IS INCUBATING THE RIGHT MOVE FOR YOUR STARTUP?21 Dec 2015
How do you know if incubating your startup is good for you or not? For many startups, being incubated has helped them grow their business faster and smoother than if they were to do it by themselves. Incubators offer guidance and resources. An incubator can be the bridge to take your idea from launch to a big business. In this article, we will discuss how an incubator can benefit your startup.
- More time to work on your product/service
Incubators offer both guidance and resources such as office space, infrastructure etc. having all of these aspects takes acre of allows you to focus on what matters the most – your business. When you don’t have to deal with a lot of administrative everyday work you can utilize all your energy into perfecting your product or the service you are providing.
- Access to networks:
One of the biggest benefits of being part of an incubator is the ability to tap into a strong network of business partners, advisors, investors and mentors. You will get to be in a support system that will mentor you through all phases of your growth process, so that you will grow at a fast pace.
The other benefit of getting incubated is that you will have other startups there that are dealing with similar challenges as you. By staying in touch with them you can see how others are solving problems that arise and mutually benefit each other.
- You can learn from the mistakes of others
There are a lot of lessons entrepreneurs have to learn the hard way. Making errors and learning from mistakes is a valuable learning experience, but imagine being part of a support system that allowed you to learn from the mistakes of others before you made them yourself.
- Support from mentors
Often times, your mentors will be or have been entrepreneurs themselves. They will help you to further define your vision, strategy and road map.
Being part of an incubator or accelerator can play a huge role in growing your startup. It can bring you t a position to fly solo by jump-starting you company. You can’t do everything yourself. Figure out what your strengths and weaknesses are, and then leverage your strengths and work on improving your weaknesses. Surround yourself with resources that can help you.