Understanding Business Incubators
Benjamin Kuo is the founder of SoCalTech. You can read more of his posts here on Docstoc or read more about high tech news and information for Southern California at socaltech.com.
Transcribed article based on the video above.
One of the things companies might want to do when they are starting up are ways to get from their ideas to their business faster. One of those ways is through a business incubator. So what is a business incubator? It is typically focused on early stage companies, pre-revenue, you are closer to the idea stage than the actual company and it is very focused on office space. Most incubators give you a small office or cubicle, it is typically cheaper rent, often free, or cheap compared to market rates, an internet connection, conference room, copier, the kind of things you expect in an office. Who would run those? There are landlords, who are trying to spur companies in their areas, there are economic development agencies in cities, counties, people who are just trying to make new companies in their area. The other thing they provide, is often resources, things like referrals to service providers, attorneys, and other people you might need to work with as a startup and also to mentors, other people who have been through business and might be able to help you with your business.