An Incubator – what you need to know
Both can offer support, guidance and help with raising finance but a new study from the States questions whether Incubators deliver better long term results for businesses.
What does an Incubator do?
The appeal of incubators is the package of support which involves offsetting key overheads by providing shared office space, internet access and resources such as equipment and consumables.
This can enable businesses to achieve a higher level of growth in sales and employment. But Incubators can tend to have a small team to provide support for a large number of start-ups. This can mean that, at times, the service may be too thinly spread. So the study concludes that once out in the real world an incubated business has no better chance of success than any other.
Business Advice is still needed
An Incubator can add value to a business, but equally there is no substitute for practical hands-on business advice from experienced business people during the critical start-up phase and early years of a business. Many businesses have taken advantage of that support through GrowthAccelerator, a government – subsidized means of delivering that support.