What is Incubation?
Incubator … Incubation… What is it anyway?
Just like an egg or a cocoon, an incubator is a structure offering support services to every ambitious person and project leader wishing to start their business. This support will cover a limited period, 6 to 24 months in general, and can take several forms: accommodation, funding, coaching, and training…
Therefore, the incubation is a starting point to a business during which the project leader benefits from multiple advantages the incubator offers to them, by giving in return the profits generated by the future deal, or by paying a sum of money (This depends on the negotiated contract.
Advantages of incubation
- 1. Benefit from support fitted to your needs
One of the most important advantages of incubation is the support and “mentoring” of young startups, in need of expert advice in the field. The expert entrepreneur, usually from the same sector as you, is there to provide you more general feedbacks about business creation, and to guide you during your design process in order to avoid probable mistakes and errors that can have repercussions later.
- 2. Gain a professional network
Another important advantage of incubation is the access to a network of professional contacts of the incubator, which will allow to get known quickly and open doors to the entrepreneurship world (partners, services…)
- 3. Get premises and equipment
Logistics is one of the abundant problems a young entrepreneur can face. Actually, it is not always easy to find equipment available or even a convenient workspace when you are about to start this entrepreneurship adventure, which is why an incubator is the best to meet this need without necessarily having a prior investment budget for it.
- 4. Funding
Rarely in Algeria, but some incubators offer funding support to their promising incubated projects, and therefore expand their possibilities. Quick note: CapCowork is one of these rare incubators offering that service
By Amine Benbakhta
Translation: Amira Bousdjira