Did you know the first business incubator opened in the U.S. in 1959? Now flash forward to today and there are more than 7,000 incubators worldwide (including Paul Graham’s Y Combinator). For decades, they have been helping startups with everything from technology training, crafting pitches, gaining knowledge from advisors, networking, office space and obtaining seed money.
It’s also been found that “the survival rate of incubated firms can be more than three times higher than non-incubated firms.”
But what happens after you’ve made it through your incubator? Remember, 90 percent of startups will fail, so here are nine things to help you reduce those odds and grow your business.
1. Choose wisely
Let’s start at the very beginning to make sure you chose your incubator wisely. Entrepreneur recommends you ask the following questions when selecting, or deciding if you need, an incubator:
What can you do and what should others handle?
Do you need the help of a specialist?
Are their current startups on your wavelength?
How much are you willing to spend?
What else are you looking for?
2. Be sure your business can disrupt, substitute or complement<