Start-ups are increasing by the day. Every new start-up begins with an idea, for which to be executed you need to work hard and try to make a difference through your products or services. To become a successful entrepreneur you have to face many obstacles. In the initial stages, you have to seek support financially as well as mentally. At each step, you need investors, mentors, office spaces and others who belong to your industry. And here enter the incubators who can help you in building your entrepreneurial career as well as business.
Who are business incubators?
According to the National Business Incubation Association (NBIA), a business incubator is a catalyst tool for either regional or national economic development. Business incubators are firms that help developing startup companies to build up by providing services like training for employees, providing workspace, help with presentation skills etc.They are the team of people who help you transform your idea into a business by helping you in research, funding, revenue generation model building and in other aspects with their contacts, knowledge and experiences.
Earlier, incubators used to with tech companies or with industrial companies but now it has started working with diverse industries.
Role of incubators in building a start-up
Incubators are institutions that help the start-up companies at the stage of infancy. They will provide you with technical facilities, initial growth funds, mentors, office spaces and other needed facilities. They hold an important position in the whole start-up ecosystem.According to the handbook for Non-Profit Incubator Managers authored by IIMAs Centre for Innovation Incubation and Entrepreneurship (CIIE), incubation should be seen as the process of de-risking an idea or a start-up and helping them improve the odds of success.
Here I have listed four important roles of an incubator in building a start-up: