Welcome to the world of modern business, where constant information, fast-paced decision making, and instant funding are all the rage. Entrepreneurs are constantly trying to break into markets that are saturated with their ideas for the best new products or services, but doing so can be incredibly difficult due to the competitive and cutthroat nature of most markets. So what resources are available for people who are committed to making a difference with their product? Enter the venture studio, or startup incubators, which are companies dedicated to providing teams of industry professionals to get your company off the ground with as little hassle as possible.
What are startup incubators?
In short, a startup incubator is a collaborative program or workspace dedicated to becoming the roots of your new company. They are usually located in one physical place, and provide seed funding, mentoring, training, and collaborative input to companies looking to grow rapidly. They are also often non-profit companies associated with either universities or business schools who primarily invite students, alumni, and faculty members in order to grow name association with the schools that they represent.
So, in short, startup incubators are resources available to small business and startups that are looking for either infrastructure, capital, input, advice, or coaching to get off the ground. The collaborative nature of these incubators combined with the input that you can receive make them an invaluable resource if you have little to no practical experience with business up to this point.
How Can Startup Incubators Work For Your Company?
The most important thing to do when presented with a new solution is to make sure that you know how to fully take advantage of the opportunity in front of you. Putting your company in the best position for it to succeed is the most vital thing that you can do. Here are the best ways to take full advantage of startup incubators:
- Who you know, not what you know: the most important resource that startup incubators offer is the network that you get connected with. They plug you into a resource network that is often unparalleled in other offerings for new companies, and this allows you to receive advice and input from a variety of sources that all most likely have more experience than you do.
- Be willing to be taught: The reason you plug into a collaborative workspace like an incubator is to be taught by a wide range of individuals, and so you have to be receptive to that kind of input. Do not go into it with a prideful outlook, determined to stick with things that you may not be fully educated on.
- Take advantage of resources: Often, startup incubators also provide accounting services, presentation skills classes, access to greater investing sources, management team identification, and several other services or resources that would otherwise be difficult to find on your own as a small company.
- Put in as much as you are anticipating you will get out. Do not go into a startup incubator expecting to just mooch off of everyone else there and only ingest information. You will also be a source of information and encouragement to new members as they look at your progress and success as a sign that the collaborative environment is beneficial to new companies.
No matter what decisions you make in your attempt to grow your small business or startup, make sure you are aware of the resources that are available to you. Not all of them will be financial in nature, and oftentimes the human intellectual capital is more valuable than the financial capital, as it is human input that will help differentiate your company from every other brand in the sector.