![]() What should you look for in an incubator? If this is your goal, you'll quickly narrow down your program options. Only 12% of entrepreneurship programs directly offer seed funding. According to InBIA's IMPACT Index, 90% of incubator and entrepreneur programs seek to grow entrepreneurial culture, 75% of programs currently or plan to provide mentorship programs, and 70% seek to encourage minorities or women. In many cases, an incubator addresses the intangibles that can lead to success. Others work with universities to address facility needs through biotech labs or clean energy research facilities. Some incubators are affiliated with government agencies. Others work with businesses remotely to provide operational or product support. Some focus on IRL benefits such as office space, networking opportunities and even makerspaces. The program helped us secure funding from world-renowned investors, allowing us to achieve rapid growth to support millions of college students.Īcross North America, there are about 1,500 business incubators, each offering a different set of benefits to early-stage startups. After graduation, Canada's biggest accelerator, FounderFuel, provided essential resources and valuable mentorship from leaders with industry experience. My founders and I launched our small business as college entrepreneurs, juggling work and school, a feat that I discuss further in a recent article. I've experienced firsthand the value of a business incubation program. study from 2014 had similar results: The average survival rate for businesses that went through incubation programs was 92%.īusiness incubators can be competitive, but the most competitive ones typically have the highest success rates. However, a 2010 study from the National Business Incubation Association (NBIA) found that companies that participated in a business incubator had an 87% success rate - nearly double the 44% success rate of businesses that didn't incubate. To my knowledge, there are no industry-wide standards on business incubation. How does business incubation affect a business's success? ![]() ![]() Typically, business accelerator programs are in a different category, but sometimes economic development programs and even co-working spaces can be grouped with business incubation programs. There's even some disparity about what's considered an incubation program. There are many different types of business incubation programs, each targeting a different slice of a startup's needs. Rather than being left on their own, an incubator can provide a framework for startups to avoid pitfalls and speed up growth. ![]() Business incubators can provide startups with valuable support and resources. ![]()
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