What is Business Incubator? | Startup Incubator | Meaning Definition Examples Business Incubator

– [Shaf] Welcome back to
my series, Speak Like Shaf. This is where I decode the
mystery of business vocabulary for entrepreneurs who’re
just starting out. Don’t be put off by corporate patter. Just listen to me and I
will explain it all for you in a clear and concise manner
and share a few business tips. Today, we are looking at
the term business incubator. If you aren’t an entrepreneur, the chances are you won’t
have heard of this term. But if you’re just starting
out, a business incubator could seriously improve
your chances of success. So what is it? The term much conjure up
visions of tiny babies being nurtured and kept safe
and warm in an enclosed, see-through box where it’s protected in a controlled environment. For our purposes, a business incubator is along the same sort of lines. Okay, we aren’t literally
putting a business in a box but bear with me and I’ll explain it. The concept started in America and is popular in places like India. It’s slowly making its
way across the Atlantic but I don’t think the UK has
fully embraced the idea yet. A business incubator helps startups, i.e. brand new businesses,
to grow and succeed. They offer a range of support measures, including physical office space to work, mentoring, network connections, management assistance and training. They might even help with access to funds. Companies who use business incubation are off to a great start. Generally, the office space is
offered at below market rates and is often shared with other startups which keeps overheads and
operational costs down. Not to mention, the
incubator staff can offer precious advice in dealing
with the problems and pitfalls that all new businesses will encounter. We all know how hard it
is to get off the ground once you’ve had your business idea. They can help with
business plans, pitching, and applications for
funding and accounting. Regular Speak Like Shaf viewers will have met my Stone
Age pal, Rab the Rockstar. He was one of the world’s
first entrepreneurs when he started manufacturing tools to help his fellow villagers
to become better hunters. He ended up selling tools and increasing his own standard of living, plus his business grew so
big that he needed employees to help him make his tools
to keep up with demand. Rab was a great guy and he wasn’t content with just seeing his life alone improve; he wanted to help others too. So he started sharing his
business premises, his cave, with a lady who had just
discovered how to make a variety of juices using rainwater and fruit. He helped her launch her
business and gave her advice on promoting it and getting customers. What d’you know, Rab had started to offer
incubation services. As a side note, Rab has
also inadvertently started the world’s first coworking space. WeWork, eat your heart out. If you are starting out, think about trying a business incubator. It’s a long and lonely road and it’s worth getting
any help that’s out there. It could mean the difference
between success and failure. Let me know what you think. I’ll be back next week with
another Speak Like Shaf but in the meantime,
remember to like, comment, and please subscribe
to my YouTube channel. (funky music)

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2 thoughts on “What is Business Incubator? | Startup Incubator | Meaning Definition Examples Business Incubator

  1. Business incubator sounds a great concept Shaf. I’m surprised it’s not hit off in the UK yet? Do they charge for their services? Another great video, thanks for continuously enhancing my development!

  2. Nicely done on the introduction of incubators Shaf. My exploration this week led me to identify the difference between incubators (more focused on innovation) and accelerators (focused on scaling a business). Great to see that Rab the Rockstar was ahead of the curve with incubation and CaveWork!

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