According to Wikipedia Business Incubator is an organization designed to accelerate the growth and success of the entrepreneurial business through an array of business support resources and services that could include physical space, capital, coaching, mentoring, common services, and networking connections.
A business incubator is a company that helps new and startup companies to develop by providing services such as management training or office space.
The National Business Incubation Association (NBIA) defines business incubators as a catalyst tool for either regional or national economic development. NBIA categorizes their members’ incubators by the following five incubator types:
Business incubators differ from research and technology parks in their dedication to startup and early-stage companies.
Research and technology parks, on the other hand, tend to be large-scale projects that house everything from corporate, government or university labs to very small companies. Most research and technology parks do not offer business assistance services, which are the hallmark of a business incubation program.
However, many research and technology parks house incubation programs.
Since startup companies lack many resources, experience and networks, incubators provide services which help them get through initial hurdles in starting up a business. These hurdles include space, funding, legal, accounting, computer services, marketing, capacity building and other prerequisites to running the business.
Among the most common incubator services are:
Help with business basics and capacity building
👉🏻High-speed Internet access
👉🏻Help with accounting/financial management
👉🏻Access to bank loans, loan funds and guarantee programs
👉🏻Help with presentation skills
👉🏻Links to higher education resources
👉🏻Links to strategic partners
👉🏻Access to angel investors or venture capital
👉🏻Comprehensive business training programs
👉🏻Advisory boards and mentors
👉🏻Management team identification
👉🏻Help with business etiquette
👉🏻Technology commercialization assistance
👉🏻Help with regulatory compliance
👉🏻Intellectual property management
There are a number of business incubators that have focused on particular industries or on a particular business model, earning them their own name.
This list is incomplete; you can help by expanding it.
👉🏻Virtual business incubator - an online business incubator
👉🏻Kitchen incubator - a business incubator focused on the food industry
👉🏻Public incubator - a business incubator focused on the public good
👉🏻Seed accelerator - a business incubator focused on early startups
👉🏻Corporate accelerator - a program of a larger company that acts akin to a seed accelerator
👉🏻Startup studio - a business incubator with interacting portfolio companies
👉🏻Hybrid Incubator - A business incubator that combines virtual incubator with on-premise activities
More than half of all business incubation programs are "mixed-use" projects, meaning they work with clients from a variety of industries. Technology incubators account for 39% of incubation programs.
Business incubators in Africa are mostly physical, I mean they operate off-line with a physical office environment.
GAIN INCUBATOR is the first online business incubator in Africa. We give you access to all training, tools, experts, support and seed fund needed to start, grow and scale your business without getting to our physical office, so we can reach everyone from anywhere they are located in Nigeria and across Africa.
Then GAIN INCUBATOR is for you, why not visit our virtual office to register and start your journey of entrepreneurship with us or take your business to the next level.