“Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.” – Steve Jobs
What is Business Incubation? It is a collaborative effort to help new business/startups to find growth and success in executing their business idea. The main purpose of Incubation is to help entrepreneurs plan and develop their business. Training and development is provided for aspiring individual to pursue their business ideas.
The idea of Business incubators started in the 1960’s and really took off in the late 1990s as a support system for start-up business that need advice and capital to execute their ideas in to a business. Incubation programs are tailor made and designed to accelerate the successful development of entrepreneurship through business support, technical knowledge, training and other resources.
The goal of business incubator is to encourage the development of new business within the community. The community is encouraged to support a new entrepreneur in their area to start a business; this will directly benefit the community by creating new jobs and revenue sources that is brought to their local community. This will in turn bring up the quality of life for everyone in the community.
Business incubator will speed of the success of a startup company. The aspiring individual will get the required training, guidance to get capital resources, developmental support from the business incubation programs. Mentorship and contact with other entrepreneurs are provided in the business incubation