Author Topic: What is the function of business incubators?  (Read 261 times)

Priya

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What is the function of business incubators?
« on: June 16, 2019, 11:04:14 AM »
What is the function of business incubators?



Entrepreneurship is the pillar of the economic and social development of each country. The creation of companies brings more benefits than problems, so the existence of mechanisms that help young entrepreneurs to build their new businesses is important.

Within the development of a business there may be several destinations: The company may prosper at the beginning and fail to stay in the market or it may be a great idea that fails for lack of advice or financial knowledge to sustain.

To avoid these cases, business incubators were created, which are defined as support centers for entrepreneurs that allow and facilitate the creation of new organizations that require support during their creation and maturity stage as a business.



It is very important that the success of your business model be lasting in time for a company to have a positive impact on your community. That’s why solid bases are needed.

The role of business incubators

According to the imoko portal, it refers to incubators in this way: Just like when a premature baby is born, business incubators are for-profit or non-profit organizations that provide entrepreneurs with the tools and knowledge necessary to compete in the growing and voracious market.

That is why incubators have a series of objectives and services that lend to new entrepreneurs.

As objectives of the business incubators we could identify:

  1. Contribute to socio-economic development, through the creation of companies that generate income and sources of employment
  2.  Promote the entrepreneurial vocation and business development through strengthening competitiveness and positioning in the market.
  3.  Provide technical assistance and business support services detecting their needs and the sectors where they most need support
  4.  Accelerate the consolidation of companies helping them to overcome technical barriers
  5.  Offer an appropriate environment for their entrepreneurial development.

Among the services are:

    1. Infrastructure: areas of common use, auditoriums, training rooms and meetings, media, etc.
    2.  Common services: administration, security, cleaning and logistics.
    3. Training activities
    4. Business networks and strategic alliances through the management of contacts and business opportunities national and international business.

Business ecosystems need incubators, because thanks to these services they can accelerate the consolidation of new businesses, which would result in fewer losses and fewer failures for young entrepreneurs who want to enter the business world.

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Business Incubators promote entrepreneurship


« Last Edit: June 16, 2019, 12:19:27 PM by Priya »