The Customized Stages in Which a Business Incubator Achieves Economic Development
A business incubator in India is not hard to find, but when you find one how do you know if they are authentic. This means that when before you finalize a business incubator you must know how they will help you. The basic facilities such as planning your business, helping in the launch, management, and lastly aiding the business for growth are dealt with by a business incubator for small businesses. But, the prime function of a business incubator is to work on your constant economic development through different stages of business incubation.
Let us discuss the stages involved in the business incubation process.
The Customized Stages of Economic Development
The word customized is used as, businesses need various solutions focusing on their current requirements. A business incubator helps entrepreneurs who have unique ideas but lack resources. Therefore, an incubator for the community serves as a channel for business enthusiasts to start their ventures independently.
Here are the stages in business incubation that leads a business towards economic development.
1.Technical and Physical Support
In this stage, a business incubator in India will provide a business with physical and technical support. It includes aiding the basics of business such as set up in a physical facility that a business can use as their office. An incubator will provide you with the infrastructure for an office and/or online presence through which your customers can find you easily. Additionally, help you in-
- High-speed internet, electricity, and other equipments.
- Making the business compliant to regulation
- Managing your intellectual property.
However, the incubation can be virtual or physical and it is not necessary for you to have a workspace. On the other hand, you need to get an address for official works to go under. In this case, they can provide a co-working space in the beginning. The best part is the rents and prices will be low initially, but on providing an individual office the price can vary.
2. Supporting the Business
The support phase of a business incubator deals with the backbone of the business. Business incubators offer intangible and tangible benefits to small businesses and startups. The facilities that they provide are-
- They will let you use the equipment’s necessary for an office like the copy machine, computers, internet, etc.
- Conference spaces, meeting rooms, and informal conversations.
- Train the existing staff and determine the managing members for that company.
- They provide comprehensive programs for business training, provide resources for higher studies, for business etiquette development.
Services for start-ups such as accounting, customer service, legal, research and marketing. In short, the business incubator will help you in running your business initially guiding your destination to success.
3. Social Networking
Business incubators are influential people and they will help you increase your network within and outside your industry for suiting your domain requirements.
They will help you with a number of networks such as-
- They will connect you with angel investors or venture capitalists and/or get you access to bank loans, fund loans, and guaranteed programs for financial aid.
- The business incubator in India will help you link with strategic partners, advisory boards, and mentors.
There are plenty of high-end solutions provided by business incubators for structuring your business and channelling economic development. When all these stages are covered you will be able to see your revenue going up.
The real concern now, is how you will choose a business incubator. Well, if you are located on the east side of India I would suggest you look for a business incubator in Kolkata.