Hiring a business incubator is very important for a new startup to grow and make their place in the business world. There are a lot of ways through which the business incubators help the startups and make them a proper business body in the future.
The incubators help the startups to find the right clients or investors who are looking for proper investment opportunities, help them finding the right government funding agencies, help them with a proper office or meeting rooms and various other stuffs. However, before you hire a business incubator, you need to make sure that they are certainly going to help you with what you need.
There are a number of business incubators in the market, but not necessarily each one of them is the right one for you. Here us why, you need to ask a certain questions to the incubator before you hire them –
1. Is it the right choice for the business – The most important thing you need to ask them is, whether or not their service going to help your startup grow – and if yes; then how is that suppose to happen – what are the measures they are going to take – what makes their incubator the best one – what kind of help they are going to offer you. These are very important questions.
2. How much will it cost you to join the program – Some incubators have rent structures, others have generic program fees, and yet more have equity based models that exchange ownership in your company for capital funding. You must analyze the total cost of joining a business incubator in order to gauge whether or not you can afford to do so.
3. What are their records of successful client as of now – This is very important to you because you will need to know for sure. The success of other clients matters a lot. Has the incubator had any major wins in terms of company growth, job creation, and economic impact? How many companies does it support currently and how many to date? What is the survival rate of graduate businesses? You may want to ask “insiders” around your entrepreneurial ecosystem to gauge external perceptions as well.
There are any other things you need to ask a business incubator before you enroll with them such as – what does the incubator look in a potential client, what is the selection process and many more.