What is Business Incubation?
June 14th, 2018
Business Incubators, by definition, are organizations geared toward speeding up the growth and success of startup and early stage companies. They’re often a good path to capital from angel investors, state governments, economic-development coalitions and other investors.
There are more than 1,400 members of the International Business Innovation Association in the U.S. alone. Throughout the world, there are 1,900 total. Incubators can differ from each other when it comes to their strategies. For example, some work on an online-only format, while others are actually located in physical space that's meant to foster networking among entrepreneurs and their coaches.
Sometimes incubators switch up the lingo and refer to themselves as accelerators, instead. But, don't worry, this usually only happens when they are focused on jumpstarting businesses that are more developed. Many incubators have potential capital to invest, or links to potential funding sources. There’s access to services such as business consultants, as well as invaluable coaching and networking connections through the staff and other entrepreneurs at the incubator. All of which, our business incubation program includes!
The St. Croix Valley Business Innovation Center’s Incubator Program is a business support program that accelerates the successful development of start-up and established companies by providing business owners and employees with an array of targeted resources and services. Entrepreneurs and small businesses can access resources to connect, support and grow their business.
As a participant in the Incubator Program, you will have access to management guidance, technical assistance and consulting customized to the needs of your growing business. A basic outline of the services and more details about our business incubation program is on our website! The link is below