Key Takeaways
- Incubators provide startups with mentorship and support to grow their business.
- Some incubators are for-profit and others are non-profits.
- The incubator application process can be competitive.
Full text
If you’ve ever thought about creating your own startup, you’ve probably considered joining one of the many startup incubators. These collaborative programs aim to help new companies get their business up and running. They often are in one place with a central workplace. New startups are invited in to receive mentorship and training in many key areas. Some of the specific services included are help with presentation skills, networking, marketing, loans, access to venture capitalists and angel investors, technical setup, accounting and financial services, and regulatory compliance.
There are many kinds of startup incubators, and they are not limited to just one industry. Some are for-profit incubators, typically looking for equity in a new company. There are also non-profit incubators that aim to grow business and improve the local economy. Other incubators are county, state, and university-operated.
Once you decide what your business needs are, determine which incubators are a good fit. Entry to startup incubators often includes a competitive application process. But, once you’re in, the support can be significant for a nascent business. There are several online resources for finding an appropriate startup incubator, though we encourage founders and startups to consult with a competent legal advisor prior to selecting a startup incubator.
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