A business incubator is defined as an organization that supports the rapid expansion of a young startup by infusing them with opportunities to be able to obtain capital, human resources, networking opportunities and so on, which the individual founders would not have had access to in the first place. In this era of the startup, Incubators play a vital role in ensuring the viability and survivability of the startup culture, and they serve a key purpose in helping startups reach their full potential by being a rock-solid foundation for them in their birthing moments all the way up to their maturity point.
For any entrepreneur looking to get into starting up their own business, the first port of call would be a business incubator, as the people at the incubator have been down the path of entrepreneurship many times before and can help guide these new entrepreneurs as they go along their journey.
So, what do business incubators like Yuncture do for fledgling startups?
Does an Idea have Potential? Or does it belong in the dustbin?
This question is a fundamental startup question that must be validated by a third-party neutral observer in order for the startup to be on the right path. The startup founder dreams of many ideas and since he/she is very involved in the idea, it can be difficult for them to objectively evaluate their idea and assess its viability in the real world, and the commercial potential therein. This is where an experienced third party like a business incubator comes in.
Get Space to Work
Office space is very costly these days, and with the starting days of an entrepreneur being usually defined by a lack of cash, getting a good working space can be something of a nightmare. Luckily, incubators have just the solution for this conundrum – the co-working space. This can bring about a good synergy between companies as well, as many startups will be working under the same space.
Help in Raising Capital
A startup requires a healthy dose of capital in order to take an idea and bring it on to the market. An incubator can do just that – with their networking and business connections, they can help the startup to focus on their idea, while they focus on securing capital and funding for the startup company. Investors prefer startups that come on the recommendation of well-known incubators, as they have built up trust with these investors.
A Point of Contact
An incubator can help support the startup in the days of its infancy by helping them with various aspects of entrepreneurship and technological development with the help of the expertise present in that incubator. This is very important as a startup needs help in all areas of the business including technically and financially as well.
It is difficult for one-man startups to scale up their business, and they require human resources with shared vision and talent to help them achieve their goals. Incubators can help startups get the human capital they require with ease, as they have considerable experience in talent acquisition.