Business incubators are the companies or organization that support the development of start-ups by providing them with advisory and administrative support services. The roles of business incubators are –
Infrastructural Support –
Business incubators help the start-ups with infrastructural support like office space and meeting rooms so that start-up won’t have to focus on finding the work space rather than doing the main work or other significant tasks.
Financial support –
Incubators also help start-ups financially save on operating costs. The start-ups that are part of an incubator can utilize the same facilities and share on overhead expenses of the incubators. Such incubators also provide office utilities and office equipments.
Management assistance –
In addition to financial help, start-ups also need guidance on how to compete successfully with established industry players. Incubators can help the start-ups learn about management by meeting them with experienced entrepreneurs and retired executives who can guide and teach some tactics on how to survive in the markets.
Platform for networking –
Incubators also help start-ups in building their strong network in the market by offering them platform. Incubators may refer them to angel investors and venture capitalists so that they get more funding to be stronger financially. Moreover, incubators also offer other support such as helping them with presentations, business etiquettes, intellectual property management, etc.