INcubator

New businesses have unique challenges and needs in their early stages of growth. Business incubators help new businesses and startups work through these challenges in an innovative program that promotes business development, learning, and cost savings. Entrepreneurs may benefit from participating in the mentorship, training, and motivation provided by these programs.

ITB business incubator is a specialized program designed as a space for new businesses to learn and grow. The programs provide services for entrepreneurs and startups while offering reduced rates for supplies and workspace. Typically, young businesses must apply for a position and commit to a certain amount of time in the program. 

While in a business incubator, companies can more thoroughly plan their business, learn from other professionals and save money. Business incubator programs may offer the following services:

• Providing guidance for business foundations
• Networking opportunities
• Assisting with marketing
• Conducting market research
• Providing utilities and operational services, like internet and phones
• Helping with business finances
• Accessing loans and other funding sources, such as angel investors and venture capital
• Connecting businesses to other strategic partners
• Mentoring
• Creating business training programs
• Helping with staffing
• Explaining best practices and professional etiquette
• Providing support for regulatory compliance
• Provide reduced office space
• Provide shared Receptionist
• Provide low-cost conference space

Business development firm who provides business incubators for a variety of industries and can use these programs to source partnerships and technology. 

Business incubators generally require participants to go through the following admission process:

1. Apply. Interested businesses must fill out an application detailing your experience and objectives.
2. Send a business plan. Many incubators require candidates to submit their business plan for consideration.
3. Interview. Business incubator candidates usually take part in an interview to discuss the program further and provide more information about their business and needs. These interviews may take place in person or virtually, as many candidates are not local to the program's location.
4. Receive a decision. The program representatives will notify you of their decision through a phone call or email.

 Advantages

The advantages of working within a business incubator include:

• Reduced expenses: Business incubators allow you to save money on office space, supplies, utilities and other overhead costs by splitting these expenses between other startups in the program.
• Learning opportunities: Business incubators can provide you with mentors, coaches and other professional development services that help you make business decisions and develop effective strategies in financial management, legal issues, human resources and technology.
• Access to funding: Business incubators can link new businesses with funding to help grow their business, such as venture capitalists or other investors. Participating in a business incubator can make your company more appealing to investors.
• Professional connections: Business incubators provide opportunities for you to network with professionals in a variety of industries that can provide resources, partnerships and guidance for your new business. These relationships may develop between the companies in the program, program facilitators, mentors or others involved in the program.
• Singular focus: Participating in a business incubator gives you dedicated time to focus on developing your new business. You'll learn time management techniques, get in the habit of following a schedule and be motivated by like-minded entrepreneurs.

The disadvantages of business incubators include:

• Time requirements: You may need to commit to a certain length of time to enter a business incubator. Make sure that the incubator is the right match for your company's needs and goals and that the time commitment makes sense for your business.
• Competition: Popular business incubators can be competitive to get into, and the application process may be demanding and time-consuming.
• Program demands: Many business incubators require participants to attend the available trainings and workshops. This can take away time you would otherwise spend on your business. However, these resources are also a major benefit of the program.