What is startup incubator:
Can startup incubator be potential startup idea? The answer is, yes. Startup incubator is a protector/guard which will look after an idea until it gets shaped up as a matured startup. Usually, a pre-matured child needs intensive care with senior doctor’s monetization, sensitive medication with a proactive environment. The same way an idea needs guidance from experts, how to strategize, how to get the product ready, how to promote the product, how to get funded, how to tweak the business model, etc.
Why do we need private startup incubators?:
Well, fortunately, or unfortunately the majority of the national governments are investing for startup incubators at premier educational institutes which are excellent. However, regular institutes doesn’t have Startup incubator facility. Why are we limiting opportunities to only premier institutes? We have real talent from outside either. If shared office space, experts, funding, guidance, and ecosystem are accessible to everyone, perhaps, % of success ratio increase as aspirants also be more. Private startup incubator can bridge this gap; they can facilitate the ecosystem and bring the expertise to encourage hidden talent.
How can be profitable:
It can be useful with few potential ways to generate revenue, 1. Office space — Primary revenue channel 2. Workshops — Few workshops can be charged by bringing experts in 3. you may get an opportunity to invest in potential startups 4. Consulting services can get charged 5. you can be a channel partner for corporate and startups as well. Apart from these, we have many other channels can generate money based on the startup, people, and environment.
Why every big company is setting up an incubator:
A real business strategy every corporate is playing nowadays. These guys will incubate early stage startups by
- Providing office space
- Providing some tools
- Access to their customers and investors
- Mentoring by experts
This typical business association would provide an advantage for both startups and corporate. Corporate can’t hire who an entrepreneur mind has. However, they can only hire an employee. Similarly, it is much easier to associate with an entrepreneur as a business partner. For instance, investing in R&D, planning a product, recruiting highly passionate and talented individuals are pretty expensive for a company rather investing in many startups.
Startup incubator needs little more funds than a typical startup, but it can be profitable with the right business model.
Also Read: 6 Potential ways to generate successful startup idea
All the best, be part of the startup ecosystem.
He is the Author, Product Specialist, Business Consultant, Entrepreneur, Public Speaker, Thought provoking writer, and Joke writer. Follow him on Twitter
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