What is a business incubator?

A business incubator is primarily defined as a location that offers support and advice to startups. This support typically includes a range of services such as mentoring, networking opportunities, access to office space, and guidance on business development strategies. Incubators aim to foster entrepreneurship by providing a conducive environment for new businesses to flourish, especially during their critical early stages. They often cater to startups that may lack resources or experience, helping them to refine their business models, develop their products or services, and navigate the challenges of launching a new business.

While funding can be a part of the services offered by some incubators, it is not the defining characteristic, which is why options focusing solely on funding or partnerships do not fully capture the essence of what a business incubator does. Incubators play a vital role in helping entrepreneurs transform their ideas into viable business ventures through comprehensive support rather than simply acting as a funding source or forming business partnerships.