1. Business incubators can help with “startup paralysis”

When it comes to starting a business, the first step is often the hardest. You have to overcome the anxiety and fear that the risks of your new venture outweigh the rewards. Until Christian launched his food tech startup, he felt he was often waiting for the perfect idea to take hold of him.

“It causes a certain paralysis, maybe part of perfectionism,” he admits. “But my advice would be just to go out and start. Even if the idea isn’t perfect, the experience you will gain will help you for whatever comes next.” (02:39)

Getting started is essential for your self-confidence, but it’s only afterward that you’ll know if you have a viable business. And that’s where business incubators come in. They can help move your startup from a budding idea to a market-ready product.

Christian is a graduate of the MBA program at NUS Business School in Singapore, which supported him with their incubator programs. “ One was HANGAR (the HANGAR Booster Programme), and then the second program was GRIP (the NUS Graduate Research Innovation Programme). That carried us through [and] gave us the momentum to bring the product to market,” Christian explains. (01:24)

Although incubators play a vital role in developing startups, Christian maintains that the most vital step of your startup journey comes from within. If you never get started, you’ll never launch a startup.

“It may be the right idea, it may not, but you will learn either through success or failure.” (03:07)

2. You can meet co-founders through business incubators

Finding a co-founder for your startup can be one of the most challenging steps. And while not everyone needs a co-founder, two are normally better than one. Not only can two founders combine their expertise across different areas, but it also means you can get more done in a shorter space of time.

Although some business incubators only accept applications with multiple founders, other incubators help ‘solopreneurs’ find a co-founder for their venture. Think of them as a kind of matching service for entrepreneurs and business ideas.

Christian met the two co-founders of his food tech startup just two months into the program. The trio has since gone through two different business incubators affiliated with NUS. The incubators helped them distill their drinks business into a growing startup.

Business incubators are a common feature of business schools, and some schools even have their own in-house incubator to support budding entrepreneurs. The GRIP program, which Christian passed through, offers to match students to other co-founders with “complementary skillsets”.

While Christian didn’t meet his co-founders through a business incubator, his experience demonstrates the value of meeting co-founders who can plug those holes in your fledgling startup.

3. They can connect you to the local business ecosystem

Business incubators also play a vital role in the local business ecosystem. They act as a bridge between startups and universities, funding bodies, and governments. They can help you access support, networks, and funding opportunities that you wouldn’t be able to access otherwise. 

“In Singapore, the government is offering a lot of support for startups through funding and other grants to create an ecosystem here for startups to grow,” Christian says. “That’s also where NUS comes in with the incubation systems such as GRIP. They really help us grow within NUS and then they also launch us in Singapore and connect us to the ecosystem of Singapore for startups.” (02:01)

Besides the direct funding opportunities, having access to these ecosystems can be a huge help for your startup in other ways. For instance, they could allow you to network with other startup founders, enabling knowledge exchange and collaboration. They can also provide mentorship opportunities with experienced entrepreneurs and industry experts. This network of help can guide you through the challenges of growing a business. 

Additionally, incubators often offer workshops, training sessions, and access to resources like market research and legal advice. These services can be invaluable in developing and scaling your venture. All these non-financial benefits can significantly contribute to your startup’s success.

Taking advantage of business incubators can help you overcome initial barriers and provide the resources and connections necessary for your venture to thrive. As an entrepreneur, embracing the role of business incubators in your journey can lead to valuable opportunities and potential success.

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