Startup incubators are designed to help entrepreneurs launch their businesses. Here’s what you need to know about joining one.
You’ve put together your business plan and you’re prepared to launch your startup — but you still don’t feel ready enough to do so. Where do you go from here?
One way to get your business off the ground is by joining a startup incubator, which will help develop your brand so it’s ready for launch. Here are the basics you need to know about startup incubators — including types and benefits — so you can invest in the right one for your business.
What is a startup incubator?
According to the USChamber.com startup incubator is a collaborative program for startup companies — usually physically located in one central workspace — designed to help startups in their infancy succeed by providing technology, understanding, co-workspace, seed funding, mentoring, training, etc.
The Biggest Benefits of Joining amongst many others would be;
- Networking. One of the greatest benefits of an incubator is the access it provides to a network of successful business partners, many of whom usually require substantial financial commitments to be part of your venture. The overall exposure these networks provide is another plus, as most startups have limited marketing and PR budgets.
- Mentorship. Incubators offer members the opportunity to hear and learn from the personal experiences of successful mentors in their chosen industry. While making mistakes along the way to success is an expected part of the process, these mentors are there to help you avoid making similar ones they’ve made when they were just starting out.
- Support from other entrepreneurs. The opportunities and experiences you’ll share with the other members of the incubator group can help you launch your business more quickly and smoothly as opposed to trying to do so on your own. Speaking with and learning from other entrepreneurs can be the inspiration you need to push yourself — and each other — to reach the next benchmarkers of success.
- Help with building and maintaining a strong product. starting with a Minimum Viable Product, usually made as a pilot prototype for a startup idea, which explains the working business model and supported with usually a proof of concept with a business model.
- Help with marketing the product. bringing the product MVP to a test audience in the shoestring marketing budget is an experts job, understanding the right mediums to choose and investing in the best conversion-friendly media will save a lot of dollars in marketing before you find those winning ads.
- Investor Meets & Funding. Getting your paperwork ready for the big day is an important part of the plan, getting your startup funded and raising initial seed capital or for that matters at any stage requires a lot of planning and expert help.
We @PsyberInc & @10000StartupsIndia will help you at each step of the way, just click on the WhatsApp button for a free consultation.