Benefits of incubation (and mentorship) ….

This word “incubator” sounds complicated, or does it? Taking the literal meaning “incubator: apparatus consisting of a box designed to maintain a constant temperature by the use of a thermostat; used for chicks or premature infants” source: Princeton University, we can apply it directly to a start-up business:

“apparatus consisting of a box” – the Bandwidth Barn office space

“designed to maintain a constant temperature by the use of a thermostat” – the mentors and peer-facilitation sessions held at regular intervals

“used for chicks or premature infants” – businesses in idea phase or start-ups

Bring it back to business, what are the benefits of starting your business in an incubator?

1. Incubators encourage the development of new businesses and foster local development.
2. Incubators help entrepreneurs create new businesses from innovative concepts and technologies, and in the process create new jobs and opportunity.
3. An incubator environment facilitates the development of a business from creative technology or idea, to innovation and commercialization of a product or service and, ultimately, to market success.
4. More than 80 percent of incubator graduates stay in their communities and continue to provide jobs and support to their region.

But the most significant benefit of starting out in an incubator, is the support you will be surrounded with. Mentorship and resource support is available to the tenants of the incubator. It adds a new dimension to your new business having a mentor who can guide you through the starting phase. It also helps having someone give you a push when you need to get out of the rut or become despondent.

If you’re considering starting a new venture, consider going the incubator route. Not only will it save costs, but it will help you network your business in the time it needs it most.

For more info, visit our website or contact the Barn on 021 409 7000.