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How Business Incubator Can Help You to Create Your Own Company?

Pauline Le Guilloux

You have a lot of innovative ideas, but you are still a student and the idea of creating your own company, now, seems out of reach? It is not too late to take advantage of the incubators.

First of all what are “Business incubators”?

These are organizations that support start-ups and young companies by providing a variety of resources and services to speed up their development. They are becoming very popular and growing in number, starting in the USA, then spreading in Europe and now everywhere in the world. Besides, some schools and universities offer inside incubators to develop students start ups.

How does it work?

1. Business plan and acceptance

Usually you must submit detailed information to a business incubator, before they will sign a contract with you, regarding the benefits you will receive and the responsibilities and costs you will be required to support. After being accepted into the incubator, you’re expected to contribute either to other businesses in the form of your own expertise or to assist with paying a rent. Being accepted in the incubator means that you have free access to the knowledge of the incubators’members as they have access to yours.

2. Providing services

Most incubators will offer you a variety of business services that will help you to work more efficiently and at a better cost. This may even include administrative services such as a telephone answering service, a print shop service and even sometimes 3D printer provided.

3. Mentoring

Coaching is perhaps the most powerful benefit you’ll get from a business incubator. You will be matched up with someone with long business experience and with whom you get along with. This way, you will be more inclined to accept what may sometimes be cold-shower advice, but it is actually always constructive for your business.

4. Networking

The other benefit of working with a business incubator is that you will have neighbours who are attempting to tackle the same challenges as you. By staying in touch with them you can see how others are solving problems. Besides studies led by the University of Phoenix have also shown that people innovate faster and with more enthusiasm in groups.

5. Collaboration services

Other entrepreneurs may be offering services that you may need from time to time. For example you might need banners for a local event and one of your neighbours prints vinyl banners.

6. Access to lawyers

Usually a business incubator will offer you access to a lawyer at a reduced fee to provide necessary legal services.

7. Education

Most business incubators will provide workshops and courses to provide instruction on important aspects of running your business. This may not only improve your own abilities but it is another opportunity to network with others, who may be useful contacts.

8. Access to investors

The business incubator will usually be able to help you to introduce you to important sources of finance such as angel investors, state governments and other kind of investors.

Of course, it exists some constraints with this kind of collaborative place. For instance people that are easily distracted by others coming in and out or by the conversations around them can find the incubator environment too distracting. Instead of being inspired by everything going on around them, they can lose focus. If you need a rigid environment with strict schedule, the incubators business are maybe not made for you.

However, many students and young professionals are now turning toward collaborative environments as they embark on their own businesses. You have a good project, so why not try it now?

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