5 Ways Joining a Business Incubator Can Get Your Start-up Off the Ground

In our last blog post, we looked at what business incubators are, what they do, and how they can help you as an entrepreneur. If you haven't read it yet, check it out here: What is Business Incubation Really?

So, you've got a really good startup idea, but you don't know what the next step on your entrepreneur journey is, where do you start? Where do you get the funding for this idea? Where do you go to develop this idea into a viable concept?

If you were thinking "a business incubator" you're correct if not, you're still in the right place because we'll be looking at some of the perks in joining a business incubation hub.

1. Programs

All incubation hubs have development programs specifically designed to help founders get their businesses started. Programs range from the idea stage (when all you have is that billion-rand idea in your head and nothing else) – to acceleration (when that billion-rand idea has been in motion for a while now, but you just don't have the necessary traction in the market yet).

We have a few programs of our own that might be of interest to you - Show me the programs

2. Mentors

There isn't an entrepreneur on the planet that can do a great job alone, especially on a strategic level. This is where the importance of having a mentor comes in. Especially someone who is in a similar or the same industry, they'll be able to give you tips and tricks of the trade. Incubators provide mentors to startup founders for that exact reason. In most instances, you can pick the type of mentor you want. Whether it's someone with a more business advisory background or a technical mentor that can help with those pesky product bugs.

3. Market Access

Market access refers to the ability of a company/startup to sell its goods and services across the country and across borders. With that said, it is no secret that going to market is no easy feat for any business. There tend to be a few barriers to entry, incubators can help greatly with that.

4. Funding Access

Funding is often the main constraint that holds back many startup companies from being successful. Incubators often have funding set aside for startups within their ecosystem whether it's through loans, VC funding, angel investor funding. It's important you understand what the different types of funding mean or require before applying for them.

If you're uncertain what any of those funding terms mean you can read up on them in the Brex article on the many types of startup funding and when to use each one.

5. Collaboration

People often take for granted how beneficial collaborations and the networking opportunities that come from within an incubation space. You can get multiple points of view from different people within the same environment, which might prove beneficial in making iterations within your startup.

Business incubators are designed to aid entrepreneurs looking to start or further develop their business ideas. The services are generally provided free of charge and are often funded by government or private companies. The only requirement from your side as the entrepreneur is time and dedication to partake in the entrepreneurship programs.

If you feel you need one or more of the 5 services highlighted above, get in touch with us, and we will gladly be of assistance.

Cheers