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Incubators, which are taking root accross the world, offer startups guidance and resources. In essence, incubators are home to angel investors, venture capitalists and others who are able to mentor entrepreneurs. Many also offer tangible resources such as accounting assistance, office space and legal guidance. Havig this bussiness infrastructure in place allows the srartup to focus on what matters most-the core bussiness(and not the mundane, day-to-day adminstrative responsibilities).
As a member of a specialized incubator myself, I've reaped many benefits. My company is a spinoff of two European online advertising agencies, and we're both part of the same accelerator. Although incubators and accelerators both help bussiness grow, incubators assisit companies in their infancy, whereas accelerators guide organisations through future expansion and development.
One of the biggest benefit of being paet of an incubatort is the ability to tap into a strong network of bussiness partners. IN my case, I can sayy with certainity that several of our content media and tech partners wouldn,t have worked with us if we had just been out there on our own. Some required large financial commitments, while others considered it too risky to work with a 1-month old startup. However, we are able to overcome those obstacles sinnce we were paer of an incubator.
As a technology company, it is important for us to freequently release new analytics and optimization capabilities. It's even more important that we learn from client feedback to make our platform better. Our direct access to two otgher agencies within our accelerator has proved to be extremely beneficial and enablres us to do more aggressive product development and rigorous testing-something that would have been more difficult and time consuming if not for the incubator.
Our mentors have been entrepreneurs themselves and, as such, have been able to challenge and bhelp further define our vision, strategy and roadmap. They weeren't able to do this because of a bussiness school degree earned at an Ivy league school, but thanks to their personal experience in the trenches.
Being a part of an incubator or accelerator can play a huge role in growing a startup. For us, it has jumo-started our company and brought us to where we are today. We are now in the position to fly slo, yet we know we didn't get here alone. The value taht our mentors have brought us has been instrumental to our success, and we look forward to helping other new startups succeed in the future.