Joining a business incubator has, in all honesty, never even crossed my mind. Many young businesses rely on a hodgepodge of networking events, memberships in groups like Business Network International and chambers of commerce, and the advice and counseling of a business coach to facilitate growth. The more I thought about it, the more I wondered how beneficial a business incubator could be. More importantly, what have I missed out on?
To pique my curiosity, I looked up the incubator closest to me: INC.spire in Reston, VA, which is part of the Greater Reston Chamber of Commerce. I already knew that business incubators basically serve as a convenient one-stop-shop for growing companies, though many have restrictions on company age, industry, location, financing in place, etc., including INC.spire.
Let’s start with these interesting stats from the National Business Incubation Association (NBIA):
Number of business incubators in North America, 2006: 1,400.
Number of business incubators in North America, 1980: 12.
Companies still in business five years later: 87%.
Non-incubated companies/startups still in business five years later: 20%.
Based on those stats alone, I’d have to say, yes, your business could probably benefit from an incubator. Aside from a high rate of success, incubators offer a comprehensive list of services, including a lot of advice from experts in various fields, to support a company’s growth and success. INC.spire’s services include:
Mentors. Each client is matched with a personal mentor selected from the incubator’s Advisory Council
Advice. One-on-one legal, marketing, public relations, human resources, government contracting, and finance advice.
Networking. Networking events with other incubator clients, incubator alums, Reston Chamber boards and members, and business leaders in Northern Virginia.
Public Relations. INC.spire press releases about its clients, incubator client profiles in INC.spire and Chamber newsletters, and introductions to the local press.
Office space. A fully furnished office with high-speed internet and access to the Chamber’s meeting rooms for a small monthly fee.
I don’t know about you, but I could definitely use mentoring and operational advice every once in a while. No matter what industry you’re in, no matter how young or old your business is, having someone guide you, answer your questions, act as a sounding board, share best practices, and help you solve a particularly vexing problem is invaluable. All that free publicity INC.spire offers is pretty awesome, too, though I’m sure not every incubator offers that service. If you’re interested, NBIA can help you find a business incubator near you.
Have you used an incubator to jump-start your business? I’d love to hear from you and perhaps profile you in an upcoming blog post.
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