As the tech startup craze has become a global phenomenon, more people have been interested in starting their own venture. This event has prompted the rise of startup incubators globally. You must be interested in knowing more about it.

What is a startup incubator?

If you are budding entrepreneur, you might have heard a lot of about “incubator.” It’s not just a buzzword, but an important happening in today’s world to help aspiring entrepreneurs trying to get their business off the ground.

A startup incubator can be perceived as a collaborative program with the intention to help new startups succeed. Incubators can help solve several problems which are generally associated with running a startup. In that sense, they can help by providing workspace, mentoring, funding, training, and so much more. By any means, the sole purpose of an incubator is to help startups. This is why beginners prefer incubators implementation in Africa to ensure success of their startup.

The early incubator

The idea emerged nearly six decades ago in Batavia, New York, when Joseph Mancuso – an emerging entrepreneur – identified the opportunity to help like-minded people to get their business off the ground.

He started recruiting budding enterprises to operate in a low-cost office space available in his massive factory.

Nowadays, there are over 7,000 incubators worldwide, offering help to emerging enterprises.

Who can be startup incubators?

Incubators are usually non-profit organizations, which may be run by both private and public entities. Universities and business schools may have incubators associated with them to help their students and alumni to participate in incubator programs. In Africa, there are several incubators formed by governments, civic groups, and successful entrepreneurs.

Startup incubators act like a specialized hub to help early-stage ventures overcome some of the most challenging aspects of starting off and running a business.

How to incubators work?

Startup incubator implementation can be a launch pad for early stage businesses. Incubators are organizations that work with startups with the objective to ensure the supply of specialized tools that they would need to innovate and grow.

Depending on their services, the resource and help they offer can vary a lot. From access to office space to business education classes, community networking and mentorship opportunities, budding startups can expect a lot from incubator implementation.  

If you talk about the structure of an incubator, it is quite like any corporate office that also has common terms like mandatory deadlines, meetings, and even a direct supervisor.

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