Business incubators: A guide for startups

Startup founders often turn to business incubators to bridge the gap between an idea and a viable product, as incubators offer a supportive environment with resources like mentorship, office space, and access to investors. Sponsored by universities, non-profits, or private ventures, incubators help nurture early-stage companies into sustainable businesses over an extended timeline, contrasting with accelerators that require a more developed product. With a focus on providing tailored support, incubators offer guidance, professional services, and networking opportunities, which are crucial for startups lacking fully developed products or business models. Choosing the right incubator involves evaluating its resources, mentor experience, and program structure to align with the startup's needs, while also preparing a compelling business plan and pitch. Despite their competitive nature, incubators can be instrumental in achieving revenue growth and establishing a strong market presence, as evidenced by success stories like Airbnb and Dropbox.