Over the years, business incubators have become increasingly popular. With the survival rate of incubator-supported start-ups at 87%, it’s easy to see why.
I am a firm believer in the passion of entrepreneurship, and the opportunities that can come from exploring these passions. We live in a global world and incubators are a great way for people to come together to find growth and success.
Currently, Canada ranks as the third-best country in the world for start-ups. With such a vibrant start-up environment, budding entrepreneurs can and should benefit from the surrounding opportunities.
5 Benefits of Incubators
Scale Your Business
Business Incubators (both physical and virtual) can help you grow your business by providing access to the resources you need to scale your business. From tangible benefits like funding, shared office space, and technical resources, to mentorship, expertise, and networking opportunities—incubators can get your business ahead of the game.
Firmly establishing your business will help you scale up much faster, with significantly higher chances of success.
Access to Financial Support
Entrepreneurs usually face a lot of operating costs due to overhead expenses. Companies that are supported by an incubator will be given a space to work, so they can share any costs from utilities, equipment, and more.
Incubators also help start-ups by referring them to venture capitalists and angel investors. Being backed by an incubator program gives your business higher credibility when dealing with investors.
Receive Guidance and Mentorship
Another invaluable resource from incubators is the guidance they provide to help budding businesses compete in their industry. Incubators have access to a network of established industry experts, whose insights can drastically alter a start-up’s future.
From management guidance to operational advice, the mentorship of an experienced entrepreneur can be invaluable to start-ups.
Increase Community Value
Most business incubators are run by local groups, which allows them to drive economic growth in their communities. The companies that find success from incubator support add a lot of value to their local communities by creating multiple employment opportunities and chances to give back through charity initiatives.
Incubators give businesses a chance to reach their full potential, so they can elevate themselves while still staying connected to their roots. Moreover, they provide a safe haven for young people to get involved in entrepreneurship, with many universities offering business incubator programs.
Gain Networking Opportunities
Business incubators have a strong network of influential people to assist at every stage of growth. Whether your business needs accounting, marketing, research, or investor support, an incubator can connect you with the people who can guide you to make the right decisions.
Apart from mentorship, business incubators help you build relationships with the other start-ups supported by the incubator. Creating synergy through collaboration creates long-lasting connections, which allow for future collaboration and support.
As an entrepreneur with a passion for creating change, I believe that diversity and new perspectives are crucial for new businesses. Building a business can be complicated, but with the right support, you can lay a strong foundation for growth. If you’re interested, connect with my team today!
