The world today provides entrepreneurs with almost endless options. Technology and communications mean that global markets are open to even the smallest startups, but it also means that global market is more competitive than ever before. This makes those first few years of startup more challenging as well, and this vulnerability in the formative years is why startup incubators have grown in popularity with entrepreneurs everywhere. A startup incubator provides the right tools, guidance and environment for new businesses to concentrate on the important parts of growing the fledgling enterprise, the core of the business that is the development of ideas and gaining customers and clients. Here at LaunchByte.io, we make sure that all our incubees have access to all our resources and can watch their companies grow before their eyes.
Incubators like us provide mentorship that can guide entrepreneurs through those early steps, but just as importantly, many offer the office space, accounting assistance and legal guidance needed in a simple package. This not only provides a sturdy easy to manage foundation for a startup, but can cover the kind of day-today administrative responsibilities that can seem to consume hours of your time as a newly launched enterprise, but that do not really advance the business itself. It is here that we see the first benefits of using the startup incubator, providing an economical solution to those necessary but unproductive administrative tasks allows more time to be dedicated to the productive aspects of business growth and product or service development, and this is perhaps the key to the early momentum that will carry a business through those difficult launch period.
While those benefits alone can make using a startup incubator worthwhile for entrepreneurs and provide the right platform for early success, there is arguably even larger benefits that come from an incubator setup. In particular the networking effect, that actually works in several ways. The first and perhaps most obvious benefit for networking is the mentorship, usually from angel investors or venture capitalists who have more often than not been in the same position as startup entrepreneurs themselves and really understand the challenges being faced. At LaunchByte, our incubees have the ability to ask our advisors (collective net worth $3b+) questions ranging from growth strategies to fundraising to strategic partnerships. The mentorship itself is of course invaluable, but also allows a startup to build productive relationships with these investors and successful entrepreneurs that can bring new opportunities further down the line.
The networking opportunities do not stop there though, being involved with a startup incubator also allows access to partners that perhaps would not normally be associated with a new start business or need significant up front funding to do so. For many potential partners, arrangements with the startup incubator mean they are more willing to deal with even 1 month old startups, allowing the new business to build a powerful network of business partners much earlier in the lifecycle of the organization that would normally apply. Not only can this help massively with development of the core business, but can have a huge impact on marketing and public relations, areas that are normally operating on a comparatively restricted budget for startups.
There are also the other startups in the incubator to consider, the sharing of ideas and experiences, and even the possibility of business deals that enhance both startups are all possible within the incubator structure. As an entrepreneur, there is nothing better than having someone to learn from and exchange ideas with at this early stage, having a variety of other startups sharing similar ongoing experiences creates a community atmosphere that can benefit all involved.
The business world today is full of possibilities, but also incredibly unforgiving, which is why, with all the possibilities for guidance and assistance available, startup incubators have proved incredibly popular with today’s entrepreneurs. Do you have an idea? Get in touch with us today here.