How does A Business Incubator Work | Meaning Definition Examples startup Incubator | Speak Like Shaf

Today we are going to look at the term Business Incubator. If you have ever wondered what a business incubator is or how a business incubator works check this animated video out.

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Welcome back to my series Speak Like Shaf. This is where I decode the mystery of business vocabulary for entrepreneurs who are just starting out. Don’t be put off by corporate patter, just listen to me and I will explain it all for you in a clear and concise manner and share a few business tips. Today we are looking at the term business incubator.

If you aren’t an entrepreneur, the chances are you won’t have heard of this term. But if you are just starting out, a business incubator could seriously improve your chances of success. So, what is it? The term might conjure up visions of tiny babies being nurtured and kept safe and warm in an enclosed, see through box, where it is protected in a controlled environment. For our purposes, a business incubator is along the same sort of lines. OK, we aren’t literally putting a business in a box but bear with me and I’ll explain it!

The concept started in America and is popular in places like India. It’s slowly making its way across the Atlantic but I don’t think the UK has fully embraced the idea yet. A business incubator helps start-ups, ie brand new businesses, to grow and succeed. They offer a range of support measures including physical office space to work, mentoring, network connections, management assistance and training. They might even help with access to funds.

Companies who use business incubation are off to a great start. Generally the office space is offered at below-market rates and is often shared with other start-ups which keeps overheads and operational costs down. Not to mention, the incubators’ staff can offer precious advice in dealing with the problems and pitfalls that all new businesses will encounter. We all know how hard it is to get off the ground once you’ve had your business idea. They can help with business plans, pitching and applications for funding and accounting.

Regular Speak Like Shaf viewers will have met my Stone Age pal, Rab The Rock Star. He was one of the world’s first entrepreneurs when he started manufacturing tools to help his fellow villagers to become better hunters. He ended up selling tools and increasing his own standard of living plus his business grew so big that he needed employees to help make his tools to keep up with demand. Rab was a great guy, and he wasn’t content with just seeing his life alone improve, he wanted to help others too. So he started sharing his business premises, his cave, with a lady who had just discovered how to make a variety of juices using rainwater and fruit. He helped her launch her business and gave her advice on promoting it and getting customers. What do you know, Rab had started to offer incubation services!

As a side note Rab has also inadvertently started the world’s first co-working space WeWork – eat your heart out.

If you are starting out, think about trying a business incubator. It’s a long and lonely road, and it’s worth getting any help that’s out there. It could mean the difference between success and failure. Let me know what you think. I’ll be back next week with another Speak Like Shaf but in the meantime, remember to like, comment and please subscribe to my YouTube channel.




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