Are you dreaming about launching a startup but aren’t 100% confident in your ability to manage the process? For those who need a bit of mentorship, there is always the incubator-accelerator option. We talked about the accelerator option here, but incubators are also an important element in the startup creation process.
The incubation process helps startups find funding sources, alleviating (part of) this problem and helping the startups get to market in a healthy financial state. For startups not rolling in cash, innovators are an imperative step of the startup process.
Incubators are designed for early-stage startups and can help your startup get through that rocky first stage when you don’t have your bearings yet. That being said, the competition to get a slot with an incubator can be pretty fierce. Although this potential introduction of competition might seem like a reason to ignore this opportunity, you shouldn’t overlook the incubation process. Here’s why it’s worth the effort.
You Have to Get Lost to Find Yourself
If you have a great startup idea but aren’t sure if you have the gall or knowledge to make it in the cutthroat business world, you need an incubator. Although it may be unnerving, this is where you will learn how to manage your company and its image in the ever-changing market. Through aptitude tests and business discussions, wannabe entrepreneurs hone in on their inner warrior and craft a plan to conquer the marketplace under the watchful eyes of people who know the business.
It’s Not What You Know But Who You Know
Let’s face it: If you are a new player in the business world, you don’t have the connections you need to truly make headway in the market. And you can’t just stand on a street corner handing out business cards and magically make the connections you need to grow your startup. Incubators can put you in contact with mentors, alumni, colleagues and investors who will give you the foot in the door you need to break into the market. Also, these businessmen and -women know what you are facing and can give you invaluable advice to help you rise to the top.
Money Doesn’t Grow on Trees
Launching a new business empire is full of (unexpected) stresses. One of these pains will be financially based. Why? Your startup will need money…possibly lots of money…and finagling how to get the funds can be incredibly stressful. Unsurprisingly, finding ways to reduce the pain is always helpful. The incubation process helps startups find funding sources, alleviating (part of) this problem and helping startups get to market in a healthy financial state. For startups not rolling in cash, incubators are an imperative step of the startup process.
Bringing a startup from its original conception to its launch in the marketplace is long, arduous and fraught with dangers. Having someone who knows the business and believes in your company is a great way to increase your chance of survival. Yes, handing over any control of your startup may seem unnerving, but it is a necessary process to get the business out to the marketplace. Don’t overlook the importance of an incubator, as their assistance may just be what pushes you to the top of the marketplace.