Helping with business etiquette
- Technology commercialization assistance
- Helping with regulatory compliance
- Intellectual property management and legal counsel